October 25th, 2010

Update: Typhoon Megi

Posted at 11:07 AM ET

megi-4-smallTyphoon Megi made its second landfall in the southeastern Chinese province of Fujian at around 06:00 UTC on October 23 with sustained winds of around 65 mph (100 kmph), according to the Joint Typhoon Warning Center (JTWC). Reports said the severe weather associated with Megi caused damage and disruption in Fujian Province. Southwestern parts of Taiwan were also subjected to tropical-storm force conditions as Megi approached the Chinese coastline, bringing powerful winds to the region and triggering flooding and landslides across the island. At least 12 people died in storm-triggered mud and landslides in Taiwan, reports said.

Reports said powerful winds and heavy rain lashed southern China as Megi came ashore. Megi made landfall near Zhangpu in Fujian Province as a tropical storm, leading to the evacuation of tens of thousands of local residents, according to reports. Widespread flooding was reported across Fujian Province after up to 13 inches (330 millimeters) of rain fell in Quanzhou, Xiamen, Zhangpu and Zhangzhou. Authorities in Fujian said Megi caused economic losses of around 2.8 billion yuan (USD410 million) across the province, including 1.5 billion yuan (USD220 million) in the badly hit city of Zhangzhou. Officials added that around 730,000 Fujian residents had been affected by the storm, with 313,200 evacuated. State television broadcast images showing flooded streets, uprooted trees and swollen waterways. News reports also described extensive damage to fishing boats and shellfish beds in Fujian while around 80 flights were cancelled at the airport in Xiamen City. EQECAT said Megi is expected to cause economic damage of less than USD100 million in China. EQECAT adds that insured losses in the country are expected to be far less, given that insurance penetration is relatively low (around 15 percent) in China.

megi-4-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.

Megi’s strong winds and outer rain bands also badly affected parts of Taiwan. Landslides caused by Megi killed nine people and buried a Buddhist temple in hardest-hit Ilan County in the northeast, where a record 45 inches (1,140 millimeters) of rain fell over 48 hours, according to reports. Three other people drowned in their flooded homes, officials said. Also in Ilan, soldiers and rescuers continued their search along a highway where landslides have left at least 25 people missing, including 19 Chinese tourists traveling in bus. The typhoon also disrupted air traffic on the island, forcing more than 100 flights to be cancelled and wreaking an estimated TWD45 million (USD1.5 million) in damage to agricultural land.

Earlier, the JTWC said Megi made its first landfall in northern Philippines on October 18 as an intense super typhoon. Reports said Megi made landfall southeast of Tuguegarao (population of around 115,000) in the province of Isabela at about 11:25 local time (03:25 UTC), pounding nearby areas with winds of up to 160 mph (260 kmph). Reports said the powerful winds, high waves and heavy rain associated with Megi caused significant damage in the Philippines, with roofs torn off houses, rice crops destroyed and power cut to thousands of households.

AIR Worldwide has estimated that insured losses in the Philippines from Megi are likely to be less than PHP6.5 billion (USD150 million). AIR’s estimate reflects insured damage to property and contents but crop losses are not included. AIR noted that insurance penetration in the Philippines is estimated to be around 15 percent, and that the storm had missed metropolitan Manila, where the highest concentration of insured properties is located. EQECAT, meanwhile, says the economic damage from Megi in the Philippines is expected to be between USD200 million and USD500 million.

Sources: Joint Typhoon Warning Center, WSI, Xinhua News Agency, Reuters News, Associated Press, Agence France Presse, BBC News, CNN News

Click here to view the previous update on this event >>

Click here to register for e-mail updates from GC Capital Ideas >>

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.

AddThis Feed Button
Bookmark and Share


Related Posts