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Member, Beacon International Group, Ltd.
Boston-based catastrophe modeler AIR Worldwide Corp. does not expect Super Typhoon Haiyan to cause “significant” insured damage when it strikes the central Philippines on Friday.
The storm, known locally as Yolanda, is the 30th tropical cyclone of the year, AIR said in a statement. AIR also noted in an analysis that, among other things, with 10-minute sustained wind speeds of 143.5 miles per hour, Haiyan is the strongest tropical cyclone of the year.
“It will be the strongest to make landfall anywhere in the world since Megi made landfall in the Philippines in 2010,” said AIR in the statement.
Given that insurance penetration in this area is around 10% to 20%, AIR said in the statement that it does not expect significant insured losses from this event.
According to AIR, the region likely to feel the storm’s impact “is generally less urbanized and less accustomed to typhoons” and “construction types and standards are lower than those in the northern islands.”