Krosa losses could reach $600m

AIR Worldwide estimates total combined insured losses from Typhoon Krosa for Taiwan and the Republic of China from wind and precipitation-induced flooding will be between $200m and $600m.

After battering Taiwan, Typhoon Krosa made landfall in the Republic of China Sunday afternoon in Fujian Province with 73mph maximum sustained winds—just shy of Category 1 status—according to the Japanese Meteorological Agency (JMA).

“The storm’s wind and rain—which averaged nearly 8 inches in Fujian and Zhejiang—destroyed 3,500 homes, caused extensive flooding of cropland and fish farms, and disrupted transport and air services,” said Dr Peter Sousounis, senior research scientist at AIR Worldwide.

“Landslides in East China buried houses, blocked roads and derailed trains. In Shanghai, outside the storm's center, more than 40 flights were delayed and eight cancelled at Pudong International Airport due to Krosa’s gale-force winds.”

Chinese officials estimate that damage from the weakened typhoon—which forced the evacuation of more than 1.4 million people, including 500,000 tourists at coastal resorts, and affected 5 million more—exceeds $1bn.

“Compared to other weak-wind typhoons that have impacted China, Krosa was rather unique in that it crossed the Taiwan Strait very slowly just before making landfall along the Fujian/Zhejiang border and then nearly stalled just inland for about twelve hours before quickly accelerating out to sea again,” continued Dr Sousounis.

“Despite its relatively brief impact, Krosa produced near record amounts of rainfall—up to 60 inches in some parts of Zhejiang and Fujian provinces. These provinces are dominated by low-rise industrial buildings of masonry construction, and AIR expects flooding from Krosa to result in significant insured losses to these structures and their contents. AIR also expects significant damage to low-rise residential structures, though these buildings are not typically insured in this region.”