November 17, 2013 / 9:41 PM / 4 years ago

Insured losses from Typhoon Haiyan may be $300 million to $700 million

(Reuters) - Typhoon Haiyan could inflict between $6.5 billion and $14.5 billion in total damages, but because insurance penetration in the Philippines in low, insured losses will likely only range between $300 million and $700 million, according to risk modeling firm AIR Worldwide.

The Philippines is facing an enormous rebuilding task from Typhoon Haiyan, which killed at least 3,681 people. Some 1,186 are still missing and many isolated communities have yet to receive significant aid despite a massive international relief effort.

AIR Worldwide published a report on Sunday outlining the billions of dollars in damages that have affected residential, commercial and agricultural properties. The report noted that many residential and commercial buildings were destroyed, including the airport in Tacloban.

The firm said it was difficult to provide an accurate estimate of the storm’s exact strength because measurement devices were destroyed.

Reporting by Liana B. Baker; Editing by Maureen Bavdek

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