Typhoon Meranti Insured Losses May Reach $1.15B

According to risk modelling firm AIR Worldwide, typhoon Meranti’s impact on mainland China could have resulted in insurance and perhaps reinsurance industry losses of up to $1.15 billion, the firm estimates. AIR says that industry-wide insured losses will likely range between $650 million (CNY 4.3 billion) and $1.15 billion (CNY 7.7 billion). AIR says the wide range in the estimate of modeled insured losses “reflects uncertainty in the meteorological parameters associated with this event.” Additionally, there is uncertainty in the insurance take-up rates for much of the region, AIR notes.