The Department of Insurance Management and Supervision (Ministry of Finance) said that as of 5:00 p.m. on September 12, through reports from insurance companies, businesses had received information on more than 9,000 cases of property and motor vehicle damage, recording 14 deaths; 18 cases in the health insurance business.

The total amount of compensation for human and property damage is estimated at about 7,000 billion VND.

As of the afternoon of September 11, 2024, PVI Insurance has recorded more than 500 property insurance losses, with an estimated total loss claim of more than VND 2,000 billion (excluding motor vehicle and personal insurance losses).

This number has increased dramatically as as of the morning of September 9, only 210 property insurance losses were recorded, with an estimated compensation of 320 billion VND.

This may be an unexpected historical loss for the Vietnamese insurance industry. However, PVI Insurance affirms that it will ensure maximum benefits for customers in the fastest time.

Another insurance giant, Bao Viet Insurance, said that as of September 12, 2024, it had received 692 loss cases with total estimated compensation of VND950 billion after nearly 6 days since storm No. 3. The company is urgently implementing appraisal work and plans to provide advance compensation for serious damages.

Currently, Bao Viet is focusing on personal and property insurance such as car insurance, private home insurance, construction works, factories, warehouses, machinery and equipment, wharves and goods.

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A crane collapsed at Mipec Port, Hai Phong due to the impact of Typhoon Yagi - the structure was insured. Photo: THP.

Meanwhile, PJICO Insurance Corporation said that as of September 10, 2024, according to incomplete statistics, PJICO insurance has received over 500 loss cases related to motor vehicles, property, maritime... estimated losses of hundreds of billions of VND.

For areas that are deeply flooded such as Thai Nguyen, Yen Bai, Lao Cai, Tuyen Quang... the damage data cannot yet be counted.

Meanwhile, BIDV Insurance Corporation (BIC) said that as of 9:00 a.m. on September 10, it had recorded nearly 500 losses, including 16 marine insurance losses, more than 250 technical property insurance losses, and more than 180 motor vehicle insurance losses.

The total compensation amount is estimated by BIC at nearly 200 billion VND, and damage figures are still being updated.

At VietinBank Insurance Company (VBI), as of the afternoon of September 9, over 400 losses in property, maritime and motor vehicle operations had been recorded, with estimated compensation amounting to hundreds of billions of VND.

Meanwhile, Saigon-Hanoi Commercial Joint Stock Bank Insurance Company (BSH) said that as of September 8, BSH insurance recorded about 120 cases of property - engineering - maritime losses; more than 250 cases of motor vehicle losses; personal insurance recorded 1 death and 6 missing people after Typhoon Yagi.

Mr. Doan Kien - General Director of BSH said that the company has mobilized the maximum force of appraisers and professional staff throughout the system to work at full capacity to serve customers.

To ensure quick compensation, insurance companies also remind customers to immediately notify the insurance company via phone, email, or appropriate official communication channels of initial information such as: Location of the incident, brief description of the damage; photos of the initial damage scene (if any).

The insurance company's surveyor or designated surveyor will visit the scene to exchange and share information, inspect the scene to assess the loss and at the same time guide the customer to provide detailed documents.

On September 10, 2024, the Prime Minister issued Official Dispatch 92/CD-TTg focusing on overcoming the consequences of storm No. 3 and post-storm floods. The Prime Minister requested insurance businesses to promptly compensate for losses to insurance buyers in a timely, complete and timely manner in accordance with contract agreements and legal regulations.