Typhoon Haiyan insured losses in Philippines won't top $100M: Eqecat
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While some estimated the death toll in the Philippines from Typhoon Haiyan may reach 10,000, risk modeling firm Eqecat Inc. said insured losses in the country are not expected to exceed $100 million.
In a statement Tuesday, Oakland, Calif.-based Eqecat said while there is the probability of a “high-value single facility insured loss” in the Philippines, aggregate losses from the super typhoon that hit the country Friday should not exceed $100 million.
Haiyan made landfall in Vietnam on Monday as a weak Category 1 typhoon, Eqecat said, and quickly weakened to a tropical storm as it headed north toward south China.
Initial reports indicated at least 13 deaths in Vietnam and nine dead and seven missing in China, but the storm is expected to cause only “minimal” insured loss in Vietnam and China, Eqecat said.
In the Philippines, most of the damage was due to storm surge and strong winds, Eqecat said, with a storm surge of 18 o 21 feet hitting the coastline to the north of where Haiyan's eye crossed the coast.
Infrastructure hit hard
Much of the infrastructure such as roads, bridges, airports and ports is damaged or destroyed within regions of the Philippines hit by the storm, Eqecat said, increasing the difficulty of aiding those affected.
In the province of Cebu, the “furniture capital of the Philippines,” ports and transportation infrastructure likely will be affected for several weeks and many light manufacturing facilities are expected to be damaged, with limited distribution of electricity also expected to constrain the return to production and exports, Eqecat said.
AIR Worldwide Corp. previously said the typhoon could be the strongest in recorded history.
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