Typhoon Bebinca, the strongest typhoon to hit Shanghai since typhoon Gloria in 1949, made landfall in the business metropolis on 16 September 2024, with a high potential to cause notable losses in the densely populated area.
Despite Bebinca’s direct landfall over the densely populated area around Shanghai, initial assessments suggest minor overall losses, says Aon in its “Weekly Cat Report“ dated 20 September 2024.
However, Aon added, “According to the Shanghai Financial Regulatory Bureau, the local insurance industry has received 29,400 property claims as of 19 September, amounting to roughly CNY500m ($70m) in expected payouts. Thus, total economic and insured losses will likely reach the hundreds of millions of US dollars. Total losses may further increase in the upcoming days and weeks with future damage assessments.”
Bloomberg Intelligence estimates that the economic losses from Typhoon Bebinca could hit CNY10bn ($1.4bn).
Bebinca brought heavy rains and flooding. More than 410,000 people were displaced in the city, and 9,000 more people were evacuated in the Chongming District. Shanghai’s airports cancelled hundreds of flights due to the storm. The centre of the typhoon moved away from Shanghai later the same day after landing.