News Event Report: Typhoon Soudelor in Taiwan and Eastern China , August 2015
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__________________________________________________ News Event Report: Typhoon Soudelor in Taiwan and Eastern China , August 2015 Typhoon Soudelor made landfall on August 8, 2015 on the northwestern coast of Taiwan near the city of Hualien. According to Taiwan’s Central Weather Bureau, the storm arrived in Taiwan with maximum wind gusts of up to 210 km/h. The strong winds were accompanied by heavy rainfall, causing storm surge, mudslides and flooding. In Taiwan, so far 6 deaths have been reported by the media and 4 people are still missing. Damages to roadways and coastal properties appear to be widespread but not catastrophic in Taiwan. The power outage caused by the storm was record breaking for the island of Taiwan leaving 4 million customers without power during the storm. After crossing the island of Taiwan, Soudelor continued its way towards the Chinese mainland and made landfall on August 9, 2015 as a tropical storm in Putian city. The maximum wind gusts reached up to 143 km/h in China. The heavy rain also caused flooding in China. Damaging winds left more than 1.4 million homes without power during the storm. The Chinese government is currently reporting 21 Soudelor-related deaths. The relatively well-engineered infrastructure and the fact that the storm weakened significantly on its way over the island of Taiwan together with the low insurance coverage of the affected area leads to a limited impact on the reinsurance industry. We currently expect insured losses to be below USD 200m. According to the latest available information, we do not expect an impact from the event. We will keep you updated of any significant developments. __________________________________________________ Contact Credit Suisse Anlagestiftungen Tel. +41 44 333 48 48 E-Mail [email protected] Internet www.credit-suisse.com.anlagestiftung __________________________________________________ 11 August 2015 This document was produced by CREDIT SUISSE (hereafter “CS”) with the greatest of care and to the best of its knowledge and belief. However, CS provides no guarantee with regard to its content and completeness and does not accept any liability for losses which might arise from making use of this information. The opinions expressed in this document are those of CS at the time of writing and are subject to change at any time without notice. If nothing is indicated to the contrary, all figures are not audited. This document is provided for information purposes only and is for the exclusive use of the recipient. It does not constitute an offer or a recommendation to buy or sell financial instruments or banking services and does not release the recipient from exercising his/her own judgment. The recipient is in particular recommended to check that the information provided is in line with his/her own circumstances with regard to any legal, regulatory, tax or other consequences, if necessary with the help of a professional advisor. This document may not be reproduced either in part or in full without the written permission of CS. It is expressly not intended for persons who, due to their nationality or place of residence, are not permitted access to such information under local law. Every investment involves risk, especially with regard to fluctuations in value and return. Investments in foreign currencies involve the additional risk that the foreign currency might lose value against the investor's reference currency. Historical performance is no guarantee for future performance. Alternative investments, derivatives and structured products are complex investment vehicles which typically involve higher risk and are only intended for investors who both understand and accept the associated risks. Investments in emerging markets are generally far more volatile than investments in traditional markets. More detailed information about the risks of trading in securities can be found in the brochure "Special Risks in Securities Trading", issued by the Swiss Bankers Association. Investments in foreign currencies involve the additional risk that the foreign currency might lose value against the investor’s reference currency. The issuer and manager of the CSA-products is Credit Suisse Investment Foundation, Zurich. Custodian bank is Credit Suisse, Zurich. The articles of association, the regulation and the investment guidelines as well as the latest version of the annual report and fact sheets can be obtained free of charge from the Credit Suisse Investment foundation. Only tax-exempt social security institutions domiciled in Switzerland are permitted as direct investors. 2015 Copyright by CREDIT SUISSE .