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OAKLAND, Calif.—Insured losses in China caused by Typhoon Nesat should be less than $50 million, according to catastrophe modeler EQECAT Inc.
The typhoon made landfall Thursday near Haikou, in China’s Hainan Province, with maximum sustained winds of 75 mph. Nesat earlier struck the Philippines, where Oakland, Calif.-based EQECAT estimated insured damages at less than $100 million.
EQECAT noted that Hainan is primarily an agrarian province, and that insurance penetration as a whole in China is below 20%, depending on region and economic development.
“Low levels of damage combined with low insurance penetration produce an expectation that losses from the catastrophe will remain below $50 million,” EQECAT said in an analysis released Friday.
OAKLAND, Calif.—Typhoon Nesat is expected to cause less than $100 million in insured damages in the Philippines, catastrophe modeler EQECAT Inc. estimated Wednesday.