News Non-Life11 Dec 2017

Vietnam:Typhoon Damrey costs rare $1-bln natural disaster loss

| 11 Dec 2017

Typhoon Damrey, which made landfall in southern Vietnam in early November, caused economic losses estimated at VND22.1 trillion (US$1.0 billion), representing a rare billion-dollar event for the country, according to an Aon catastrophe report.

The monthly Global Catastrophe Recap report, released by Impact Forecasting, Aon Benfield’s catastrophe model development team, notes that the storm killed at least 108 people and injured 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.

Mr Adam Podlaha, Global Head of Impact Forecasting, said: “The month of November featured an active stretch throughout parts of Asia. Vietnam endured its second significant typhoon landfall of 2017 after Typhoon Damrey left an estimated $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.”

Other natural disasters that occurred elsewhere in Asia during November included:

  • South Korea endured its joint strongest earthquake on record when a moderate magnitude-5.4 tremor struck Gyeongsangbuk-do province on 15 November, injuring at least 57 people. The tremor caused damage to more than 1,000 homes and infrastructure.
  • Separate tremors struck Tibet and China, causing damage to a combined 12,000 structures.
  • Seasonal flooding associated with the northeast monsoon led to flood damage in at least nine provinces in southern Thailand. At least five people were killed and 161,266 homes were inundated.
  • Additional flooding in November was recorded in Sri Lanka and India.
  • Mount Agung began erupting on Indonesia’s Bali Island, leading to the cancellation of hundreds of flights and prompting massive evacuations due to plumes of ash.
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