Typhoon Nuri, which had put Hong Kong on high alert but arrived there as a tropical storm, should not create any major losses for insurers there, a modeling firm said.
Boston-based AIR Worldwide said it does not expect any significant insured losses in Hong Kong from Nuri, which came ashore there Friday with maximum sustained winds of nearly 55 mph.
Nuri "weakened before passing almost directly over the city, bringing little more than gusty winds and heavy rain. Damage reports have been restricted to strewn debris, downed trees and, in isolated cases, toppled scaffolding," said Peter Sousounis, senior research scientist at AIR.
He said Nuri had been expected to strengthen as it approached land; however, it weakened when it entered a region of cooler ocean temperatures and strong northeasterly wind shear.
Earlier last week the typhoon smacked the Philippines and the National Disaster Coordinating Council said the storm caused around 108 million peso ($2.5 million) worth of damage to infrastructure and agriculture.
In Hong Kong on the approach of the storm much of the city ground to a halt with closings of financial markets, offices, schools, courts and most public transport services, according to a Guy Carpenter Instrat CAT-i Report.
In Guangdong, China officials evacuated 250,000 people and recalled more than 45,000 vessels.
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