RMS PEGS HAGIBIS LOSS AT $7BN TO $11BN

RMS has estimated losses from Hagibis at between $7bn and $1bn. This estimate includes property damage and business interruption losses caused to residential, commercial, industrial marine, and automobile lines. It includes both the cost of wind damage as well as flood damage. The estimate is based on RMS’s proprietary models as well as field work by RMS modelers. RMS said that the fact that Typhoon Faxai hit one month earlier makes Hagibis a complex event to model. The modeling firm noted that the combined losses from Hagibis and Faxai (which is estimated at between $5bn and $9bn), could rival insured losses from Typhoon Jebi, which struck Japan last year.