Brian Jeffrey
Impact of Typhoon Yagi on Insurance Claims
As of 5 PM on September 12, the Insurance Supervision Department under the Ministry of Finance reported over 9,000 cases of property and vehicle damage due to Typhoon Yagi, resulting in 14 deaths and 18 health insurance claims.
The estimated financial loss from these damages is around 7 trillion VND (approximately $297 million).
By the afternoon of September 11, 2024, PVI Insurance reported more than 500 property insurance claims, totaling an estimated 2 trillion VND in damages (not including vehicle and personal injury claims).
This marks a sharp rise from just 210 claims reported on September 9, which had estimated compensations of about 320 billion VND.
The extensive damage from this incident presents significant challenges for the insurance sector in Vietnam. PVI Insurance has committed to providing optimal support to affected clients promptly.
Bao Viet Insurance, another leading firm, noted they had received 692 claims by September 12, 2024, estimating total compensation to reach 950 billion VND. They are concentrating on assessing damages and offering temporary compensation for those most affected, especially in sectors like automotive, private home, and industrial insurance.
PJICO Insurance also registered over 500 claims related to vehicle, property, and maritime coverage by September 10, estimating damages in the several hundred billion VND range.
In regions facing severe flooding—such as Thai Nguyen, Yen Bai, Lao Cai, and Tuyen Quang—damage reports are still being collated.
BIDV Insurance Corporation (BIC) reported close to 500 claims received by September 10, including 16 claims for maritime insurance, over 250 for technical property, and more than 180 for vehicle insurance. Their total estimated compensation stands around 200 billion VND, with continued efforts to assess damage.
VietinBank Insurance Company (VBI) indicated it had accounted for over 400 claims by the afternoon of September 9 related to property, maritime, and vehicle insurance, estimating compensation also in the hundreds of billions of VND.
Saigon-Hanoi Commercial Joint Stock Bank Insurance (BSH) reported about 120 claims for property, technical, and maritime insurance, along with over 250 vehicle insurance claims and one fatality with six individuals still missing due to the typhoon. BSH’s General Director, Mr. Doan Kien, assured that the company is fully mobilizing its appraisal and specialist teams to assist clients effectively.
In order to accelerate compensation processes, insurance companies urge affected clients to quickly report incidents through phone, email, or other official methods, providing essential details such as the incident’s location, a brief damage description, and photos if possible. Appraisers are dispatched to inspect damages and assist clients with necessary documentation.
On September 10, 2024, the Prime Minister released Official Telegram 92/CĐ-TTg aimed at reducing the aftermath of Typhoon Yagi and ensuing floods. Instructions were given to insurance companies for prompt compensation to ensure that all settlements are completed efficiently and in accordance with contractual and legal stipulations.
