Super Typhoon Haiyan caused up to $US14.5 billion ($15.47 billion) total economic damage, of which up to $US700 million ($746.86 million) was insured, according to catastrophe modeller AIR Worldwide.

Haiyan, one of the most powerful tropical cyclones ever recorded, hit the Philippines early on November 8.

More than 2000 people were killed and 650,000 displaced as villages were swept away.

Peter Sousounis, senior principal scientist at AIR Worldwide, says the islands of Leyte, Samar and northern Cebu suffered most.

Tacloban, the capital and biggest city of Leyte province, was hit particularly hard “as storm surge depths as high as four metres destroyed every coastal home and left many inland neighbourhoods inundated with floodwaters”.

AIR Worldwide estimates total damage to residential, commercial, and agricultural properties of $US6.5 billion-$US14.5 billion ($6.94 billion-$15.47 billion), with insured losses at $US300 million-$US700 million ($320.08 million-$746.86 million).

The level of insured losses is due to relatively low insurance penetration in the area, it says.

Haiyan was significantly weaker when it moved on to Vietnam and China, according to Eqecat’s CatWatch report. Initial reports indicated 13 deaths in Vietnam and nine in China, but neither country is expected to suffer significant insured losses.