Anyone who has watched the television over the past week or so could not help being moved by the suffering of the people of the Philippines.
Guy Carpenter has produced an updated CAT-I report on the event, which I share with readers. Like me, their first thoughts and concerns are with those lost or recovering from the exceptionally severe impacts of Super Typhoon Haiyan. Haiyan is rated as among the strongest tropical cyclones ever recorded, and meets or surpasses the record of the strongest land-falling tropical cyclone in recorded history.
For the record, Haiyan made landfall in the Philippines on 8 November near Guiuan, with estimated 1-minute wind speeds of 300-315 km/hr (185-195 mph). While there is substantial damage to property in the Philippines, insured losses are expected to be low due to limited insurance penetration in the impacted areas.
A second landfall occurred on 10 November as a minimal Typhoon near the Vietnam-China border. Once again, insurance industry losses are also expected to be low in Vietnam and China, although heavy rainfall can always cause flash-flooding with serious consequences for individual risks.