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.

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