7,000 billion VND insurance claim after storm Yagi

The above information was announced by the Insurance Supervision and Management Department ( Ministry of Finance ) as of 5:00 p.m. on September 12, through data reported by businesses. The number will continue to increase in the coming days.

The total amount of compensation for people and property is estimated at about 7,000 billion, of which the majority is compensation for property and motor vehicles. In addition, businesses received 18 compensation requests in the health sector, recording 14 customers who died after the storm.

The Management and Supervision Department said that these are preliminary figures in the context of damage caused by storm No. 3 and its circulation. Data on the number of losses and insurance compensation payments have not yet been comprehensively and fully collected.

With the leading market share in the non-life insurance sector, PVI Insurance Corporation, as of the afternoon of September 11, recorded more than 500 property insurance losses, with an estimated total loss claim of more than VND2,000 billion. This figure does not include motor vehicle and personal insurance claims. "This could be an unexpected historical loss for the Vietnamese insurance industry in general and PVI in particular," the company said.

Another "big guy" in the market, Bao Viet Insurance, also said that by the morning of September 12, this company had received 692 loss cases with total estimated compensation of VND950 billion. The compensation claims focused on personal and property insurance such as auto insurance, private homes, construction works, factories, warehouses, machinery and equipment, wharves and goods.

Below is a list of some of the insurance companies that accept large claims:

Updated to date	Business	Number of claims	Claim value (billion VND)
9/11	PVI Insurance	500	2,000
9/11	Bao Viet Insurance	690	950
9/11	MIC Insurance	900	230
10/9	BIC Insurance	500	200
9/11	Agribank Insurance	400	100
9/9	PTI Insurance	340	150
9/9	Saigon – Hanoi Insurance (BSH – BHI)	350	N/A
9/9	VietinBank Insurance	400	N/A

Storm No. 3 (international name Yagi) and its circulation have caused severe damage to people and property in many northern provinces and cities. This is a storm with an unusually fast rate of increase and the strongest intensity in 30 years.

The Department of Insurance Management and Supervision (Ministry of Finance) has requested insurance companies to proactively and quickly determine damage, compensate and pay insurance money to the damaged buyers and beneficiaries. This unit said that insurance companies have focused all their efforts, mobilized human resources, and focused on going directly to the scene of the damage. Thereby, the companies proactively grasp the situation of damage quickly and accurately, assess, make advance compensation, and support customers to quickly overcome the consequences.

Along with that, insurance companies have also added staff and hotlines to be ready to support customers 24/7, to record damage reports and advise customers on procedures to receive insurance compensation payments.

Source: https://baodaknong.vn/7-000-ty-dong-yeu-cau-boi-thuong-bao-hiem-sau-bao-yagi-229158.html