Although economic losses from Typhoon Bebinca appear less severe than anticipated, they are still considerable according to the Asia Insurance Review
The most powerful storm to impact Shanghai since Typhoon Gloria in 1949, Bebinca made landfall on 16 September, causing significant disruption in the densely populated metropolis.
An initial assessment by Aon found that the local insurance sector had recorded 29,400 property claims amounting to approximately 500 million yuan ($70 million) as of 19 September. However, the Shanghai Financial Regulatory Bureau noted that total economic and insured losses could reach hundreds of millions of dollars, with further evaluations expected to potentially increase these figures.
[See more: China’s longest river shows signs of ecological improvement]
Bloomberg Intelligence has projected that the economic impact of Typhoon Bebinca could reach 10 billion yuan ($1.4 billion).
The storm resulted in heavy rainfall and flooding, displacing over 410,000 residents in Shanghai, while an additional 9,000 individuals were evacuated from the Chongming District. In response to the severe weather, Shanghai’s airports cancelled hundreds of flights.
Meteorologists say the frequency and magnitude of typhoons will increase with climate change. The south China coast could be hit by up to eight typhoons this year, higher than normal.
