Reinsurance News

Typhoon Damrey drives $1 billion loss in Vietnam

14th December 2017 - Author: Staff Writer

Vietnam has suffered a $1 billion loss after Typhoon Damrey made landfall on the 4th of November, 2017, killing at least 108 people and damaging over 300,000 properties, according to insurance and reinsurance broker, Aon.

Typhoon Damrey Vietnam

Photo by the Guardian

Typhoon Damrey made landfall on the 4th of November in the country’s south-central coastal region as a Category 2 storm with winds of 135km an hour.

The Vietnamese government estimated total damage at VND22.1 trillion (US$1.0 billion), representing a rare US billion-dollar event for the country.

The event makes 2017 the first time Vietnam’s had a season with a Category 2 (Damrey) and Category 3 (Doksuri) landfall since 1993.

Adam Podlaha, Global Head of Impact Forecasting, Aon’s catastrophe risk modelling unit, said; “The month of November featured an active stretch throughout parts of Asia. Vietnam endured its second significant typhoon landfall of 2017 after Typhoon Damrey left an estimated $1 billion in economic damage, primarily due to flooding.


“Additional floods were noted elsewhere in Asia with the return of the annual northeast monsoon, with particular impacts in sections of Sri Lanka, India, Malaysia and Thailand.”

Despite the high economic impact of these events, insurance penetration remains low throughout much of the emerging Asia market, demonstrating the need the continued financial vulnerabilities and the need for affordable re/insurance solutions to facilitate risk transfer to capital markets.

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
Pension Insurance Corporation completes £100mn pension scheme buy-in

Specialist insurer of defined benefit pension funds, Pension Insurance Corporation (PIC), has completed a £100 million buy-in with Trustees of...