Catastrophe modeler Eqecat predicts Typhoon Kompasu, which is expected to make landfall today near Seoul, South Korea, could cause between $1 billion and $3 billion in insured losses.
"Potential losses are very sensitive to landfall location and rainfall amounts because the storm could directly impact the industrial and population centers, Incheon and Seoul," Eqecat said.
Kompasu, the seventh named storm of the Northwest Pacific typhoon season, was a Category 2 typhoon, but weakened after hitting Okinawa, Japan. It is now a Category 1 storm with sustained winds of about 93 miles per hour, according to catastrophe modeler AIR Worldwide.
Rain from the typhoon, coupled with recent rain the area has received, will likely result in flooding, AIR said. The firm predicts Kompasu will weaken further before it makes landfall.
The Guy Carpenter Asia-Pacific Climate Impact Centre of the City University of Hong Kong in June predicted 27 tropical cyclones, 23 tropical storms, and 15 typhoons, to form during the Northwest Pacific season.
