PHANFONE TO POTENTIALLY IMPACT JAPAN NEXT WEEK 

Tropical storm Phanfone may become the latest storm to pose a threat to Japan next week. The storm is expected to strengthen on its path northwest and could become a powerful typhoon later in the week. On its current projected path, the storm is set to avoid a direct hit on the island Iwo Jima, although the exact path the storm will take remains uncertain. Forecasters believe the storm could reach the equivalent strength to a major hurricane on the Saffir-Simpson wind scale. Japan has already seen landfalls from typhoons Neoguri and Halong this year. Neoguri impacted Japan as a tropical storm in July causing more than $100m in economic losses. Halong hit in August, and is estimated to have caused around $1bn in damages, similar to 2011 typhoon Roke. According to Air Worldwide, typhoons are the most frequent cause of property loss in Japan with typhoon winds the predominant driver of loss. From 2011-2013, typhoons in Japan caused over $10bn in insured losses, according to Munich Re.