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Việt Nam’s insurance sector reports VNĐ9 trillion in damages, speeds up payouts
Việt Nam's insurance industry has intensified its support for citizens and businesses affected by recent natural disasters, with insurance companies reporting total estimated damages and provisional payouts exceeding VNĐ9 trillion (US$360.5 million), largely due to Typhoon No. 3.
A factory damaged by the storm. — Photo courtesy of PVI
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Insurance Supervisory Authority under the Ministry of Finance reported as of September 20, life insurance companies have recorded 23 death claims and six health insurance cases, with an estimated payout of around VNĐ13 billion. For non-life insurance, companies have received about 12,000 claims related to property, motor vehicle, and health insurance, with total damages estimated at VNĐ9 trillion.
PVI Insurance reported that, as of September 23, they had recorded 751 claims related to property and motor vehicle damage, with total estimated losses exceeding VNĐ3 trillion. The company has already disbursed VNĐ15 billion in advance payments to help clients recover quickly. This swift response reflects the company's ability to meet compensation demands following a disaster.
According to Bảo Việt Insurance, as of September 25, over 900 customers reported property damage, with estimated losses reaching VNĐ1 trillion. In response, Bảo Việt has promptly advanced tens of billions of đồng in compensation to help customers recover financially. These initial payments are expected to account for about 10 per cent of the total estimated compensation reserves.
Hoàng Hồng Vân JSC, a major tourism service provider in Đồ Sơn and Cát Bà, was among the businesses severely affected by Typhoon Yagi. The storm damaged 13 electric vehicles used for tourism, which also served as collateral for loans, as well as other assets. Agribank Insurance quickly assessed the damage and provided the company with an advance payout of VNĐ100 million to assist with initial recovery efforts.
According to Đỗ Minh Hoàng, a board member of Agribank Insurance, the company has instructed its teams to promptly assess damages, contact insured customers, and offer flexible compensation plans.
Although Typhoon No. 3 has passed, the process of assessing and determining damages remains challenging. Affected areas often face communication blackouts and severely damaged transportation infrastructure, hindering access. Inspection teams frequently encounter flooded and devastated terrain, which slows down the survey process.
Insurance companies have been instructed to collaborate with local authorities to quickly assess and compensate losses for policyholders. Additionally, many companies have strengthened their customer support teams and 24/7 hotlines to help customers navigate the claims process effectively.
In line with the Government's instructions, the Department of Insurance Management and Supervision under the Ministry of Finance urged insurance companies to promptly assess damages and provide immediate compensation.
The department also reported that Việt Nam's total insurance premium revenue in the first nine months of 2024 was over VNĐ165.5 trillion, a slight decrease of 0.4 per cent from the previous year. Meanwhile, insurance payouts reached VNĐ64.1 trillion, up 16.1 per cent year-on-year.
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