(Yicai) Sept. 13 -- Super typhoon Yagi, which ravaged China’s Hainan province last week, has caused CNY400 million (USD56 million) worth of damage to 12 listed companies damages. Some of them have already received compensation from their insurance policies.

Typhoon Yagi destroyed 153 square kilometers of Hainan Rubber Industry Group’s rubber plantations, the country’s biggest rubber producer said yesterday. This will reduce its annual production of dry rubber by 18,000 tons. The firm has received insurance payouts of CNY102 million (USD14.3 million) for losses to its rubber trees and CNY30 million (USD4.2 million) for losses to its income from rubber.

Yagi is the strongest typhoon to hit China since typhoon Rammasun in 2014. It made landfall in Wenchang, Hainan province at 4.00 p.m. on Sept. 6. With wind speeds reaching 62 meters a second at its epicenter, the super typhoon affected 1.2 million people in China. It had caused three deaths and injured 95 as of Sept. 7.

Luoniushan has incurred around CNY57 million (USD8 million) in damages due to Yagi, the pig breeder based in the provincial capital of Haikou said. Some of these assets were insured, and the insurance company is currently determining the compensation amount.

Pharmaceutical firms including Hainan Haiyao, Hainan Shuangcheng Pharmaceuticals, Hainan Poly Pharm, and Honz Pharmaceutical as well as shipping company Hainan Strait Shipping and transportation firm Hainan Haiqi Transportation Group have also reported losses.

Typhoon Yagi has caused estimated economic losses of approximately CNY78.6 billion (USD11 billion) in Haikou, Wenchang, as well as the northwestern counties of Lingao and Chengmai, according to data released by the Hainan provincial government. This is equivalent to one tenth of the province's gross domestic product last year and is more than six times the damage caused by typhoon Rammasun.

Editors: Dou Shicong, Kim Taylor