Boston-based catastrophe risk modeling firm AIR Worldwide said it estimates that insured losses to onshore properties in China from Typhoon Hagupit will be between $100 million and $250 million.
AIR said high winds and flooding caused by Typhoon Hagupit affected 8.73 million residents and nearly 990,000 acres of crops in southern Guangdong Province and the Guangxi Zhuang Autonomous Region, according to local officials.
The firm said China's Ministry of Civil Affairs reported the storm collapsed 27,700 buildings and caused economic losses of nearly U.S. $2 billion. A high proportion of those losses are not expected to have been insured.
"Hagupit, characterized as the worst storm to hit China's Guangdong province in more than a decade, weakened to tropical storm status once it moved inland," said Peter Sousounis, senior research scientist at AIR Worldwide.
He said the typhoon by yesterday morning had dissipated to a tropical disturbance over Northern Vietnam - with maximum sustained winds of 25 mph.
Hagupit also triggered a reported once-in-a-century storm tide in which water levels rose two feet and more above normal in several coastal cities, including Guangzhou, Foshan, Zhongshan, Zhuhai, Jiangmen and Yangjiang.
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