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Storm No. 3 (Yagi) has caused severe damage to people and property in many provinces and cities in the northern region. This situation has severely affected many customers of insurance companies, especially in the non-life insurance sector.
According to the BIDV Insurance Corporation (BIC), as of 9:00 AM on September 10, 2024, through its units nationwide and hotline, the company recorded nearly 500 loss incidents. These included 16 marine insurance losses, over 250 technical property insurance losses, and more than 180 motor vehicle insurance losses. The total estimated compensation is nearly VND 200 billion. BIC will continue to update the loss data.
In addition to BIC, some other insurance companies have also provided preliminary statistics on the compensation for damages caused by Storm Yagi. Specifically, up to now, Bao Viet Insurance has recorded a total of 437 claims related to Storm No. 3. The claims mainly relate to losses in personal insurance, property insurance such as car insurance, private home insurance, construction works, factories, warehouses, machinery and equipment, ports, and goods.
Based on the initial assessment, the total loss value of the compensation cases as of the morning of September 10, 2024, is estimated to be up to nearly VND 385 billion. Bao Viet Insurance is actively working urgently to assess and handle the claims to promptly and accurately support all affected customers.
As of the morning of September 9, PVI Insurance recorded 210 property insurance losses, with an estimated compensation of VND 320 billion (excluding losses in motor vehicle and personal insurance). AIA Vietnam (AIA) announced that as of 1:30 PM on September 9, it recorded five deceased customers due to the storm. The total insurance benefits for these customers amount to approximately VND 6.5 billion. After initial confirmation, the company approved the payment for all these customers.
A representative of Saigon – Hanoi Insurance (BSH) said that as of the early afternoon of September 9, the company recorded nearly 100 technical property and marine insurance losses and 250 motor vehicle insurance losses. The personal insurance division recorded six missing cases and one death. The loss data and compensation amounts are being updated hourly and daily by the insurance companies.
Previously, the Department of Management and Supervision of Insurance (Ministry of Finance) requested insurance companies to coordinate with relevant agencies, organizations, and individuals to determine the damage to the lives and property of organizations and individuals participating in insurance…
By September 12, the Insurance Association of Vietnam and insurance companies will report on the post-storm damage and the settlement of insurance benefits.
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