Insured damage from Typhoon Vicente could reach $300M: EQECAT
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TAISHAN, China—Insured damage from Typhoon Vicente could be as much as $300 million, according to catastrophe modeler EQECAT Inc.
The storm made landfall on Monday as a Category 3 typhoon in Taishan, Guangdong, China, with maximum sustained winds of about 120 mph, according to Oakland, Calif.-based EQECAT.
However, Vicente missed Hong Kong and Macau, the two most populous cities in southern China.
“Due to low average insurance penetration, the insured loss from this event is likely to be on the order of $100 million to $300 million,” EQECAT said in an analysis of the typhoon's impact.
Vicente is the eighth named tropical storm and the fifth typhoon of the 2012 west Pacific typhoon season, said EQECAT.
