Insured damage in Philippines from Typhoon Nesat under $100M: EQECAT
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OAKLAND, Calif.—Typhoon Nesat is expected to cause less than $100 million in insured damages in the Philippines, catastrophe modeler EQECAT Inc. estimated Wednesday.
The typhoon made landfall in the Philippines' Aurora Province early Sept. 27, packing maximum sustained winds of about 120 mph, according to Oakland, Calif.-based EQECAT. It weakened before exiting the country near the port city of San Fernando and is expected to hit Hanoi, Vietnam, as a tropical storm.
EQECAT said the typhoon caused “significant” damage to agriculture and structures, but that most of the damage is uninsured. The modeler said it estimates insured damage will be less than $100 million.
By way of contrast, EQECAT estimated this week that insured damage in Japan from Typhoon Roke could reach $600 million.
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