Munich Re puts 2018 insured typhoon losses at $9.5bn, Jebi at $6bn

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Munich Re has estimated that insured losses from typhoons in the Northwest Pacific are likely to total $9.5 billion for 2018, of which $6 billion is attributable to Typhoon Jebi, which made landfall in Japan on September 4.

Typhoon Jebi at peak intensity on August 31.

The loss estimate for Jebi is substantially higher than figures provided by the General Insurance Association of Japan last month, who said that claims had reached $5.2 billion.

Munich Re calculated that total economic losses from typhoons in the Northwest Pacific reached $17 billion over 2018.

The energy released by typhoons was about 20% above the yearly average, partly due to the development of the central Pacific El Niño conditions.

A total of 16 typhoons formed over the year (compared to a long-term average of 15.8), of which nine reached wind strengths in the highest categories (compared to an average of 8.3).

Seven storms