RMS estimates Faxai losses at up to $9bn – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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RMS estimates Faxai losses at up to $9bn

Typhoon Faxai, which hit Japan three weeks ago, caused insured losses of between $5 billion and $9 billion, according to catastrophe modelling firm RMS.

This estimate includes property damage and business interruption caused by typhoon wind and coastal flooding to residential, commercial, industrial, marine, and automobile lines.

Additional factors for post-event loss amplification specific to this event include: an increase in materials and labour costs due to next year's Summer Olympics, contents and business interruption from extended power outages, and automobile loss.

The estimate is based on analysis of the RMS reconstructed wind field and coastal flood footprint through the Japan Typhoon HD model. In addition, the industry loss estimates include data and insights from analysis of aerial imagery and field reconnaissance by modellers from the RMS Tokyo office.

Margaret Joseph, senior manager, RMS, said: “The equivalent of a Category 2 on the Saffir-Simpson Hurricane Wind Scale at landfall, Typhoon Faxai was one of the strongest landfalling typhoons on record in the Kanto region, and the strongest landfalling typhoon in this region to impact the Greater Tokyo area since Typhoon Ma-on in 2004.

“Faxai underwent an eyewall replacement cycle immediately prior to landfall, which weakened wind speeds; however, a wider area experienced the system's strongest winds as a result of a broadening of the wind field.”

Storm damage: scaffolding hit by Typhoon Faxai is seen at a parking lot at Haneda airport in Tokyo (Photograph by Kyodo News via AP)

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Published September 27, 2019 at 9:00 am (Updated September 26, 2019 at 8:41 pm)

RMS estimates Faxai losses at up to $9bn

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