Typhoon Jebi's tab could rise to $13 billion
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An official said the insurance industry failed to take into account business interruption-related losses for typhoon Jebi and the catastrophe is likely to cause up to $13 billion in insured losses in Japan, Artemis.bm reports. Marc Grandisson, chief executive of Bermuda-based insurer Arch Capital Group Ltd., said that typhoon Jebi-related losses are likely to exceed more than fourfold the initial loss estimates and could hit catastrophe bonds and industry loss warranties. The semiconductor sector is expected to account for a large part of business interruption and contingent business interruption risk, he added.
