Ministry of Finance urges swift insurance compensation after Typhoon Yagi
Ministry of Finance urges swift insurance compensation after Typhoon Yagi
The Ministry of Finance’s Insurance Supervisory Authority has called on insurance companies to expedite compensation payments to those affected by typhoon Yagi.
A tree fell onto a car due to the impact of Typhoon Yagi in Hà Đông District, Hà Nội City. — VNA/VNS Photo |
In an official dispatch today, the department urged insurers to coordinate damage assessments and ensure timely and full compensation in line with contractual agreements and legal regulations.
Insurance companies have been instructed to advance compensation, resolve claims and report on the status of settlements by 12 September 2024. The department also requested the Vietnam Insurance Association to coordinate with insurers to provide humanitarian support where appropriate.
In response to the disaster, several insurers have already sent staff to affected areas to assess the damage and initiate compensation for policyholders. These companies are collaborating with local authorities and organisations to offer assistance to impacted communities.
Typhoon Yagi has caused extensive destruction, including damage to nearly 7,400 homes, widespread power outages and damage to infrastructure such as power lines, buildings and schools. Significant losses were reported in agriculture, with almost 98,000 hectares of rice and over 11,700 hectares of crops affected. The storm also damaged aquaculture, particularly in Quảng Ninh, where 1,100 fish cages were destroyed.
As of September 9, the storm had claimed at least 59 lives or left individuals missing, according to the Ministry of Agriculture and Rural Development’s Department of Dike Management and Disaster Prevention.
