Super typhoon Megi has now passed over the main Philippine island of Luzon and is heading into the South China Sea where it is expected to regain some of its strength before heading for China’s southern coastline. Megi made landfall as a category 5 super typhoon with winds in excess of 155mph making her the most powerful tropical cyclone of 2010.
At least 10 people are said to have been killed in northern Luzon and there has been much damage to infrastructure and lines of communication meaning that the final damage and death toll could take a while to uncover. The Philippine agriculture department says that at least 10% of the rice crop in the second biggest production area in the Philippines has been damaged.
EQECAT estimates economic losses of between US$300m to US$600m from the storm. AIR Worldwide estimates that insured losses will be less than US$150m, although that figure does not include any crop losses.
It’s hoped that some of the microinsurance schemes in the Philippines will help locals to recover from this storm, particularly the farmers whose crops have been destroyed.
View all of our Artemis Live video interviews and subscribe to our podcast.
All of our Artemis Live insurance-linked securities (ILS), catastrophe bonds and reinsurance video content and video interviews can be accessed online.
Our Artemis Live podcast can be subscribed to using the typical podcast services providers, including Apple, Google, Spotify and more.
