Insurers accelerate post-typhoon recovery

Insurers accelerate post-typhoon recovery

Vietnam's insurance industry has rapidly activated emergency measures to assess damages, advance payouts, and support communities rebuilding after three powerful typhoons struck the country.

Over the past six weeks, Vietnam has been struck by three major typhoons: Typhoon Ragasa on September 25, Typhoon Bualoi on September 29, and Typhoon Matmo on October 6, all of which brought intense winds, complex weather patterns, and severe damage across northern and north-central provinces.

Based on consolidated reports from all 32 non-life insurance companies and 19 life insurers, the Insurance Supervisory Authority under the Ministry of Finance released updated figures as of October 10 on the losses caused by Bualoi and Matmo.

According to the report, most claims were concentrated in property and engineering insurance, with just over 1,000 cases and estimated losses of $63.7 million. Motor vehicle insurance recorded 2,650 cases, with losses estimated at over $3 million.

Other lines, including marine, agricultural, and health insurance, accounted for smaller proportions. Insurers are continuing to receive additional loss notifications from policyholders.

In response, insurance companies promptly activated emergency protocols, mobilising system-wide resources to assist clients in recovery efforts and ensure prompt, transparent, and efficient claims settlement.

"In the wake of these devastating storms, we are implementing all necessary measures to protect our customers' interests while providing timely support to affected areas. We are committed to swift, transparent claim settlements to help clients recover losses, stabilise finances, and resume business operations," said Nguyen Viet Anh, deputy CEO of Baoviet Insurance.

As of October 8, Baoviet Insurance had reported 372 loss cases with an estimated compensation value of $4.76 million. The most severely affected provinces included Ha Tinh, Nghe An, and Thanh Hoa, hit directly by the typhoons, while Hanoi, Thai Nguyen, Lao Cai, Ha Giang, Cao Bang, Bac Ninh, and Bac Giang suffered heavy post-storm flooding.

According to a report released on October 11, VietinBank Insurance (VBI) had recorded around 150 cases related to Typhoon Matmo, with estimated losses nearing $800,000. Across all three storms, VBI logged nearly 500 cases, totalling $4.8 million in expected compensation, with property, engineering, and motor insurance bearing the brunt of losses.

“The number of motor vehicle claims is expected to continue rising in the coming days due to lingering floods in several areas and delayed loss reporting as many customers are still recovering from the aftermath,” said Nguyen Hong Phong, CEO of VBI.

"VBI is working closely with partner garages in affected regions and neighbouring provinces, deploying towing and transport resources to expedite recovery. We have also prepared additional staff and facilities to handle a potential surge in claim volume," he added.

In Thai Nguyen, one of the hardest-hit provinces, Saigon-Hanoi Insurance Corporation activated its emergency response mode, offering all-day claims assistance. It had received over 80 cases of water-damaged vehicles, including 12 completely submerged cars.

Meanwhile, PVI Insurance reported that Typhoon Matmo alone caused 283 motor vehicle loss cases, with estimated compensation of $800,000, around 200 of which were in Thai Nguyen. In property and engineering insurance, PVI recorded 37 cases with expected payouts of $1.2 million.

“These property and engineering losses are large-scale damages,” said Nguyen Hai Son, deputy head of PVI's Claims Settlement Division. “Typically, PVI provides advances of 30-50 per cent, depending on the severity of loss and the documentation collected at the time of payment.”

Previously, Typhoon Bualoi caused enormous damage, with 179 technical property cases and total claims of $39.4 million to PVI. The most severe incident involved the collapse of a coal storage facility at the Vung Ang 2 thermal power plant in Ha Tinh province. The reinforced structure suffered near-total destruction, resulting in an estimated $20 million in material damage and business interruption losses.

“PVI has been working closely with Lloyd Warwick International and other stakeholders to expedite damage assessments and facilitate advance payments to help clients recover and resume production,” committed PVI in tits public announcement.

According to motor vehicle insurance DBV Insurance, initial assessments indicate that the damages caused by Typhoon Matmo were substantial.

"DBV Insurance Group has received and conducted assessments for 23 clients under the property and engineering insurance segment, with total estimated losses approaching $2.4 million. All clients have completed damage inspections and have been provided with detailed compensation procedures in accordance with regulations. The earliest advance payment is expected to be made within this working week," stated DBV on October 13.

For motor vehicle insurance, DBV Thai Nguyen had recorded 79 affected vehicles as of the evening of October 10, with 60 per cent already transported to repair garages and the remaining 40 per cent under ongoing rescue and towing operations.

In addition, for Typhoon Bualoi alone, DBV recorded 226 loss cases, over 200 of which were related to motor vehicles. The primary cause was flooding, accounting for 73 per cent, while 27 per cent resulted from falling objects.

VIR