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Typhoon causes up to $7 billion in estimated insured losses

Typhoon Faxai $7 billion in insured losses AIR Worldwide

Typhoon causes up to $7 billion in estimated insured losses

Insured losses from Typhoon Faxai, which made landfall in Japan on Sept. 9, will be between $3 billion and $7 billion, according to catastrophe modeler AIR Worldwide Corp.

The estimate includes damage from wind and storm surge to residential, commercial, industrial and agricultural property and automobiles, Boston-based AIR said in a statement Monday.

Faxai struck Tokyo with winds equivalent to a strong Category 2 hurricane and brought damaging winds along with storm surge and heavy rain to coastal regions, AIR said.

Izu, which is on a peninsula south of Tokyo, experienced 17 inches of rain in 24 hours through early Monday, with recorded rates of more than four inches per hour, AIR said.

High winds knocked out power for more than 900,000 in the prefectures of Chiba, Ibaraki, Kanagawa, Shizuoka, and Tokyo, AIR said.