Tag Archives: Insurance Authority of Hong Kong

RMS Works With the Insurance Authority of Hong Kong on Return Period After Typhoon Mangkhut

In September, Typhoon Mangkhut wrought a path of destruction across the western North Pacific, causing damage from Guam, to the Philippines, Hong Kong, and southern China. For Hong Kong, Mangkhut was the second strong typhoon to impact the region in consecutive years, following Typhoon Hato in 2017. Damage was extensive – according to local media, at least 500 homes and high-rise buildings in Hong Kong, including apartment complexes and office blocks, were severely damaged.

In the weeks following Mangkhut, RMS worked with the Insurance Authority (IA) – the independent insurance regulator for Hong Kong, to help provide (re)insurers in the region with some context and scientific analysis around this event. According to data from the insurers gathered by the IA, Typhoon Mangkhut caused total insured losses of HKD 3.5 billion (US$448 million) in Hong Kong. This figure, collected as at October 12, three weeks after Mangkhut’s landfall, represents losses reported by insurance and reinsurance companies in Hong Kong. With the loss information provided by the IA and using the RMS China and Hong Kong Typhoon Model, RMS estimated Mangkhut to have a return period of 30 to 40 years in Hong Kong.1

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