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Latest China typhoon insured losses to hit $354 million

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Insured losses in China from Typhoon Chan-hom are unlikely to exceed 2.2 billion yuan ($354.2 million),” according to Boston-based catastrophe modeler AIR Worldwide.

The typhoon made landfall in the coastal city of Zhoushan, China, on July 11. At the time of landfall, the typhoon was a Category 2 storm, “making it one of the strongest to hit the region this year,” said Kevin Hill, a senior scientist at AIR Worldwide, in a statement.

“Heavy downpours doused Shanghai and the provinces of Anhui and Fujian, flooding roads and fields,” said Mr. Hill. AIR noted that official estimates on July 15 put total economic losses at 9.1 billion yuan ($1.47 billion).

AIR said that its insured loss estimates include take-up rates that vary by line of business and province. “Note, however, that there is considerable uncertainty around these take-up rates,” said AIR in the statement.