AIR Estimates Typhoon Krosa Insured Losses in Taiwan Under $200 Million

AIR Worldwide Corporation has estimated that insured losses in Taiwan from both wind and precipitation-induced flooding from Typhoon Krosa are “unlikely to exceed $200 million.” The estimate covers insured losses to property and contents for onshore properties.

“Taiwan continues to feel the effects of rainbands from Typhoon Krosa, which crossed the northernmost part of Taiwan on Saturday after a fitful first landfall near Su-ao in southern Ilan (Yilan) County,” noted Dr. Peter Sousounis, senior research scientist at AIR Worldwide. “Krosa then crossed the Taiwan Strait to make landfall near the border of mainland China’s Fujian and Zheijang provinces.”

Krosa has been downgraded to a tropical storm with maximum sustained winds of 53 mph. It is currently moving slowly to the east-northeast, and has exited back over the East China Sea, well south of Shanghai.

However, AIR stated that when the typhoon made landfall on Oct. 6 sustained winds were clocked at around 115 mph (184 kph) with higher gusts “The first landfall occurred farther south than originally expected and was likely influenced by Taiwan’s Central Mountain Range with peaks near 12,000 ft.,” continued Dr. Sousounis. “These mountains frequently influence typhoons that approach Taiwan. On occasion, they have been known to actually split a typhoon into two separate storms. With Krosa, the mountains deflected the storm southward as it penetrated slightly inland.”

Krosa damaged roofs, blew down billboards and awnings, and uprooted trees across northern Taiwan. AIR said that while it “does not expect significant structural damage to the reinforced concrete construction that dominates the country, there is likely to be widespread wind damage to non-structural elements. Flooding will cause further damage to building contents.” In addition mudslides buried several houses and blocked roads, including at least one major highway in the eastern part of the country. Waist-high flooding was reported in several low-lying areas, including a suburb of Taipei.
I
On the Chinese mainland AIR noted that “more than a million people” had been evacuated “in advance of Krosa’s arrival. The storm made landfall at 3:30 p.m. local time on Sunday near the border of Zhejiang’s Cangnan County and Fujian’s Fuding City. According to the JMA, sustained winds at landfall were 73 mph—just under typhoon status—with higher gusts. More than 10 inches (250mm) of rain have been reported in parts of Zheijian province.”

Source: AIR Worldwide – www.air-worldwide.com