super typhoon Meranti

According to risk modelling firm AIR Worldwide, typhoon Meranti’s impact on mainland China could have resulted in insurance and perhaps reinsurance industry losses of up to $1.15 billion, the firm estimates.

Super typhoon Meranti’s impact on China today provides a timely reminder of the opportunity for the insurance-linked securities (ILS) market in China, although it is unlikely to cause any significant loss to exposed collateralised reinsurance contracts, according to Ben Brookes of RMS.

Reinsurance broker Aon Benfield’s risk modelling unit Impact Forecasting says that super typhoon Meranti, which is tracking towards China with winds of an estimated , has medium to high insured loss potential.