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A tropical storm warning remains in place with wind and rain forecast to affect the island in the middle of the week.
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The hurricane is forecast to have weakened to a Category 1 storm by the time it could approach the island at the start of next week.
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Non-life insurers in Japan are anticipating a 300bn yen ($2.8bn) loss from Typhoon Faxai, the chairman of the General Insurance Association of Japan has said. -
Private insurance predicted to cover “lower than normal” share of claims due to bulk of damage coming from water impact.
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MS&AD noted that losses could yet increase and highlighted its access to reinsurance coverage.
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According to reports, the island was spared the worst of the storm but has suffered power cuts.
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The storm is expected to track approximately 100 miles north of the island with hurricane conditions expected in Bermuda on Wednesday night and Thursday morning, the NHC said.
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The NHC estimates that Imelda will produce between six and 12 inches of rainfall.
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The NHC has reported that the hurricane may approach the island as a Category 2 storm.
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The (re)insurance industry should expect a Japanese loss of over $15bn at least once every 20 years, the risk modeller said.
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The firm’s estimate points to a higher top-of-the-range loss than early market forecasts of between $1.5bn and $5bn.
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The Catco Reinsurance Opportunities Fund grew again in August, continuing the trend of growth every month in 2019.
