Typhoon Neoguri, insured losses estimated at 1 billion USD

The category 3 typhoon, Neoguri, that hit Japan on July,6 2014 could generate 1 billion USD of insured losses, according to the financial services provider Credit Suisse AG.

Neoguri has caused floods and landslides, as well as heavy damages to homes and infrastructures on all the archipelago. The human toll reports 7 deaths and 55 wounded. Most of losses should come from damages caused to roofs and wall coverings. Credit Suisse has claimed that floods are not covered by standard policies, and that the cover of this type of event is unusual in Japan.