AIR Estimates Losses from Super Typhoon Haiyan
(Thomson Reuters ONE) -
AIR Estimates Insured Losses from Super Typhoon Haiyan at
Between USD 300 Million and USD 700 Million
BOSTON, Nov. 17, 2013 - Catastrophe modeling firm AIR Worldwide estimates that
total damage to residential, commercial, and agricultural properties from Super
Typhoon Haiyan will range between USD 6.5 billion and USD 14.5 billion. However,
because insurance penetration in the region is relatively low, AIR estimates
that insured losses will range between USD 300 million and USD 700 million.
"Super Typhoon Haiyan made landfall on the southern tip of Samar Island early
morning local time on November 8 as one of the most powerful tropical cyclones
in modern record-keeping," said Dr. Peter Sousounis, senior principal scientist,
AIR Worldwide. "The storm maintained impressive wind speeds as it traversed the
Philippines before exiting over the cooler waters of the South China Sea, where
it weakened as it headed northwest."
The storm created a humanitarian disaster in the Philippines as it swept away
small villages in its path, left over 2,000 people dead, and displaced more than
650,000 people.
Dr. Sousounis noted, "The islands of Leyte, Samar, and northern Cebu are among
the worst affected areas. Tacloban City, the capital and biggest city
(population of 220,000) of Leyte province was particularly hard hit as storm
surge depths as high as 4 meters destroyed every coastal home and left many
inland neighborhoods inundated with floodwaters."
Many inland residential and commercial buildings were also destroyed, and the
tiny peninsula where the Tacloban airport was once located was leveled, leaving
only the runway. Nearly every tree in the city was either flattened or snapped
in half. These fallen trees and other debris have blocked roads both in and
around the city. Guiuan, a municipality located very close to where the typhoon
made landfall, was also left in ruins.
A crucial component of providing an accurate insured loss estimate is
ascertaining the storm's exact strength at landfall. However, this is a
challenging task, particularly for Haiyan, given that no known anemometers in
the vicinity of landfall survived the storm.
To produce loss estimates for Haiyan, AIR used track information from the Japan
Meteorological Agency to model several different scenarios that reflect a range
of radius of maximum wind values. The range in the modeled insured losses
reflects uncertainty in the meteorological parameters associated with this
event. For the insured loss estimation, there is additional uncertainty in the
take-up rates (insurance penetration) for the Philippines.
AIR's loss estimates reflect:
* Insured physical damage to property (residential, commercial, and
agricultural), for both structures and their contents due to wind and
precipitation-induced flooding in the Philippines
* AIR's assumed take-up rates-that is, the percentage of properties in the
Philippines that are actually covered against wind and flood damage
* Current industry exposure for the Philippines
Loss estimates do not reflect:
* Losses to uninsured properties
* Losses to infrastructure
* Losses from storm surge
* Losses to crops
* Losses to auto
* Losses resulting from physical failure of flood defenses
* Losses from hazardous waste cleanup, vandalism or civil commotion whether
directly or indirectly caused by the event
* Demand surge
* Business interruption
* Other nonmodeled losses
About AIR Worldwide
AIR Worldwide (AIR) is the scientific leader and most respected provider of risk
modeling software and consulting services. AIR founded the catastrophe modeling
industry in 1987 and today models the risk from natural catastrophes and
terrorism in more than 90 countries. More than 400 insurance, reinsurance,
financial, corporate, and government clients rely on AIR software and services
for catastrophe risk management, insurance-linked securities, detailed site-
specific wind and seismic engineering analyses, and agricultural risk
management. AIR is a member of the Verisk Insurance Solutions group at Verisk
Analytics (Nasdaq:VRSK) and is headquartered in Boston with additional offices
in North America, Europe, and Asia. For more information, please visit www.air-
worldwide.com.
###
For more information, contact:
Kevin Long
AIR Worldwide
617-267-6645
klong(at)air-worldwide.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: AIR Worldwide via Thomson Reuters ONE
[HUG#1743767]
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Datum: 17.11.2013 - 18:31 Uhr
Sprache: Deutsch
News-ID 317373
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