The Storm’s Financial Fallout: Insurers Estimate Payouts of 7 Trillion VND by September 12th.

As of 5 p.m. on September 12th, insurance companies had received reports of over 9,000 property and motor vehicle damage claims. A total of 14 fatalities were recorded, along with 18 health insurance cases.

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According to the latest updates from the Insurance Supervisory Authority (Ministry of Finance), as of 17:00 on September 12, based on reports from insurance companies, they have received information on approximately 9,000 cases of property and motor vehicle damage, along with 14 reported fatalities and 18 health insurance claims. The estimated total payout for these losses is around VND 7,000 billion.

“These are initial figures in the context of the damage caused by Typhoon No. 3 and its peripheral circulation, so the data on loss occurrences and compensation payouts is not yet comprehensive or complete,” said the Insurance Supervisory Authority.

Following the directives of the Prime Minister and the leadership of the Ministry of Finance, insurance companies have mobilized their resources and deployed personnel to the affected areas to promptly support organizations and individuals in dealing with the aftermath. They are focusing on quickly and accurately assessing the damage, providing temporary compensation, and initiating the claims process to assist their customers and contribute to the swift recovery of lives, businesses, and production activities in the affected regions.

Additionally, insurance companies have increased their staff strength and maintained 24/7 hotline support to receive loss notifications and guide customers through the necessary procedures to receive insurance payouts.

Prior to this, a series of insurance companies had already disclosed the extent of the damage and losses.

As of the morning of September 12, 2024, Bao Viet Insurance had received 692 loss reports, with estimated compensation totaling VND 950 billion. The majority of these claims were related to human life insurance and property insurance, including car insurance, private home insurance, construction works, factories, warehouses, equipment, port facilities, and goods.

PVI Insurance also provided preliminary reports of over 500 property damage claims as of the afternoon of September 11, with estimated total losses exceeding VND 2,000 billion, excluding motor vehicle and human life insurance.

VietinBank Insurance has recorded more than 400 loss occurrences across property, maritime, and motor vehicle insurance (excluding human life insurance), with compensation payouts estimated to be in the hundreds of billions of VND.

According to Postal Insurance (PTI), as of 18:00 on September 9, the company had recorded 65 property, technical, and maritime losses, 273 motor vehicle losses, and no reported cases of missing or deceased individuals under human life insurance. The estimated compensation is expected to exceed VND 150 billion.

Another insurance company, Petrolimex Insurance (PJICO), shared that as of September 10, based on incomplete statistics, they have received over 500 loss reports related to motor vehicle, property, and maritime insurance, with estimated losses in the hundreds of billions of VND.

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