Typhoon Fitow, which hit Japan last week, created insured losses from $500 million to as much as $1 billion, modelers estimated.

AIR Worldwide in Boston said losses would not exceed $1 billion, as did Oakland, Calif.-based Eqecat, which said its best estimate of the insured losses is around ?50 billion, or $500 million at current exchange rates.

The storm struck Kanagawa state, southwest of Tokyo, before dawn last Friday with pouring rain, gusts up to 92 miles per hour and maximum sustained winds of 86 mph.

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