The category 3 storm is expected to weaken slightly before reaching China
Typhoon Megi remains a serious threat to China, though is expected to weaken before making landfall in the region on Saturday, reports cat modeling firm Eqecat.
The large category 3 typhoon is traversing the South China Sea toward China but is expected to be downgraded to a category 2 typhoon before making its second landfall between Shanwei and Xiamen China early Saturday morning.
Megi is expected to impact several areas in China’s Guangdong and Fujian provinces. Besides wind damage, significant disruption is likely to be caused by rainfall flooding and storm surge.
Megi is generating 38-foot waves in the South China Sea, and is expected to generate at least 6 to 10 feet of storm surge as it approaches the coast of China. Torrential rains of 10 to 20 feet causing severe flooding over the low-laying areas are expected.
Eqecat said the landfall area frequently experiences severe typhoon landfall and that there have been more than 15 category 3 offshore typhoons in the region in the last 65 years.
Eqecat estimates the economic damage from this event for China to be $500m to $1b. Though the insured losses from the Megi event are expected to be far less, given that the insurance penetration is low. Only about 15% of property is insured in China.
Typhoon Megi, which made landfall in the Philippines on Monday as a category 5 'super-typhoon' has an estimated economic damage bill of US $200-$500m, according to Eqecat. At least eleven people died while Isabela and Cagayan provinces suffered significant destruction to structures, transportation and agriculture property.
