September 1st, 2010

Typhoon Kompasu

Posted at 12:07 PM ET

kompasu-smallTyphoon Kompasu, the seventh tropical cyclone in the region this year, is presently located around 242 miles (389 kilometers) to the south southwest of Seoul, South Korea, according to a recent update from the Joint Typhoon Warning Centre (JTWC). According to the JTWC, Kompasu is now a category one typhoon and has tracked northward at a forward speed of 23 mph (37 kmph) over the past 6 hours. The typhoon currently packs sustained winds of 92 mph (148 kmph).

According to the JTWC, Kompasu is currently passing to the northwest of Jeju Island, causing hundreds of fishing boats to take shelter at the island’s port. According to the Korea Meteorological Agency, Kompasu had weakened to become a small-sized typhoon as of Wednesday afternoon ( September 1), although the agency warned that it still had the capacity to cause heavy damage. The agency has issued typhoon warnings for Jeju Island and South Jeolla Province, to the southwest of the country.kompasu-big

Hazard data illustrated in the CAT-i map was taken from i-aXs®, Guy Carpenter’s web-based risk management platform. i-aXs users can view impacted areas on any map as well as see how their portfolios were affected. Please contact your broker or Instrat® representative for assistance or go to www.i-axs.info for further information.

Kompasu is expected to reach the Korean Peninsula on Thursday afternoon (September 2), where reports say that it will pass through Hwanghae Province, before exiting via the east coast of Gangwon Province early on Friday, September 3. Officials reported that they are expecting up to 300 mm of rainfall in the regions where the typhoon passes, including up to 100 mm in Seoul, South Korea and the southern parts of North Korea. Reports say that the National Emergency Management Agency has initiated an emergency task force and dispatched special agents to the 11 cities and provinces most vulnerable to the typhoon.

Other reports said that tankers moving in and out of ports in South Korea are likely to be affected by Kompasu, but although some vessels are showing caution, no more than a 1-2 day delay is expected for any tanker caught in the path of the typhoon.

Kompasu is reported by South Korean media to be the worst storm to hit the country in a decade.

Sources: Joint Typhoon Warning Agency, WSI, Asia Pulse, The Korea Herald, Yonhap English News, Reuters News, Platts Commodity News.

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Guy Carpenter’s Instrat® department provides CAT-i reports for major natural catastrophes worldwide. These reports cover catastrophes including worldwide tropical cyclones, earthquakes, major UK and European floods and any other natural event that is likely to incur a significant loss to the (re)insurance industry. Please email CAT.i@guycarp.com if you wish to be added to the free email distribution list.

Instrat also provides RISK-i reports for major technological or man-made events worldwide. These reports cover risks to property, transport and life including explosions, fires, crashes, engineering disasters and terrorist attacks that are likely to incur a significant loss to the (re)insurance industry. Please email RISK.i@guycarp.com if you wish to be added to the free email distribution list.

Hazard data illustrated in the CAT-i map was taken from i-aXs®, Guy Carpenter’s web-based risk management platform. i-aXs users can view impacted areas on any map as well as see how their portfolios were affected. Please contact your broker or Instrat® representative for assistance or go to www.i-axs.info for further information.

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