Estimated Insurance Compensation for Typhoon No. 3 and Floods Nears VND 7,000 billion

(ĐTCK) As of the end of September 12, 2024, according to reports from insurance companies, more than 9,000 cases of property and motor vehicle damage have been reported, along with 14 fatalities and 18 health insurance-related cases. The total estimated compensation for human and property losses is approximately VND 7,000 billion.

The Department of Insurance Management and Supervision (Ministry of Finance) has just provided information on the damages and insurance compensation caused by Typhoon No. 3 (Yagi) and the subsequent floods. According to the Department, these are only preliminary figures, and the damage caused by the typhoon and its aftermath is expected to rise. As a result, the total number of reported losses and the value of insurance payouts have not yet been fully compiled.

The severe impacts left in the wake of Typhoon No. 3 and the floods have posed significant challenges for insurance companies. However, the regulatory body will continue to both oversee and support these companies, encouraging them to stay close to affected areas and swiftly develop the best possible support plans for insured organizations and individuals. This is aimed at helping them recover from the disaster, restore normalcy in life and business, and comply with the directives of the Government and the Ministry of Finance.

The Department of Insurance Management and Supervision stated that, following the directives of the Prime Minister and the leadership of the Ministry of Finance, to promptly assist organizations and individuals in recovering from damages, a letter was sent on September 9, 2024, to the Vietnam Insurance Association and insurance companies. This letter urged insurers to actively collaborate with relevant authorities, organizations, and individuals to assess the losses in terms of human lives and property. Insurers were also instructed to promptly advance compensation payments and swiftly settle claims, ensuring timely and adequate payouts to policyholders and beneficiaries as per the contracts and legal regulations. Additionally, the Vietnam Insurance Association and insurance companies were encouraged to provide humanitarian aid to those affected by the typhoon.

In response to these directives, insurance companies have mobilized all available resources, sending personnel directly to affected areas to quickly assess and accurately understand the extent of losses. They are also advancing compensation payments and settling claims in a timely manner to assist clients in overcoming the disaster’s aftermath and swiftly stabilizing their lives and businesses. Concurrently, insurance companies have reinforced their teams and set up 24/7 hotlines to provide customers with immediate assistance, receive loss notifications, and guide them through the necessary procedures to receive insurance payouts.

Source: tinnhanhchungkhoan.vn