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Insurance market loss from Typhoon Haiyan could be between $500 million and $700 million: Willis Re


November 20, 2013   by Canadian Underwriter


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The potential insurance market loss from Typhoon Haiyan could be between $500 million and $700 million, Willis Re estimates.

That’s based on what it says it detailed wind speed data from various sources that have allowed the firm to have a wind field map for the storm, which it combined with exposure and vulnerability information from academic sources.

“As many of the exposures in the affected regions are uninsured or underinsured, potential post-catastrophe insurance recoveries are likely to be a relatively small proportion of economic losses,” Richard Sanders, executive director at Willis Re Singapore commented in a statement.

“Whilst anecdotally, premium volume is growing faster than in many other regions of the world, the Philippines still has one of the lowest insurance penetration rates,” he added.

“Current estimates indicate that Haiyan will be counted as one of most the most significant storms in recent times for the Philippines, however it is too early to state with any certainty how much of the damage will end up as recoveries in the reinsurance market.”

Image: A Canadian Armed Forces Multi Purpose Engineer Vehicle removes fallen branches from the streets of Roxas, Philippines as part of the Disaster Assistance Response Team (DART) efforts on Nov. 18, 2013 after the area was devastated by Typhoon Haiyan. (Photo Credit: Corporal Darcy Lefebvre, Canadian Forces Combat Camera)


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