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RMS: Insured loss from Typhoon Faxai may reach $9B

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RMS: Insured loss from Typhoon Faxai may reach $9B

Catastrophe risk modeling company Risk Management Solutions Inc. pegged the insured loss from Typhoon Faxai in the range of $5.0 billion to $9.0 billion.

The estimate includes property damage and business interruption caused by typhoon wind and coastal flooding to residential, commercial, industrial, marine and automobile lines, as well as the private and mutual/kyosai markets.

Additional factors for post-event loss amplification specific to the event, and for non-modeled losses, are also included in the estimate. These include an increase in materials and labor costs due to the 2020 Olympics, contents and business interruption from extended power outages and automobile loss.

Faxai made landfall in Yokosuka, Japan, on Sept. 9.