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Typhoon caused insured losses of $850m

Insured losses in China caused by Typhoon Lekima will be higher than $850 million (six billion yuan), according to estimates by risk-modelling solutions company AIR Worldwide.

The typhoon had a peak sustained wind of 112 miles per hour, the equivalent of a Category 3 hurricane, when it made landfall on August 10 at Taizhou.

Heavy rainfall, flooding and gales were reported in the region affected by the storm.

In Shandong, operations at major oil refineries were closed down due to flood damage and lack of road access.

Travel, tourism, and shipping have been particularly affected by the typhoon. Train, plane, and bus travel were suspended, and ships were recalled to port in advance. Two of Shanghai's largest airports cancelled most flights, with hundreds of cancellations reported at other airports across China, including in Beijing.

Major tourist destinations around the northeast were closed with the potential for further business interruption as recovery from the storm continues.

Extensive damage: more than one million people were evacuated in coastal Zhejiang province before Typhoon Lekima hit on August 10. Insured losses from the storm have been estimated at $850 million (Photograph by Chinatopix via AP)

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Published August 16, 2019 at 9:00 am (Updated August 16, 2019 at 1:04 am)

Typhoon caused insured losses of $850m

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