typhoon

With the maturity of Tokio Marine’s $160m Kizuna Re Ltd. catastrophe bond, which it sponsored in 2011 to secure fully collateralized reinsurance cover for typhoon risks, Japanese typhoon has shrunk to make up just 1% of the outstanding cat bond market.

PGA Sompo Japan Insurance Inc, the Philippines based subsidiary of Sompo Japan Insurance Inc., has launched a parametric typhoon insurance product designed to mitigate against agricultural damage from major storms.

Risk modelling, analytics and catastrophe risk management firm RMS has been working alongside China Property and Casualty Reinsurance Company (China Re P&C) in a project seeking to reduce uncertainty in its China typhoon risk model.

The western Pacific typhoon season continued to be active with the latest major storm, typhoon Matmo, targeting a first landfall on Taiwan where it will likely be a Category 2 storm followed by a second landfall in China as a weaker, probably Cat 1 typhoon.

Typhoon Rammasun is quickly approaching southern China and northern Vietnam with rapid intensification occurring meaning that the typhoon could reach category 4 status, one short of super typhoon, before it makes landfall.

Reinsurance broker Willis Re has said that it believes that the insured loss total from Super Typhoon Haiyan could be in the region of $500m to $700m, which is at the top end of estimates for insured catastrophe losses from Haiyan which have been published so far.

A wide range of insured loss estimates is emerging from risk modellers for the damage to the insurance and reinsurance industry from devastating Super Typhoon Haiyan, which struck the Philippines with deadly force. Estimates currently range from $100m to $700m.

Insurance-linked securities and reinsurance-linked investment manager Credit Suisse has released a statement saying that it does not expect any impact from the devastating super typhoon Haiyan, which struck the Philippines, to its IRIS Low Volatility Plus ILS fund.

The government of Taiwan is being urged to purchase insurance protection against natural disasters and catastrophe events, such as earthquakes and typhoons which affect Taiwan every year, as a way to lower the burden of reconstruction on public money.

Risk modeling firm EQECAT has published a report on typhoon Guchol which made landfall in Japan on the 19th June. Guchol was the fourth named storm of the Pacific typhoon season and the first to officially reach super typhoon status. Maximum wind speeds from typhoon Guchol reached as much as 130 knots but the storm […]