Insurers address claims following typhoon Yagi

September 10, 2024 | 18:07

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In the wake of Typhoon Yagil, insurance companies in Vietnam are processing claims related to property damage and loss of life, while coordinating with authorities to expedite compensation and ensure a swift recovery for affected customers.

Insurers address claims following typhoon Yagi

By September 9, PVI Insurance had recorded 210 property insurance claims, with estimated compensation amounting to VND320 billion (approximately $12.8 million), excluding losses related to motor vehicles and personal insurance.

PVI Insurance is working closely with relevant stakeholders to expedite the claims process, streamlining procedures to ensure prompt support for affected customers.

In the life insurance sector, AIA Vietnam had reported five fatalities as of September 9, with four in Hai Duong province and one in Quang Ninh province. The total insurance payout for these customers is expected to be approximately VND6.5 billion (around $260,000). AIA Vietnam has confirmed its commitment to fully compensating the families.

"We are actively reaching out to the beneficiaries to assist them in completing the claims process as efficiently as possible," said a representative from AIA.

Meanwhile, the Insurance Supervisory Authority has also issued a directive urging insurance companies to coordinate with authorities and relevant parties to assess both human and material losses for insured individuals and organisations. Insurers have been instructed to advance compensation where necessary and ensure full and timely payouts in line with contractual agreements and legal requirements.

The Vietnam Insurance Association has also been encouraged to work with insurers to facilitate humanitarian support in accordance with internal policies and applicable laws. All insurers are required to report on damage assessments and the resolution of claims no later than September 12.

By Tri Lam

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