Typhoon Lekima insured losses in China estimated to exceed $855m: AIR Worldwide

Insured losses from Typhoon Lekima that ravaged parts of China this weekend is expected to exceed CNY 6 billion ($855 million), according to catastrophe risk modelling firm AIR Worldwide.

Lekima was the strongest storm to hit this region since Typhoon Chan-hom struck in July of 2015.

The storm made landfall in Taizhou, Zhejiang, China on August 10, the equivalent of a Category 3 hurricane on the Saffir-Simpson Scale, before passing north of Taiwan and heading towards the eastern coast about 200 miles south of Shanghai.

Typhoon Lekima triggered torrential rain, landslides, flooding and severe damage in China's financial capital as well as other regions as it moved north-northeast through Zhejiang and Qingdao in Shangdong Province.

Damaged roads and interruptions to power and telecommunications were reported all along the storm’s path. Major oil refineries were closed down as of August 13 due to flood damage and lack of road access.

Travel, tourism, and shipping have all been affected by Lekima as all modes of public transport were suspended, and ships were recalled to port in advance, AIR noted.

AIR estimates the insurance and reinsurance industry loss to exceed at least $855 million including insured physical damage to onshore property (residential, industrial, commercial, and Construction All Risks/Erection All Risks), for both structures and their contents due to wind and/or precipitation-induced flooding in the following provinces in China: Anhui, Hebei, Jiangsu, Shandong, Shanghai, Tianjin, and Zhejiang.

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

Marsh-JLT sells certain specialty business to London broker

QBE snags Willis CRB leader to lead North America business

Arch buys third-party capital focused insurtech MGU Ventus

Sompo partners with Munich Re, XL-backed insurtech Slice

Munich Re's Olsen moves to AIG in top actuary role

Feature:  Five things re/insurance execs want technology to do for their businesses