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Philippines: Insurance losses from Typhoon Rammasun low, says AIR Worldwide

July 18, 2014 - 6:00am

Insurance losses from damage caused by Typhoon Rammasun, which hit the Philippines, are not expected to be significant, catastrophe modeler AIR Worldwide Corp. said.

The typhoon, which was seen as moving towards Manila, later shifted towards China, Asia Insurance Review reported. AIR said insurance penetration in some densely populated and urban areas, including Manila, is low. It added that "typhoon and flood damage are usually covered together in the Philippines and are given under separate fire policies with named perils extensions."

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