Non-life and life insurance businesses paid nearly 600 billion VND to businesses and individuals suffering damage from Typhoon Yagi, according to Ministry of Finance data.
This information has just been announced by the Ministry of Finance through reported data from 31 non-life insurance enterprises and 19 life insurance companies, as of December 6.
The total amount of property compensation claims is estimated at 10,595 billion VND, of which the majority is property and motor vehicle compensation. Non-life insurance businesses paid 580 billion VND (accounting for about 6% of the compensation claim).
Normally, insurance businesses must coordinate with local authorities and work directly with customers to record and determine the extent of damage.
“The total recorded damage is the number of the value of the property covered by insurance, while the actual amount paid by insurance needs to be appraised and reviewed. There are assets that are quickly assessed, but there are also assets that are The specific feature is that we have to get quotes from many parties, which is quite complicated and will take time,” a leader of the Insurance Supervision Department told me. VnExpress.
Previously, insurance businesses committed to ensuring benefits and supporting customers to overcome difficulties. They also said they would assess losses and speed up the processing of compensation documents in the affected provinces and cities.
In addition to property compensation, businesses also received 158 human compensation claims, recording 107 customer deaths and injuries after the storm. They advanced 17.7 billion VND, accounting for nearly 70% of the proposed reimbursement amount.
Typhoon Yagi and the storm circulation in September caused heavy damage to people and property in many northern provinces and cities. Previously, according to statistics from the Ministry of Agriculture and Rural Development, storm Yagi severely affected agricultural production and tourism in the North and caused damage to the economy of about 81,500 billion VND. Compared to the total damage caused to the economy by Typhoon Yagi, the value of insured damage accounts for about 14%.
The insurance payout rate for losses after Typhoon Yagi is currently 4-5 times higher than previous major storms, at only 3-4%. For example, in 2017, storm Damrey hit the South Central region, causing serious consequences in Khanh Hoa, Phu Yen and Binh Dinh. Total insured losses are estimated to reach VND 22,000 billion. Insurance companies paid losses of about 700 billion VND.
In 2009, Typhoon Ketsana hit the Central and Central Highlands, causing loss of life and destroying 170,000 houses along with infrastructure and agriculture. This storm caused economic damage of about 16,000 billion VND, the loss compensated by insurance was more than 600 billion VND.