Economic losses forecast at $410m
Typhoon Megi has made a second landfall in Zhangpu City in China’s southeastern province of Fujian causing economic losses of around 2.8 billion yuan (USD 410 million) across the province, including 1.5 billion yuan (USD220 million) in the city itself, according to catastrophe modeling firm AIR Worldwide.
According to the provincial flood control office, more than 26,000 hectares of crops have been destroyed.
While some damage is anticipated to residential properties, a high proportion of residential losses are likely not insured. Overall the penetration of residential insurance in the Fujian province is estimated at only 5%.
Megi, which has wreaked havoc in the Philippines and caused flooding and landslides in Taiwan arrived as a tropical storm with sustained winds around 65 mph.
According to the Japan Meteorological Agency, Megi dissipated 12 hours after landfall.
Widespread flooding has been reported across Fujian Province and more than 13 inches of rain have fallen in Quanzhou, Xiamen, Zhangpu and Zhangzhou.
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