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Hagibis insured losses could reach $16B, says AIR Worldwide

Insured losses from Typhoon Hagibis are expected to range from $8 billion to $16 billion, according to catastrophe risk modeler AIR Worldwide.

More than half of those losses will be due to inland flooding. The estimate includes damage to residential, commercial, industrial and agricultural/mutual properties and their contents, as well as extra expenses and debris removal. Automobile damage from wind, storm surge and inland flood was also included.

The estimate does not include losses stemming from landslides, tornadoes and earthquakes, or losses to land and infrastructure. Also not included are losses to marine hull or marine cargo lines of business; business interruption losses; loss adjustment expenses and demand surge.

Hagibis made landfall in Japan on Oct. 12, bringing what the modeling company called "unprecedented rainfall." Hagibis impacted some of the areas damaged by Typhoon Faxai a few weeks earlier, it added.

AIR Worldwide is a Verisk Analytics Inc. business.