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AIR Worldwide: Insured losses from Typhoon Faxai could hit up to ¥740B

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AIR Worldwide: Insured losses from Typhoon Faxai could hit up to ¥740B

Industry insured losses from Typhoon Faxai will be between ¥340 billion and ¥740 billion, catastrophe risk modeling company AIR Worldwide projects.

Faxai made landfall in Yokosuka, Japan, on Sept. 9 with 1-minute sustained wind speeds of 105 mph, after which it crossed Tokyo Bay and hit the city of Tokyo with winds equivalent to a strong Category 2 hurricane.

AIR Worldwide said Faxai beat Typhoon Higos for the strongest sustained wind speed at landfall in the region and tied with 1958's Typhoon Helen for the lowest recorded central pressure. Faxai's strength can be compared to that of Typhoon Jebi, which hit Shikoku Island in 2018.

Faxai brought high winds that downed two electric towers and several utility poles, leaving more than 900,000 without power in the prefectures of Chiba, Ibaraki, Kanagawa, Shizuoka and Tokyo. The typhoon, which arrived just before harvest time, affected crops in the region.

The modeled insured loss estimates of the Verisk Analytics Inc. company include insured damage to property, both structures and their contents, and automobile from wind and storm surge.