As of 5pm on September 12, the Insurance Supervision Department (Ministry of Finance) reported over 9,000 incidents of property and vehicle damage, including 14 fatalities and 18 health insurance cases.

The total compensation for human and property damages is projected to reach approximately 7 trillion VND ($297 million).

As of the afternoon of September 11, 2024, PVI Insurance had recorded over 500 property insurance claims, with total estimated claims exceeding 2 trillion VND (excluding vehicle insurance and personal injury losses).

This figure represents a significant increase from the 210 property insurance claims recorded on the morning of September 9, with estimated compensations amounting to 320 billion VND.

This unprecedented scale of loss poses a major challenge for Vietnam’s insurance industry. However, PVI Insurance has assured that it will provide maximum benefits to customers as swiftly as possible.

Bao Viet Insurance, another major player in the industry, reported receiving 692 loss claims by September 12, 2024, with an estimated total compensation of 950 billion VND.

The company is prioritizing appraisal and temporary compensation for severe damages. Bao Viet is focusing on individual insurance types, including car insurance, private home insurance, and coverage for construction works, factories, warehouses, machinery, bridges, ports, and goods.

PJICO Insurance Company reported receiving over 500 loss claims related to vehicle, property, and maritime insurance as of September 10, 2024, estimating damages in the hundreds of billions of VND.

In heavily flooded regions such as Thai Nguyen, Yen Bai, Lao Cai, and Tuyen Quang, damage data remains incomplete.

BIDV Insurance Corporation (BIC) reported nearly 500 loss claims as of 9 AM on September 10, including 16 maritime insurance losses, over 250 technical property insurance losses, and more than 180 vehicle insurance losses. The total estimated compensation by BIC is close to 200 billion VND, with ongoing updates to damage data.

VietinBank Insurance Company (VBI) recorded over 400 loss claims related to property, maritime, and vehicle insurance by the afternoon of September 9, with estimated compensation in the hundreds of billions of VND.

Saigon-Hanoi Commercial Joint Stock Bank Insurance (BSH) reported about 120 losses in property, technical, and maritime insurance; over 250 vehicle insurance losses; and one fatality with six missing persons due to Typhoon Yagi as of September 8. General Director of BSH, Mr. Doan Kien, stated that the company has mobilized its full force of appraisers and specialists to serve customers effectively.

To ensure timely compensation, insurance companies advise customers to promptly report incidents via phone, email, or other official channels, providing initial information such as the location of the incident, a brief description of the damage, and photos of the damage scene if available. Appraisers will visit the site to gather information, inspect the damage, and guide customers in providing detailed documentation.

On September 10, 2024, the Prime Minister issued Official Telegram 92/CĐ-TTg, focusing on mitigating the consequences of Typhoon Yagi and subsequent flooding. The Prime Minister has instructed insurance companies to urgently implement compensation for the insured parties to ensure prompt, complete, and timely settlements according to contract agreements and legal regulations.

Tuan Nguyen