Typhoon Sanba Grounds Flights, Disrupts Power in South Korea

Typhoon Sanba lashed South Korea with heavy rain and wind, grounding aircraft, disrupting electricity to some homes and pushing insurance stocks lower.

As many as 332 flights, 73 of them international, and more than 170 ferry services were suspended, the transport ministry said in e-mailed statement.

One person died and another was injured in separate landslides in North Gyeongsang Province, the National Disaster Information Center in Seoul said in a statement on its website. Electricity was restored to about 93 percent of about 450,000 households, mostly on Jeju Island and southern areas of the peninsula, which experienced temporary power failures, according to the statement.

Sanba made landfall at the southern region of Namhae at 11:30 a.m. local time and was moving northward at 37 kilometers (23 miles) per hour, according to a statement on the website of the Korea Meteorological Administration. The storm, which follows typhoons Bolaven and Tembin last month, will continue to unleash heavy rain and strong wind across the nation today before moving offshore tonight, the weather agency said.

Domestic insurers fell in Seoul trading, with Samsung Fire & Marine Insurance Co. (000810) dropping 3.5 percent, its biggest loss since July 12, while Dongbu Insurance Co. lost 1.6 percent and Hyundai Marine & Fire Insurance Co. declined 3.4 percent. The benchmark Kospi (KOSPI) index slid 0.3 percent.

“Concerns over heavy rain weighed on non-life insurers today,” Sean Shin, an analyst at Hana Daetoo Securities Co., said by phone. “Growing interest in banks and brokerages led some investors to take profits in insurers within the financial sector.”

Gangwon Province was expected to receive as much as 200 millimeters of rain from 11 a.m. today to midnight, with some parts of North Korea to get the same by tomorrow, the weather agency said.

Sanba yesterday struck Okinawa in southern Japan, forcing flight cancellations and power outages at households.

To contact the reporter on this story: Sungwoo Park in Seoul at spark47@bloomberg.net

To contact the editor responsible for this story: Brett Miller at bmiller30@bloomberg.net

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