Storm No. 3 (Yagi) and its circulation have caused serious damage to property and infrastructure in the northern provinces.

Many construction works, factories, warehouses, machinery and equipment, and wharves were broken by the wind; goods were submerged and flooded; business activities were interrupted, causing serious damage to people and businesses.

After the storm, property insurance participation received more attention, as insurance compensation could 'rescue' customers and businesses in this situation.

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

Non-life insurance companies said they are urgently supporting affected customers, including providing advance compensation; at the same time, mobilizing a team of experts to assess the scene and assess the loss to quickly make payments.

According to a large life and non-life insurance company in Vietnam, customers' insurance benefits will be determined according to specific terms in the signed insurance contract. To ensure maximum protection of insurance benefits, this company recommends customers to take 3 steps, including:

Loss notification : Customers need to promptly notify the damage through the insurance company's official contact channels, or contact the company's member companies and agents in 63 provinces and cities nationwide.

Prepare relevant documents : Customers provide all necessary documents such as photos of the scene, photos of the damage, damage determination reports and other documents to support the loss verification process.

Coordinate with the assessor : The insurance company's team of assessors will approach the scene, conduct inspection and assess the damage quickly and transparently.

According to the insurance company, the circulation of storm No. 3 continues to be complicated, with the potential for flooding and causing serious damage in many localities. For compensation to be effective, customers need to proactively report damage and coordinate closely, and complete compensation procedures in the shortest time possible.

Factories and businesses damaged by storms, who will be compensated by insurance?

Factories and businesses damaged by storms, who will be compensated by insurance?

Storm No. 3 has just passed, most of people's properties were damaged, including offices, houses, factories, etc. How are these damages regulated in insurance contracts? Is it true that if you buy insurance, you will be compensated?
Extending debt repayment deadlines and reducing interest rates for customers after storm No. 3

Extending debt repayment deadlines and reducing interest rates for customers after storm No. 3

The State Bank of Vietnam requires credit institutions to review and summarize the losses of customers who are borrowing capital to promptly apply support measures and remove difficulties for customers after storm No. 3.