Insured losses for Typhoon Faxai are between $5bn and $9bn, as Olympics approach in Japan: RMS
Insured losses for Typhoon Faxai, which has caused widespread disruption to Tokyo and surrounding areas in Japan, will be between $5 billion, and $9 billion, according to global risk modeling and analytics firm RMS.
Over half a million homes were left without power at one point. RMS said its losses estimate includes property damage and business interruption caused by typhoon wind and coastal flooding to residential, commercial, industrial, marine, and automobile lines - and includes both the private and mutual/kyosai markets.
Tokyo will host the summer Olympics next year. RMS said that its estimates include an increase in materials and labour costs for the Olympics, as well as contents and business interruption from extended power outages, and automobile loss.
RMS said its estimates are based on analysis of the RMS reconstructed wind field and coastal flood footprint through its Japan Typhoon HD model.
Margaret Joseph, senior manager at RMS, said: “The equivalent of a category 2 on the Saffir-Simpson Hurricane Wind Scale (SSHWS) at landfall, Typhoon Faxai was one of the strongest landfalling typhoons on record in the Kanto region, and the strongest landfalling typhoon in this region to impact the Greater Tokyo area since Typhoon Ma-on in 2004.
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