The aftermath of Typhoon Yagi: a collapsed house.
The residents in the path of Typhoon Yagi (the third typhoon of the year) are still reeling from its impact a day after it made landfall. Many admitted that they had not experienced such a powerful storm in decades.
Even those living in high-rise apartments in Hanoi, who assumed they were safe, had to struggle to keep their glass doors shut and constantly mop up water that leaked through the crevices. Walls were soaked, wooden floors buckled, glass doors shattered, and ceilings caved in—these were the visible damages incurred by many apartment dwellers. For those living in landed properties, similar scenes unfolded, with roofs torn off, windows blown in, and water tanks overflowing.
A collapsed bathroom ceiling in an apartment in Hoai Duc, Hanoi. (Photo: Đ.A)
Typhoon Yagi left extensive damage in its wake, with many families suffering losses to their homes and vehicles. In the aftermath, some homeowners who had mortgaged their properties and purchased loan insurance wondered if they would be eligible for compensation from their insurance providers.
Regarding this issue, Mr. H.H.N, a credit officer at a private bank in Hanoi, shared his opinion: “The insurance company is obliged to compensate customers who have purchased loan insurance if their apartments were damaged by Typhoon Yagi. This is based entirely on the insurance contract between the customer and the insurance company.”
However, Mr. H.H.N added, “But I have never come across a case where a customer who took out a loan with our bank and purchased loan insurance included a clause covering property damage due to storms, floods, or natural disasters. Typically, the loan insurance that customers buy is more like ‘life insurance.’ In the event that the borrower loses their ability to work or passes away, the insurance company is responsible for settling the loan on their behalf.”
“A second type of insurance that is almost mandatory for home loan borrowers, whether for apartments or landed properties, is fire and explosion insurance,” he continued. “In the event that the mortgaged property is damaged by fire, the insurance company will compensate for the loss.”
From a legal perspective, Mr. Le Van Hoi, Director of My Way Law Firm, offered his insights: “First of all, Typhoon Yagi, like any other natural disaster, is an unpredictable event that cannot be foreseen (predictions are general and not specific to individuals or organizations) and is not caused by human error. Therefore, when Typhoon Yagi causes damage to life, health, or property, no specific individual can be held liable for compensation.”
“Next, to determine if the damages incurred due to Typhoon Yagi are insurable, one must refer to the insurance contract signed between the insurance company and the specific organization or individual,” Mr. Hoi continued.
He further elaborated, “It’s important to note that property insurance in the case of a mortgage is not mandatory. Therefore, the scope of coverage and exclusions are agreed upon by both parties in the contract. In practice, some insurance contracts I’ve reviewed include natural disasters and floods in their coverage, and these are not listed as exclusions.”
“Consequently, if the insurance contract states that damages caused by natural disasters and floods are insurable and not excluded, organizations and individuals who have suffered property damage due to Typhoon Yagi can certainly claim compensation from their insurance providers,” Mr. Hoi advised.
Based on this, Mr. Hoi recommended: “Organizations and individuals who have purchased property risk insurance should review the scope of coverage and exclusions in their insurance contracts to determine if natural disasters and floods are insurable events. If damages incurred due to these events are covered and not excluded, they can contact their insurance providers to initiate the claims process and receive compensation for the actual losses suffered due to Typhoon Yagi.”
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