AIR Worldwide Estimates Industry Insured Losses for Typhoon Jebi Will be Between JPY 257 billion (USD 2.3 billion) and JPY 502 billion (USD 4.5 billion)
September 10, 2018ACN Newswire
BOSTON, Sep 10, 2018 - (ACN Newswire) - Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses from Typhoo Jebi, which made landfall in Japan on September 4, will be between JPY 257 billion (USD 2.3 billion) and JPY 502 billion (USD 4.5 billion). AIR Worldwide is a Verisk (Nasdaq:VRSK) business.
Typhoon Jebi, which struck Japan midday on September 4 on the island of Shikoku at the equivalent of a Category 3 hurricane, was the strongest typhoon to make landfall in Japan in 25 years, with 1-minute sustained wind speeds of 180 km/h (112 mph). It rapidly made a second landfall on the main island of Honshu striking the major urban centers of Kobe and Osaka with winds which, flipped vehicles, ripped cladding off buildings, and downed trees and power lines.
Four days before landfall, Jebi explosively intensified to become a super typhoon with wind gusts of over 190 mph, the equivalent of a Category 5 hurricane. As it headed north toward Japan, Jebi encountered wind shear and cooler water, which caused it to lose some strength but it was still an intense and potentially dangerous storm as it approached Japan. The ground was still saturated from previous storms as Jebi drew close, prompting the Japan Meteorological Agency (JMA) to issue warnings for potential flash floods and landslides.
Storm surge inundated parts of Osaka Prefecture, with a potentially record-breaking storm tide reported in that area and intense rainfall accompanied the storm, with a recorded rate of 100 mm (3.9 inches) of rain in an hour at the tourist city of Kyoto, and more than 500 millimeters (nearly 20 inches) of rain total was measured in some areas. The storm maintained its typhoon strength over the Sea of Japan as it tracked north along the coast, only weakening to tropical storm intensity early Wednesday, local time, as it passed the island of Hokkaido. Wind and torrential precipitation continued to affect the western coast up to Hokkaido overnight.
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. Kansai Airport plays a significant shipping role in the region, and the closure could disrupt supply chains.
AIR's modeled insured loss estimates include:
- Insured damage to property (residential, commercial, industrial, and agricultural/mutual), both structures and their contents, and automobile
AIR's modeled insured loss estimates do not include:
- Losses from precipitation-induced flood
- Losses to land
- Losses to infrastructure
- Losses to CAR/EAR, marine hull, or marine cargo lines of business
- Business interruption losses
- Loss adjustment expenses
- Demand surge-the increase in costs of materials, services, and labor due to increased demand following a catastrophic event
About AIR Worldwide
AIR Worldwide (AIR) provides risk modeling solutions that make individuals, businesses, and society more resilient to extreme events. In 1987, AIR Worldwide founded the catastrophe modeling industry and today models the risk from natural catastrophes, terrorism, pandemics, casualty catastrophes, and cyber incidents. Insurance, reinsurance, financial, corporate, and government clients rely on AIR's advanced science, software, and consulting services for catastrophe risk management, insurance-linked securities, longevity modeling, site-specific engineering analyses, and agricultural risk management. AIR Worldwide, a Verisk (Nasdaq:VRSK) business, is headquartered in Boston, with additional offices in North America, Europe, and Asia. For more information, please visit www.air-worldwide.com.
For more information, contact:
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: AIR Worldwide via Globenewswire
Copyright 2018 ACN Newswire. All rights reserved. www.acnnewswire.com