AIR provides catastrophe risk modeling solutions that make individuals, businesses, and society more resilient.
Press Release

BOSTON, September 29, 2016 – According to Catastrophe modeling firm AIR Worldwide, Typhoon Meranti experienced rapid intensification September 11–12, with wind speed increasing more than 150 km/h (95 mph) in a 24-hour period, according to the Joint Typhoon Warning Center (JTWC). Super Typhoon Meranti delivered very strong wind, high storm surge, and flooding precipitation to southern Taiwan as it passed through Luzon Strait near noon local time on Wednesday, September 14, 2016.

AIR estimates that industry-wide insured losses are likely to range between USD 650 million (CNY 4.3 billion) and USD 1.15 billion (CNY 7.7 billion). The wide range in the modeled insured losses reflects uncertainty in the meteorological parameters associated with this event. There is additional uncertainty in the take-up rates (insurance penetration) for much of the region.

“It was the strongest storm in the world this year and the most intense typhoon since Super Typhoon Haiyan struck the Philippines in 2013,” said Dr. Peter Sousounis, assistant vice president and director of meteorology at AIR Worldwide. “Although Meranti did not make landfall on Taiwan, much of the country was impacted by high winds and substantial precipitation—rainfall totals as great as 700 millimeters (28 inches) have been reported—due to the massive, 560-kilometer (350-mile) wind field.”

Dr. Sousounis, continued, “Having passed south of Taiwan on September 14, Typhoon Meranti made landfall at 3:05 a.m. local time on Thursday, September 15, in the Xiang'an District of Xiamen City, in eastern China's Fujian Province. Following its interaction with Taiwan, Meranti weakened significantly as it approached China and it came ashore with a JMA-estimated central pressure of 940 mb, the equivalent of a Category 4 hurricane—the strongest typhoon in the region since 1949.”

Meranti closely follows deadly Typhoon Nepartak, which struck central and southern Taiwan and coastal China in July.

As Super Typhoon Meranti passed through the Strait of Luzon, just off the southern coast of Taiwan, the storm brought rough seas, damaging surf, high storm surge, and heavy precipitation—in addition to high winds—to southern Taiwan, resulting in downed trees and power lines, some coastal flooding, and mudslides in mountainous regions. Dozens of injuries and one death were reported in Taiwan.

In China, Meranti produced prodigious precipitation, as well as strong and damaging winds. The cities of Xiamen and Quanzhou experienced widespread power outages, flooding, disrupted water supplies, and fallen trees.

AIR’s industry modeled insured loss estimates include:

• Insured physical damage to onshore property (residential, commercial, and Construction All Risks/Erection All Risks) for both structures and their contents due to wind and precipitation-induced flooding in China
• AIR’s assumed take-up rates—that is, the percentage of properties in China that are actually covered against wind and flood damage

AIR’s modeled insured loss estimates do not include:

• Losses to uninsured properties
• Losses to infrastructure
• Losses from storm surge
• Losses to crops, livestock, aquaculture, and poultry
• Losses to auto
• Losses resulting from physical failure of flood defenses
• Losses from hazardous waste cleanup, vandalism, or civil commotion, whether directly or indirectly caused by the event
• Demand surge
• Other non-modeled losses

About AIR Worldwide

AIR Worldwide (AIR) provides catastrophe risk modeling solutions that make individuals, businesses, and society more resilient. AIR founded the catastrophe modeling industry in 1987, and today models the risk from natural catastrophes and terrorism globally. Insurance, reinsurance, financial, corporate, and government clients rely on AIR’s advanced science, software, and consulting services for catastrophe risk management, insurance-linked securities, site-specific engineering analyses, and agricultural risk management. AIR Worldwide, a Verisk Analytics (Nasdaq:VRSK) business, is headquartered in Boston with additional offices in North America, Europe, and Asia. For more information, please visit www.air-worldwide.com.


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