Insured losses from Typhoon Jebi could hit $4.5 billion: AIR Worldwide

Insured damages in Japan from Typhoon Jebi could reach as much as $4.5 billion, according to AIR Worldwide.

Jebi struck Japan’s Shikoku Island as the equivalent of a category 3 hurricane on Tuesday, the Boston-based catastrophe risk modeling firm said in a statement released on Sunday. AIR said it was the strongest typhoon to make landfall in Japan in 25 years, with 1-minute sustained wind speeds of 112 mph. It made a second landfall on the main island of Honshu, where it struck Kobe and Osaka.

AIR estimates that insured damages from the storm will range between $2.3 billion and $4.5 billion.

“Along with major damage to buildings and infrastructure, there has been significant business interruption, particularly to manufacturing and tourism, with widespread shipping and transportation impacts,” AIR said in its statement. “Kansai Airport plays a significant shipping role in the region, and the closure could disrupt supply chains.”