Typhoon Nanmadol expected to cause up to $500M in insured damage in Taiwan

OAKLAND, Calif.—Typhoon Nanmadol is expected to cause between $200 million and $500 million in insured damage to Taiwan, catastrophe modeler EQECAT Inc. estimated late Tuesday.

The typhoon made landfall in Taiwan on Sunday as a Category 1 typhoon, packing winds of an estimated 80 mph, according to Oakland, Calif.-based EQECAT. It weakened to a tropical storm and is expected to make landfall in China as tropical storm. EQECAT said the storm caused significant wind and flood damage.

Nanmadol struck the Philippines before its Taiwan landfall. EQECAT estimated insured damage in the Philippines to be less than $200 million.

Meanwhile, EQECAT noted that Typhoon Talas was strengthening in the West Pacific Ocean and is expected to make landfall on Japan this week as a Category 2 typhoon.