Windstorm Archives - InsuranceAsia News https://insuranceasianews.com/industry_segments/windstorm/ Thu, 10 Oct 2024 03:25:05 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 Hurricane Milton’s strength and track makes a revision of APAC renewals a near certainty https://insuranceasianews.com/hurricane-miltons-strength-and-track-makes-a-revision-of-apac-renewals-a-near-certainty/ Wed, 09 Oct 2024 23:30:01 +0000 https://insuranceasianews.com/?p=164545 Insured losses from the “catastrophic” storm is predicted to top US$60bn as it heads for populous Tampa, which will complicate the upcoming renewals.

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The sudden intensification of Hurricane Milton this week to a dangerous category 5 storm, bearing down on the Tampa Bay area of Florida, looks to cause damages “potentially matching that of Hurricane ...

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]]> Typhoon Krathon’s economic losses likely reach ‘tens of million’ in Taiwan, Philippines https://insuranceasianews.com/typhoon-krathons-economic-losses-for-taiwan-philippines-likely-reach-tens-of-million/ Sun, 06 Oct 2024 21:43:46 +0000 https://insuranceasianews.com/?p=164203 The local government in Taiwan's Keelung city estimated that restoration and rebuilding work related to typhoon Krathon will cause US$14.8m according to local media citing city mayor George Hsieh.

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Typhoon Krathon, the first-ever storm to make landfall in Taiwan’s Kaohsiung in the month of October after causing havoc in the Philippines, will likely lead to “tens of millions” economic losses cros...

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]]> Typhoon Krathon makes landfall as Taiwan shuts down for second day https://insuranceasianews.com/typhoon-krathon-makes-landfall-as-taiwan-shuts-down-for-second-day/ Thu, 03 Oct 2024 09:27:21 +0000 https://insuranceasianews.com/?p=164059 The slow-moving typhoon is expected to cause 'catastrophic damage' as it is likely to have a longer impact on the island as it moves through the populous western plains but it is weakening and is expected to turn into a tropical depression before reaching Taipei.

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Typhoon Krathon landed in the major port city of Kaohsiung at noon on October 3 as businesses in all Taiwan have closed for the second consecutive day in response to the storm.
The typhoon packed maxi...

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]]> Typhoon Krathon expected to make ‘rare’ direct hit on Taiwan’s western plains https://insuranceasianews.com/typhoon-krathon-expected-to-make-rare-direct-hit-on-taiwans-western-plains/ Mon, 30 Sep 2024 04:41:52 +0000 https://insuranceasianews.com/?p=163822 The tropical storm, likely to intensify into a super typhoon, is forecast to hit the major port city of Kaohsiung early on October 2 and make its way to Japan.

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Taiwan issued a warning on September 30 as Typhoon Krathon is expected to intensify into a super typhoon and cross the island’s densely populated west coast with its impact to be felt most significant...

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]]> Typhoon Pulasan exacerbates Bebinca losses in China https://insuranceasianews.com/typhoon-pulasan-exacerbates-bebinca-losses-in-china/ Tue, 24 Sep 2024 23:30:49 +0000 https://insuranceasianews.com/?p=163353 The cumulative effect of losses from both typhoons in the country, added to losses from Yagi in South China, is more serious compared with the previous two years and will naturally impact the financial performance of (re)insurers in 2024, according to loss adjusters in China.

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Typhoon Pulasan, which landed in China shortly after Typhoon Bebinca, is likely to exacerbate the losses of the latter as the both the typhoons drenched the country's financial capital of Shanghai in ...

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]]> Typhoon Yagi to drive reinsurance premium, deductible increases in Vietnam and beyond https://insuranceasianews.com/typhoon-yagi-to-drive-reinsurance-premium-deductible-increases-in-vietnam-and-beyond/ Sun, 22 Sep 2024 23:30:13 +0000 https://insuranceasianews.com/?p=163150 Premiums increases that will allow the carriers to cover costs and mitigate future risks are likely to be particularly evident in high-risk areas, such as coastal provinces in the north.

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Vietnamese and international (re)insurers may tighten terms and conditions and increase premiums after evaluating the damage from Typhoon Yagi, loss adjusters and insurers told InsuranceAsia News.  
“...

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]]> Severe Typhoon Bebinca grounds flights, rail services and shut resorts as it lands in Shanghai https://insuranceasianews.com/severe-typhoon-bebinca-grounds-flights-rail-services-and-shut-resorts-as-it-lands-in-shanghai/ Mon, 16 Sep 2024 04:58:19 +0000 https://insuranceasianews.com/?p=162786 The strongest to hit Shanghai in 75 years, the meteorological bureau warns of heavy downpour and flooding risks for Jiangsu, Zhejiang and Anhui provinces up to September 18.

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Typhoon Bebinca, the strongest to hit Shanghai in 75 years, made landfall at about 7.30 am local time on September 16 causing hundreds of flights to cancel from the city’s two airports, and rail servi...

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]]> Typhoon Yagi losses may drive up rates, tighten treaty terms in Vietnam https://insuranceasianews.com/typhoon-yagi-triggers-china-property-market-leads-to-bi-claims-in-vietnam/ Mon, 09 Sep 2024 23:30:16 +0000 https://insuranceasianews.com/?p=162395 Insured losses are climbing as carriers in China, Vietnam and the Philippines count the damages after the region's strongest storm this year destroyed houses, factories, infrastructure and crops across the three countries.

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Typhoon Yagi, Asia’s most powerful storm so far this year, is likely to lead to property claims across Vietnam, China and the Philippines.
In Vietnam, business interruption claims, premium increases ...

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]]> Losses from Australia’s costliest nat cat since 2023 rise to US$946m: ICA https://insuranceasianews.com/losses-from-australias-costliest-nat-cat-since-2023-rise-to-us946-million-ica/ Fri, 30 Aug 2024 09:20:20 +0000 https://insuranceasianews.com/?p=161708 Incurred losses for Christmas and New Year storms have increased from the previous estimate of US$905m, according to the latest data from the Insurance Council of Australia (ICA).

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Incurred losses for Christmas and New Year storms, the costliest extreme event since 2023 in Australia, increased to AU$1.39 billion (US$946 million) as of July 30 from the previous estimate of AU$1.3...

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]]> Typhoon Shanshan makes landfall in southern Japan as auto plants shut down https://insuranceasianews.com/typhoon-shanshan-makes-landfall-in-southern-japan-as-auto-plants-shut-down/ Thu, 29 Aug 2024 04:27:03 +0000 https://insuranceasianews.com/?p=161574 The typhoon landed in Kagoshima prefecture, leading to the shutting down of plants by Toyota and Nissan, cancellation of hundreds of flights and suspension of high-speed train services.

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Typhoon Shanshan landed in Kagoshima prefecture, in the southern island of Kyushu, around 8 am local time August 29, leading to the shutting down of plants by Toyota and Nissan.
Around 255,000 houses...

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