Typhoon Yagi

Typhoon Yagi ravaged parts of Asia in early September 2024, leaving a trail of destruction in its wake. Torrential rains, strong winds, and storm surges caused widespread flooding and landslides in Northern Vietnam, Hainan, China, and the Philippines.

The economic losses caused by Typhoon Yagi were staggering. The damage to infrastructure (including roads, bridges, and power lines), agriculture, and businesses resulted in significant losses for the affected countries. Countless homes and businesses were destroyed, and many people were displaced.

Preliminary estimates suggest that the typhoon’s impact could cost billions of dollars in repairs and recovery efforts.

Northern Vietnam

Typhoon Yagi made landfall in northern Vietnam on September 7, 2024. The powerful storm brought torrential rains and strong winds, leading to widespread flooding and landslides across the northern region.

Industrial hubs like Bac Giang and Thai Nguyen, home to major factories, are also severely affected. The typhoon has caused significant economic losses. Industrial facilities, transportation networks, and businesses suffered significant damage. Flooding inundated factories and manufacturing plants, disrupting production and supply chains. Landslides and debris flows caused closures and damage to roads, railways, and ports.

• Floods inundate north Vietnam as Typhoon Yagi death toll climbs | Reuters
  Typhoon Yagi wreaks havoc on infrastructure, factories in Vietnam
• Typhoon Yagi causes power outages for over 3 million customers

Hainan, China

After passing through Vietnam, Typhoon Yagi makes landfalls in Hainan

Over 830,000 households lost power, crippling the island’s infrastructure. Flights, ferries, and businesses were cancelled, with residents advised to stay indoors. The full extent of Typhoon Yagi’s damage in Hainan remains to be seen, but the typhoon’s impact on the popular tourist destination will be significant.

• Super Typhoon Yagi roars into China’s Hainan, disrupting lives of millions

Philippines

Typhoon Yagi brought heavy rainfall and strong winds to some parts of the Philippines, particularly in the northern regions.

Localized flooding and landslides occurred, causing minor damage and disruptions.

Map of Affected Area

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BUSINESS INTERRUPTION COVERAGE ISSUES

• Government assistance considerations
• Prevention of access – inability to access businesses due to the closure of roads
• Identification of the cause of loss and other contributing factors
• Property damage to local businesses
• Public utilities – damage to providers of electricity, gas, sewage, and telecommunications
• Closure of premises by public authority – closure or evacuation of Insured premises
• Losses resulting from supply chain issues.
• Early involvement of the appropriate experts can help with the need for any mitigation efforts.

 

MDD has considerable expertise in dealing with these types of claims and the complexities that may occur.  Experts like those of us at MDD will stress the need for proper audit protocols, controlling and sorting of costs and accounting for any potential saved expenses.

Our team has Vietnamese, Chinese, and Korean-speaking staff ready to assist you.

Please feel free to contact us if you require any assistance.