9 December 2014 Insurance

Hagiput insured losses to be minimal

Insured losses from Typhoon Hagupit are not expected to be significant because of minimal insurance penetration in the region.

This is according to catastrophe modelling firm AIR, which said: “Typhoon and flood damage are usually covered together in the Philippines and are offered under separate fire policies with named perils extensions.

“Given that insurance penetration is typically no more than 10 percent to 20 percent, insured losses are not expected to be significant as a result of this event.”

Chris Bednarczyk, scientist at AIR Worldwide, said: “Hagupit, known locally as Ruby, is currently a tropical storm moving west-northwest at a speed of 10 km/h. It is expected to continue this track through the next 36 hours, passing about 48 km south of Manila. The storm is then expected to impact southern Vietnam and Cambodia after it crosses the South China Sea later this week. Gradual weakening of the storm is projected during this time. Heavy precipitation is Hagupit’s major threat. Rainfall rates of 5-15 mm/h are forecast, with locally higher amounts, which have the potential to cause flooding and mudslides.”

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