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AIR Worldwide estimates insured losses of up to US$1.15B from Typhoon Meranti

Industry-wide insured losses from Typhoon Meranti, which hitTaiwan and China earlier in September, will likely range between US$650 millionand US$1.15 billion, according to AIR Worldwide.

The storm brought damaging surf, heavy precipitation and highwinds to southern Taiwan, causing downed trees and powerlines, some coastalflooding and mudslides, AIR said Sept. 29.

In China, the storm produced prodigious precipitation, aswell as strong and damaging winds, resulting in widespread power outages, flooding,disrupted water supplies and fallen trees in the cities of Xiamen and Quanzhou.

AIR's insured loss estimates include insured physical damageto onshore property, as well as its assumed take-up rates, which is thepercentage of properties in China that are actually covered against wind andflood damage.