Speaking to Tien Phong PV, the leader of the Insurance Management and Supervision Department – Ministry of Finance, shared that as of 5 pm on September 12, insurance companies had received reports of over 9,000 cases of property and motor vehicle damage. They also recorded 14 fatalities and 18 health insurance cases. The estimated total payout for these losses is approximately VND 7,000 billion.
These are preliminary figures, and the full extent of the damage caused by Typhoon No. 3 and its aftermath is still being assessed. The severe impact of the storm and floods has presented challenges for insurance companies, but the management agency will continue to provide guidance, supervision, and support to ensure that insurers can offer the best assistance to their customers.
So far, PVI has made the largest compensation payouts to its customers. In their initial report, PVI recorded over 500 property insurance claims, with an estimated total payout of VND 2,000 billion (excluding motor vehicle and life insurance claims). A PVI representative stated that this was an unprecedented loss for the insurance industry and that they would ensure maximum benefits for their customers as quickly as possible.
PVI also advised customers to immediately notify the insurance company (by phone or email) after an incident, providing initial information such as the location of the incident, a brief description of the damage, and any available photos of the damage.
The damaged machinery and factory are being assessed for insurance compensation. Photo: PVI.
Military Insurance Company (MIC) recorded approximately 900 loss cases, including property, motor vehicle, and maritime insurance claims, with an estimated total payout of VND 230 billion. BSH Insurance recorded about 120 property, technical, and maritime insurance losses, over 250 motor vehicle insurance losses, 1 death, and 6 missing persons.
In the field of technical insurance, companies recorded 684 accidents (including Bao Viet with 220 cases, VBI with 150 cases, PVI with 134 cases, Bao Minh with 44 cases, ABIC with 29 cases, and PJICO with 107 cases). For motor vehicle insurance, there were 1,070 reported loss cases.
For life insurance, six companies reported customer losses due to Typhoon No. 3 and floods in northern provinces and cities. There were 15 accidents with 15 casualties, and the initial estimated payout is about VND 9.72 billion. AIA Insurance alone compensated the families of five deceased customers with a total of VND 6.5 billion. Daiichi Insurance provided compensation of VND 2.7 billion to the families of six victims who perished in a landslide in Yen Bai.
Other insurance companies offered initial support to hospitalized customers: Sunlife with VND 260 million, Generali with VND 20 million, Cathay with VND 30 million, and Bao Viet with VND 210 million. Once customers complete their treatment and provide the necessary documentation, the insurance companies will disburse the full benefits as per the contract.
Manulife, Prudential, Chubb, and MB Ageas Insurers Have Not Yet Received Any Claims From Yagi Typhoon and Flooding
The six life insurance companies, including AIA and Daichi, have estimated that the payouts for claims and support due to Typhoon Yagi and the floods in Northern Vietnam amount to nearly VND 10 billion. Meanwhile, Manulife, Prudential, Chubb, MB Ageas, and Hanwha are assessing the situation, but have not yet received any damage reports from their customers.
“Corporate Giants Step Up for Flood Relief: An Outpouring of Generosity”
The Bac Kan Young Entrepreneurs Association, alongside the provincial delegation, is visiting and offering gifts to encourage the flood-affected people.
Over 3,100 Vehicles Cleared Through Lang Son Border Gates During 3-Day Storm
Despite being affected by the third storm, import and export procedures at the border gates in Lang Son remained stable and smooth. The authorities at the border gate worked at full capacity to process customs procedures, regulate vehicle flows, and ensure the safety of people and goods.
The Storm Yagi Claims: Insurance Payouts Before September 12th
The Insurance Supervisory Authority (Ministry of Finance) has requested that insurance companies submit a report on damage and insurance claim settlements by September 12th.
Home Loan Insurance: Will My Policy Cover Damage Caused by Storm Yagi?
According to legal experts, in the event of storm damage to your property, such as broken windows, burst pipes, or water tank leaks caused by Storm Yagi, your loan insurance policy with the bank may cover the repairs. It is important to review your contract terms to understand your coverage.
