Sunday, April 22, 2018

Vietnam suffers rare US$1bn loss after Typhoon Damrey

This year marks the first time since 1993 that Vietnam has had a season with a Category 2 (Damrey) and Category 3 (Doksuri) typhoon landfall, highlighting the risk of under-insurance, says Impact Forecasting, Aon Benfield’s catastrophe model development team.

The Vietnamese government estimated total damage at VND22.1 trillion (US$1 billion), representing a rare billion-dollar event for the country. Elsewhere, flooding rains from Cyclone Cempaka killed 11 people in Indonesia

“The month of November featured an active stretch throughout parts of Asia,” said Adam Podlaha, global head of Impact Forecasting. “Vietnam endured its second significant typhoon landfall of 2017 after Typhoon Damrey left an estimated US$1 billion in economic damage, primarily due to flooding. Additional floods were noted elsewhere in Asia with the return of the annual northeast monsoon, with particular impacts in sections of Sri Lanka, India, Malaysia and Thailand. Despite the expensive nature of these events, insurance penetration remains low in this part of the world and signifies the continued financial vulnerabilities of an at-risk population to natural disasters.”

Typhoon Damrey made landfall in southern Vietnam as a Category 2 strength storm, killing at least 108 people and injuring 364 others. Twelve people were listed as missing as the storm destroyed more than 3,560 homes and caused damage to nearly 300,000 more.

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