Insurance companies can regain customer trust

According to preliminary data from non-life insurance companies' reports, as of September 11, insurance firms have received nearly 2,900 loss claims, while life insurance companies have recorded 15 cases of human casualties.

"The total estimated losses caused by Typhoon Yagi and the subsequent flooding, including damage to property and loss of life across many northern provinces, such as the collapse of Phong Chau Bridge in Phu Tho, could come to over $208 million, assuming full and accurate reporting. Therefore, the number of casualties and properties damaged is expected to rise further. This is shaping up to be a catastrophic year for property and vehicle insurance," said Pham Van Dung, co-founder of IBAOHIEM.

These developments reflect investor concerns about the severe impact of Typhoon Yagi on the entire insurance sector’s business results. The PM issued an official directive on September 10 calling for focused efforts to mitigate the aftermath of the storm and the ensuing floods.

The directive also instructs insurance companies to urgently settle claims in a comprehensive and prompt manner.

Despite facing significant payouts, some industry insiders see this is an opportunity for the insurance sector to restore its image, which has suffered from a crisis of trust, by resolving and paying out claims quickly for affected customers.

PVI Insurance currently leads the market in total reported claims. As of September 11, the company has reported over 500 property insurance claims, with an estimated total of more than $83 million, excluding motor vehicle and personal insurance losses.

"Customers informed the insurance company immediately after the incidents, providing details such as the location, a description of the damage, and photos, if available. PVI Insurance assessors or designated third-party assessors will visit the sites to exchange information, inspect the damage, and guide customers in providing the necessary documentation," said a PVI Insurance representative.

AIA Vietnam also reported that as of September 9, five customers had passed away, including four in Hai Duong and one in Quang Ninh. The total insurance benefits for these five customers amounted to approximately $230,000, and the company has paid out the entire amount to their beneficiaries.

Upon receiving information about Typhoon Yagi, insurance companies issued warnings through various channels to guide customers on how to avoid the storm, protect their property, and minimise losses. They also upgraded their hotline systems to receive and assist customers promptly in the event of losses, with quick reports on the settlement of claims for those affected by the typhoon.

Sharing the loss and hardship faced by customers during the storm, Bui Thi Thanh Xuan, deputy general director of Executive Committee at Vietinbank Insurance, said, "The company will quickly assess the damages to ensure maximum benefits for customers as soon as possible, supporting their livelihoods and helping stabilise their business operations."

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