Typhoon causes up to $7 billion in estimated insured losses in Japan

Source: Business Insurance

September 16, 2019 Insured losses from Typhoon Faxai, which made landfall in Japan on Sept. 9, will be between $3 billion and $7 billion, according to catastrophe modeler AIR Worldwide Corp. The estimate includes damage from wind and storm surge to residential, commercial, industrial and agricultural property and automobiles, Boston-based AIR said in a statement Monday. Faxai struck Tokyo with winds equivalent to a strong Category 2 hurricane and brought damaging winds along with storm surge and heavy rain to coastal regions, AIR said.