Gloria Gonzalez

9/14/2018 1:37:00 PM

Source: Business Insurance

The insured loss for Japan from Typhoon Jebi will be between $3 billion and $5.5 billion, according to an estimate from Risk Management Solutions Inc.

About 80% of the loss comes from the Kansai region, where Jebi made a second landfall west of Kobe, according to a statement released on Friday by the Newark, California-based catastrophe modeling firm.

The RMS estimate includes typhoon coastal flooding – observed in Kansai International Airport, in the ports of Kobe and Osaka and in localized areas of reclaimed land/barrier islands in Osaka Bay, as well as marine cargo losses from the ports, which were primarily from typhoon-driven coastal flooding. But typhoon-driven inland flooding was deemed to be negligible, according to the firm.

The estimate excludes losses from damage to infrastructure and port facilities and marine hull, claims adjustment expenses and some aspects of business interruption, including contingent business interruption.

Yasunori Araga, president of RMS Japan in Tokyo, said, “2018 continues to be an eventful year for natural catastrophes in Japan, both for earthquakes and typhoons.”