The typhoon that hit the Philippines on Friday may have been the strongest storm to make landfall anywhere in the world in recorded history, and while the full extent of damage won't be known for some time, the damage is clearly catastrophic with the death toll likely in the thousands, risk modeling firm AIR Worldwide Corp. said in a statement Monday.

Citing Joint Typhoon Warning Center data, Boston-based AIR noted that Typhoon Haiyan (named Yolanda in the Philippines) had sustained winds estimated at 196 mph at its first landfall and maintained extremely high winds as it crossed the Philippines.

AIR's statement said the Philippines national meteorological agency, PAGASA, reported that Haiyan made six landfalls through the country's Visayas region before moving into the South China Sea.

The storm cut off power, communications and water supplies in the affected region, and blocked roads, landslides and floods left emergency officials unable to reach remote areas, according to the AIR statement.

While the preliminary death toll was more than 1,000, thousands more are missing and feared dead, AIR said. Some estimates have indicated as many as 10,000 may be dead as a result of the storm.

Philippines government reports indicated that nearly 10 million people were affected by the storm and more than 650,000 displaced.

AIR said preliminary reports from a Philippines Air Force reconnaissance flight showed that all structures in the city of Guinan, where Haiyan first made landfall, were either destroyed or sustained significant damage.

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Tacloban City, the capital of Leyte province and, with a population of 220,000, its largest city, is located just north of the storm's track and also was subject to winds comparable to an EF-3 or EF-4 tornado lasting several hours, AIR said. In addition, a storm tide of at least 10 feet inundated the city's downtown.

The storm flattened buildings over a widespread area in Tacloban, and the death toll there is expected to exceed 1,000, AIR said, with the storm surge thought to be responsible for most of the damage and casualties.

AIR said that if the JTWC's estimates of Haiyan's wind speed at landfall hold true, the storm would be the strongest recorded cyclone to make landfall anywhere in the world. The previous record holder was Hurricane Camille, which made landfall on the U.S. Gulf Coast in 1969 with winds of 190 mph, AIR said, while the strongest storm to make landfall in the Northwest Pacific before Haiyan was Super Typhoon Megi, which struck the Luzon region of the Philippines in 2010 with winds of 180 mph.

In a statement, the Insurance Information Institute Inc. said insured losses from Typhoon Haiyan are likely to be low.

The III noted that Manila, the country's capital and largest city, was well north of the storm's track and that the Philippines property/casualty market is very small, with 2012 premiums of $1.23 billion, or $12.70 per capita, compared with $1,223.90 per capita in the U.S.

The III said that insured losses from 2010's Super Typhoon Megi were only $150 million.

AIR said that while Haiyan's greatly reduced wind speeds weren't expected to cause significant structural damage in Vietnam or China, heavy rain could cause flooding and landslides in both countries.

The risk modeling firm said it plans to issue an industry loss estimate from Haiyan this week.