Typhoon Mangkhut insured loss up to USD2bn

The insurance and reinsurance industry losses in Hong Kong, mainland China and Macau due to the impact from Typhoon Mangkhut are estimated to be in the range of USD1 billion to USD2 billion, according to AIR Worldwide.

Typhoon Mangkhut affected Hong Kong with some of the worst typhoon winds and storm surge the city had ever seen, after which it slammed mainland China in the Guangdong region and Macau.

“The storm continued northwestward across the South China Sea over Sunday, September 16, with wind speeds of about 160 km/h (100 mph),” commented Dr. Peter Sousounis, vice president and director of meteorology, AIR Worldwide. “As it moved toward landfall in mainland China, Mangkhut bypassed Hong Kong and Macau. The center of the typhoon passed 130 km west of Hong Kong and 70 km west of Macau, both of which felts its effects due to a massive wind field; hurricane-force winds extended 160 km from its center and tropical storm force winds extended 510 km from its center. Storm surge was as high as 3.38 meters in Tai Po Kau, Hong Kong.”