The Philippines northern island of Luzon is being threatened by another strong tropical cyclone impact, as typhoon Yutu approaches the country with sustained winds of around 100 mph.
Typhoon Yutu had weakened considerably from its super typhoon status, but still the storm is expected to strike a deadly blow to the Philippines, which has been hit by a number of severe storms this season.
Typhoon Yutu has already brought devastation to the U.S. Northern Mariana islands, which it hit as a super typhoon, tearing off roofs and destroying buildings.
The Philippines will not see these extreme winds, but still the storm is expected to bring a dangerous storm surge and winds sufficiently strong to cause property damage to the coastal communities that lie in typhoon Yutu’s path.
Typhoon Yutu is currently a category 2 or 3 equivalent storm and is expected to weaken somewhat further before making landfall later today.
Known locally as typhoon Rosita, the storm is the 18th typhoon of this season that has affected the Philippines.
Most recently, typhoon Mangkhut caused devastation to northern Luzon, killing numerous people and causing significant property and crop damage.
That storm triggered the Philippines financial support from the World Bank, with the $500 million Catastrophe-Deferred Drawdown Option CAT DDO 2 activated.
Typhoon Yutu will bring flooding rains and strong winds to the region affected by Mangkhut.
THe storm is expected to be degraded by wind shear on approach to landfall, which thankfully means it is likely to continue a weakening trend in the coming hours. It will then weaken further as it crosses the mountainous Luzon region, before emerging back into the South China Sea and heading for mainland China and Taiwan.
The Philippines government has recently resurrected talks regarding a catastrophe bond issuance as well, as the country looks to better protect itself and leverage insurance and reinsurance techniques, alongside capital markets funding, to put in place a broader range of catastrophe contingent financing arrangements.