Typhoon Roke insured damages could reach $600M: EQECAT
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OAKLAND, Calif.— Typhoon Roke caused $300 million to $600 million in insured damages, catastrophe modeler EQECAT Inc. said Tuesday.
Roke, the 15th typhoon of this year's west Pacific typhoon season, made landfall in Japan near Hamamatsu City on Sept. 21 and moved quickly across Honshu, Japan's main island.
The storm packed winds and heavy rainfall and affected the area of northeast Japan that was ravaged by an earthquake and tsunami in March.
According to Oakland, Calif.-based EQECAT, most all-risk policies in Japan exclude flooding unless it is specifically covered.
“Available market information indicates a low buy-rate for the flood extension, which constrains the potential for insured damage,” EQECAT said in its analysis. “There is modest business interruption insurance exposure in Japan.”
Last week, catastrophe modeler AIR Worldwide also estimated that
insured damages from the typhoon could reach up to $600 million.
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