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Insured losses from Philippine typhoon likely $500M-$700M: Willis Re

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Insured losses from the deadly typhoon that hit the Philippines earlier this month likely will be between $500 million and $700 million, according to Willis Re, the reinsurance arm of London-based brokerage Willis Group Holdings P.L.C.

Willis on Tuesday said insured losses from the devastating typhoon, known variously as Haiyan or Yolanda, would be relatively small because of the low insurance penetration in the affected region.

“While anecdotally, premium volume is growing faster than in many other regions of the world, the Philippines still has one of the lowest insurance penetration rates,” said Richard Sanders, executive director of Willis Re in Singapore, in a statement.

“Current estimates indicate that Haiyan will be counted as one of most the most significant storms in recent times for the Philippines, however it is too early to state with any certainty how much of the damage will end up as recoveries in the reinsurance market,” he added.