Request insurance companies to immediately make advance payments and compensate for damage caused by storm No. 3

No later than September 12, the Vietnam Insurance Association and insurance companies must report on the damage after storm No. 3 and settle insurance claims.

Storm No. 3 (Storm Yagi ) caused a lot of damage in the northern provinces. Photo: Thien Nhan/Ngoc Thuy

The Department of Insurance Management and Supervision ( Ministry of Finance ) has just issued an official dispatch requesting insurance companies to coordinate with relevant agencies, organizations and individuals to determine the damage to people and property of organizations and individuals participating in insurance; immediately make advance compensation, compensation and pay insurance money quickly and fully to insurance buyers and beneficiaries according to the agreement in the contract and legal regulations.

Accordingly, by September 12 at the latest, the Vietnam Insurance Association and insurance companies must report on the damage situation and resolve insurance benefits.

Representative of the Insurance Management and Supervision Department, Deputy Director Pham Van Duc stated that Storm No. 3 (Yagi) has caused many losses in human lives and property in the northern provinces. The Department requested the Vietnam Insurance Association to coordinate with insurance companies to organize humanitarian support according to internal regulations and relevant laws.

According to current legal regulations, storms and natural disasters are force majeure events that cannot be completely predicted and prevented.

For car owners who participate in auto physical insurance, there will be a scope of compensation for the car owner for physical damage caused by unexpected accidents, beyond the control of the car owner in cases such as: Collision, overturn, fall, fall; fire, explosion; force majeure due to nature; theft, robbery of the entire car. Each insurance package will have different levels of protection and compensation terms.

If the vehicle owner only participates in compulsory civil liability insurance, the vehicle will not be compensated for damage by the insurance company.

Currently, some insurance companies have issued notices of readiness to help customers overcome the consequences of Typhoon Yagi.

For example, on September 8, Agribank Insurance also issued a notice stating that the unit is currently quickly receiving, assessing losses and processing records.

Source