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July 16, 2014

Typhoon Rammasun heads for Manila

According to catastrophe modelling firm AIR Worldwide, with sustained winds of 157 km/h (~98 mph), Typhoon Rammasun made landfall in the Philippine province of Sorsogon July 15, late afternoon local time, and headed toward Manila. Although smaller and much less intense than deadly and highly destructive Super Typhoon Haiyan – which devastated parts of the Philippines in November 2013 – Typhoon Rammasun nonetheless prompted sizable evacuations and resulted in some disruption of transportation, as well as school and office closings. Widespread damage is not expected, but some areas could experience storm surge flooding, flash flooding, and/or mud slides, as well as wind damage.

“Rammasun rapidly intensified in the 12-hour period prior to landfall, with its central pressure decreasing from 975 to 945 mb and maximum sustained wind speeds increasing from 120 to 157 km/h (~75 to ~98 mph), according to JMA intensity estimates,” said Dr Kevin Hill, senior scientist at AIR Worldwide. “At landfall, Rammasun featured the well-defined eye and symmetric eyewall, indicative of a strong typhoon. Rammasun is not a significant threat to areas affected by Typhoon Haiyan (2013).”

Typhoon and flood damage are usually covered together in the Philippines and are given under separate fire policies with named perils extensions. Insurance penetration varies by region. Typhoon Rammasun will affect some densely populated and urban areas, including Manila, where insurance penetration for residential lines would be around 5-10%, 25-30% for commercial/industrial. Still, given that insurance penetration in this area is around 10% to 20%, insured losses are not expected to be significant as a result of this typhoon.

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http://www.cirmagazine.com/cir/Typhoon-Rammasun-heads-for-Manila.php