Willis Re estimates Haiyan insured loss up to $700 mln

Reuters

LONDON, Nov 19 (Reuters) - The cost to the insuranceindustry from claims related to the super typhoon that hit thePhilippines in November is likely to be between $500 million and$700 million, broker Willis Re estimates.

Haiyan slammed central Philippine islands with 314 kphwinds, causing tsunami-like storm surges and more than 3,900deaths, according to estimates by authorities.

Willis Re said its estimates are based on wind speed datafrom various sources combined with a view of exposure andvulnerability from published academic sources.

Richard Sanders, executive director at Willis Re Singapore,said because of the low level of insurance coverage in theregion affected, insured loss is likely to comprise a relativelysmall proportion of total economic losses.

"Whilst anecdotally, premium volume is growing faster thanin many other regions of the world, the Philippines still hasone of the lowest insurance penetration rates," he said.

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