Japan is currently struggling with the fallout from typhoon Faxai, which hit Tokyo and its surrounding regions on Monday, causing at least five deaths and cutting power to half a million homes.
With electricity companies still struggling to restore power, ten-thousands stranded at Tokyo’s airport and dozens injured, the human cost of typhoons is high. But there is also an economic cost that lingers long after the typhoon season is over and that is connected to many citizens and businesses repairing or rebuilding structures damaged in the weather events – with costs often in the billions.
In Asia, this cost was the highest after 2018 typhoon Jebi, which hit Japan, Taiwan and Russia in September last year, and caused the worst destruction in decades. Insurer Munich Re estimates
the total monetary losses for the event to be upwards of US$12 billion. Since 1980, typhoon Haiyan (November 2013) and typhoon Mireille (September 1991) have also caused losses of US$10 billion or more. While the first storm hit the Phillipines, China, Taiwan and Vietnam, the second wreacked havoc in Japan.
Also visible in the data is the differences in insurance cover
within Asia. While with storms hitting Japan, Taiwan and Russia, upwards of 50 percent of losses have been insured, this count tends to be lower when countries like China, Vietnam or the Philippines are involved.