Damage caused by Typhoon Yagi in Hạ Long City, Quảng Ninh Provinces. PVI Insurance has recorded a compensation amount of nearly US$13 million for losses and damage on insured properties in the two coastal provinces of Quảng Ninh and Hải Phòng. — VNA/VNS Photo Đức Hiếu
Several insurance companies have proactively assessed the damage caused by Typhoon Yagi and offered compensation to clients where applicable.
PVI Insurance on Monday sent a working group to the two coastal provinces of Hải Phòng and Quảng Ninh reported losses and damage on 210 insured properties, with an estimated a compensation amount of VNĐ320 billion (US$12.99 million).
"Upon receiving the storm warning, PVI Insurance quickly alerted customers, offering advice to protect their assets. Despite these efforts, the super typhoon caused significant damage to many clients,” PVI Insurance said in a statement.
On the same day, AIA Vietnam announced it would pay VNĐ6.5 billion (US$263,000) in compensation for five clients who were killed by the super typhoon.
The Military Insurance Corporation (MIC) said they have instructed their offices in areas most affected by the typhoon to increase the number of working staff and keep their hotline number available 24 hours a day to provide timely assistance to their clients.
A representative from Saigon-Hanoi Insurance Corporation (BSH) said the company has also sent staff to affected areas to provide assistance and assess the damage.
By Monday they have recorded one dead and six missing clients, as well as losses on 100 insured properties and 250 insured motor vehicles.
Baoviet Insurance Corporation said they have advanced compensation to clients affected by the typhoon, and increased staff in affected areas to conduct damage assessment.
The company encourages clients to actively get in touch and report damage so the compensation process can be carried out effectively.
The Department of Insurance Management and Supervision (under the Ministry of Finance) has sent an official document, requesting insurance companies to collaborate with the authorities to support the people and quickly provide compensation to insurance buyers and beneficiaries.
The authority body has also asked the companies to report the recorded damage and settle insurance benefits no later than September 12. — VNS