According to the local insurance regulator the Guangdong parametric catastrophe index insurance facility is set to payout after the impacts of recent typhoon Mangkhut, with CNY 75 million (approx. US $11m) expected to be disbursed by the facilities insurance and reinsurance backers.
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Insurance and potentially reinsurance industry losses caused by recent Typhoon Mangkhut’s impacts in Hong Kong, mainland China and Macau are estimated to be in a range from $1 billion to as much as $2 billion by AIR Worldwide.
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Insurance and reinsurance market losses from the impact of typhoon Mangkhut in Hong Kong alone could reach as much as $1 billion, according to a report from local media.
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Super typhoon Mangkhut has left deadly impacts in its wake across the northern Philippines, Hong Kong and parts of China, with significant damage in all three areas from strong winds, a high storm surge and extreme rainfall.
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Super typhoon Mangkhut is approaching the Philippines with estimated 167 mph winds and gusts to 200 mph, threatening a devastating impact to the northern tip of the main island of Luzon when it makes landfall on Saturday.
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