Insurance can compensate thousands of billions of dong after storm number 3

Nearly 6 days after storm No. 3 made landfall, northern provinces and cities have suffered severe human and property losses. This is a storm with an unusually fast rate of increase and the strongest intensity in 30 years.

Faced with the devastation caused by the biggest storm in decades, 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 damaged buyers and beneficiaries.

With the leading market share in the non-life insurance sector, PVI Insurance Corporation recorded more than 500 property insurance losses as of the afternoon of September 11, with an estimated total loss claim of more than VND2,000 billion. This figure does not include compensation for motor vehicle and personal insurance.

"This could be an unexpected historical loss for the Vietnamese insurance industry in general and PVI in particular," the company said. With its leading role in the market and large financial potential, adequate compensation reserves, and professional loss handling experience, PVI Insurance affirms to ensure maximum benefits for customers in the fastest time.

The representative of the Military Insurance Corporation (MIC) also stated that the damage caused by storm No. 3 was a huge loss due to natural disasters for the Vietnamese insurance industry in general and this enterprise in particular. According to preliminary statistics up to September 11, MIC recorded about 900 losses including property, motor vehicles and maritime, with an estimated total compensation of VND230 billion.

At the Bank for Investment and Development of Vietnam Insurance Corporation (BIC), as of September 10, this enterprise had nearly 500 loss cases, including 16 marine insurance cases, more than 250 technical property insurance cases, and more than 180 motor vehicle insurance losses. The total estimated compensation amount is nearly 200 billion VND.

At many other non-life insurance companies in the market, the number of claims in the first week also fluctuated by several hundred billion VND. Claim data is still being updated by these companies.

Previously, Mr. Ngo Trung Dung, Deputy General Secretary of the Insurance Association (IAV), also estimated that the non-life insurance sector could pay up to thousands of billions of VND in compensation after storm No. 3. According to him, the majority of the payments were for damages to production facilities in industrial parks and cars crushed by fallen trees or submerged by floods. This is a group of customers who often proactively prevent risks of property damage.

Businesses said they have mobilized all resources to support customers in flooded areas, while continuing to review and count the damage. A representative of PVI Insurance said that the entire team of surveyors and designated independent survey companies had gone to the scene right in the eye of the storm and are still staying in the flood-hit areas. Specialized departments are on duty 24/7, ready to receive and process loss records, minimizing time for customers.

In the group of life insurance companies, some companies such as AIA and Dai-ichi have also recorded customer losses.

As of September 9, AIA Vietnam recorded 5 customers who died due to storm No. 3, including 4 customers in Hai Duong and one in Quang Ninh with a total insurance benefit of about 6.5 billion VND. At Dai-ichi Insurance, the company determined that there were 6 victims who died in the landslide in Yen Bai, with an estimated payment of 2.7 billion VND.