Insurance claims stemming from Typhoon Wipha in Hong Kong are expected to be significantly lower than those from Typhoon Saola in 2023, due to the storm's comparatively milder impact, according to industry analysts, reported South China Morning Post.
Several insurers, including Zurich’s local arm, reported fewer claims filed in the aftermath of Wipha compared to the volume seen following Saola, which triggered substantial payouts last September.
Hong Kong issued its highest typhoon signal, No. 10, for nearly seven hours on Sunday as Wipha passed through. The storm resulted in 33 injuries, 711 reports of fallen trees, and multiple cases of flooding. In contrast, Typhoon Saola left 86 people injured, caused around 1,500 fallen trees, and led to 21 flood reports.
Claims related to Typhoon Saola totaled HK$361m ($46.3m), making it the fourth-largest insurance payout in Hong Kong’s history, according to the Insurance Authority. The payout amount surpassed the HK$325m paid out during the 2003 SARS outbreak.
The three highest insurance payouts in the city were all triggered by natural disasters: Typhoon Mangkhut in September 2018 topped the list at HK$3.1bn, followed by the black rainstorm in September 2023 at HK$1.54bn and Super Typhoon Hato in August 2017 at HK$858m.