Vietnam insurers face at least $112M payout due to typhoon Yagi

PVI Insurance Corp, which leads the non-life insurance market, has received over 500 claim requests worth VND2 trillion for assets that were damaged by typhoon-related causes.

The figure does not include requests for payout for people and vehicles affected by the typhoon.

"This could be a historic amount of damage for PVI and other insurers in Vietnam," the company said.

It added that it would ensure maximum benefits for its customers in the shortest possible time.

Military Insurance Corp has received 900 million claim requests worth VND230 billion for damages on assets and vehicles.

Customers of BIDV Insurance Corporation have made 500 claim requests worth VND200 billion.

The majority of accidents involved private properties and vehicles.

Ngo Trung Dung, deputy general secretary of the Insurance Association of Vietnam, estimated that the value of Yagi-related claims might reach trillions of Vietnamese dong.

Most claims are related to damage at industrial facilities and cars crushed by falling trees or submerged due to flooding, he added.

Insurers said they have mobilized all resources to assist customers in flooded areas while continuing to assess the damage.

PVI, for example, has sent staff to affected areas even amid the typhoon to evaluate the situation. Specialized teams are on duty 24/7, ready to receive and process loss reports, minimizing waiting times for customers.

Life insurers have also received claims from customers.

AIA Vietnam recorded five customer deaths due to Yagi, with a total benefit of around VND6.5 billion.

Dai-ichi Insurance has confirmed six fatalities in a landslide, with an estimated payout of VND2.7 billion.

Typhoon Yagi swept through northern Vietnam in the weekend, triggering heavy rain and strong floods in the following days, resulting in 199 deaths and 128 people missing.