Insurance advances help businesses quickly restore operations after storms

Under the impact of floods, according to preliminary statistics from the Department of Insurance Management and Supervision, Ministry of Finance , there were approximately 3,200 cases of property damage after storm No. 10 that required insurance compensation. The Ministry of Finance has requested insurance companies to quickly review, report the situation, deploy advances and pay full and timely compensation to insurance participants.

The storm and subsequent floods have caused severe damage in many localities. Factory roofs were blown off, warehouses were submerged in water. After enduring two consecutive storms in less than a month, many of the company's assets were damaged, with estimated losses of about 1 billion VND. The company immediately completed insurance procedures to receive early advances.

Mr. Dinh Trung Kien - Deputy General Director of Saigon Kim Lien Joint Stock Company said: "This week, we will receive an initial advance payment of about 200 million to fix the problems caused by the recent storm."

According to statistics from the Ministry of Finance, the insurance damage this time is up to nearly 1,500 billion VND. Many insurance companies have agreed to advance payments and complete procedures later, to help people and businesses recover production and business soon.

Mr. Nguyen Hai Son - Deputy Head of the Complaints Department of PVI Insurance Corporation shared: "When the step-by-step appraisal work has been completed, we prioritize the advance payment for customers, meeting a part of the financial resources so that customers can soon restore production. Normally, we will advance from 30 to 50% depending on the level of loss and the documents the appraiser has collected at the time of the advance payment".

Every day, insurance companies receive dozens of requests for damage assessment. To process the files quickly, they have to classify them into groups. Because assets such as machinery and equipment for production have special factors, they need to conduct independent assessment.

Mr. Nguyen Trong Hieu - Executive Board Assistant, Bao Minh Insurance Corporation commented: "The time to process a set of compensation documents is on average from 10 to 15 days, from the time the customer declares the loss. Immediately after verifying the compensation reserve and insurance benefits, depending on each case, we will proceed to compensate the customer in full or make an advance payment."

Mr. Nguyen Mau Viet - Deputy General Director of Agribank Insurance Company commented: "Regarding technical assets, goods, machinery, and factories, for losses under 100 million VND, we try to shorten the paperwork so that these losses can be remedied and repaired as soon as possible."

Insurance companies also note that insurance buyers need to provide detailed photos of the damaged property and invoices and documents on the value of the property. From there, the insurance company will have enough basis to settle compensation soon.

Source: https://vtv.vn/tam-ung-bao-hiem-giup-doanh-nghiep-som-khoi-phuc-hoat-dong-sau-bao-100251009100424032.htm