Super Typhoon Haiyan has caused significant damage in the Philippines, killing an estimated 10,000 people.

Haiyan, likely to be the strongest tropical cyclone to have made landfall since records began, hit Samar Island last Thursday as a Category 5 storm with maximum wind speeds of 315kmh.

It remained at Category 5 as it tracked across Leyte Island, Cebu Island, Panay Island and the northern Palawan Islands.

Wind, rain and storm surges caused “widespread devastation”, according to catastrophe modeller RMS, but insured losses are expected to be low.

Damage reports have started to emerge, with thousands of homes destroyed and 500,000 people displaced.

“All these figures can be expected to rise as relief efforts reach the worst-impacted areas,” RMS said.

Tacloban, the capital city of Leyte, suffered a storm surge of up to 5 metres and was one of the worst-affected areas.

AIR Worldwide says according to some reports, not a single building has survived intact.

The storm is now forecast to make landfall in northern Vietnam.

The US Insurance Information Institute says the Philippines is hit by about 20 cyclones a year.

Last year Typhoon Bopha claimed 1900 lives, with total economic damage of $US902 million ($960.92 million).

Most of that was uninsured “due to the fact the non-life segment of the Philippines consists of dozens of tiny and undercapitalised firms”, the institute says.

“There has also been a slippage in non-life penetration over recent years.”