NU Online News Service, Aug. 31, 2:42 p.m.EDT

Typhoon Nanmadol weakened to a tropical depression after hittingTaiwan on its way to China's east coast, and catastrophe modelerEqecat estimates the storm caused between $200 million and $500million in insured losses for Taiwan.

The storm developed on Aug. 22 to the east of the Philippinesand then intensified into the fourth typhoon of the West Pacifictyphoon season, according to a Guy Carpenter CAT-i report. Thestorm made landfall in the Philippines, Taiwan and China.

Citing the National Disaster Risk Reduction and ManagementCouncil (NDRRMC), Guy Carpenter says the typhoon affected more than300,000 people in the Philippines, damaging or destroying around1,300 homes. Nanmadol was a Category 4 typhoon when it madelandfall in the Philippine province of Cagayan on Aug. 26.

According to EQECAT, insured losses in the Philippines areexpected to be less than $200 million.

Guy Carpenter says Nanmadol continued to weaken as it moved overthe South China Sea and became a tropical depression as it made itsthird landfall in China's Fujian Province. Reports indicate morethan 700 homes were destroyed or damage after the thirdlandfall.

According to catastrophe modeler AIR Worldwide, insurancepenetration in China generally is low, especially for residentialstructures, so although there has been damage from wind, flood, andlandslides, insured losses should be low.

Guy Carpenter says economic losses in Fujian are expected to bearound $7 million.