NU Online News Service, Oct. 19, 1:33 p.m. EDT
Insured losses from Super Typhoon Megi in the Philippines will likely be less than $150 million, according to modeler AIR Worldwide.
The overall insurance penetration on the islands is only about 15 percent, AIR said. The storm's strongest winds avoided the capital of Manila, where there is the highest concentration of insurance, AIR added.
Crop losses are not included in the loss estimate. The area affected by the storm is one of the country's main rice-growing regions, said modeler Risk Management Solutions (RMS).
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