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Manila flooding - Insured losses estimated to be around £100 million


Manila flooding - Insured losses estimated to be around £100 million

Typhoon Haikui has brought several days of heavy rain to northern parts of the Philippines.

Manila, the capital, has been badly hit with torrential rain causing flooding that has paralysed most parts of the city.

More than half the amount of rain normally seen in the entire month of August has fallen in Manila within just 24 hours.  Sixteen people have been reported dead and almost 80,000 people have taken refuge in emergency shelters.  Schools, offices and the stock exchange have all been closed.

Typhoon Haikui could reach Hangzhou and Shanghai in the next 12 and 24 hours respectively, although it will have weakened by that time, according to catastrophe modelling firm AIR Worldwide. This comes just days after Typhoon Vicente struck Hong Kong, and was severe enough to close offices and schools.

AIR Worldwide believes that Haikui is similar to typhoon Rananim that wreaked havoc in August 2004, damaging or destroying over 130,000 homes and leaving 270,000 hectares of farmland in ruins.

It is not yet known what the total cost of recovery will be but Dr Peter Sousounis, senior principal atmospheric scientist at AIR Worldwide estimates insurable losses would be approximately £603m, while insured losses would be around £100m.

The National Disaster Risk Reduction and Management Council have released a statement about the flooding which is updated daily.  You can read the statement here.

 


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