Insurance payout for typhoon Yagi casualties in Vietnam hits $400,000

Insurance companies in Vietnam had reported 15 insured casualties due to super typhoon Yagi and subsequent floods with an estimated payout of approximately VND9.72 billion ($400,000) as of Tuesday.

AIA Vietnam recorded the biggest number of cases, with five customers reported dead due to the typhoon by 1:30 p.m Monday.

Of these, four were from the northern province of Hai Duong and one from neighboring Quang Ninh province. The total insurance benefit is estimated at VND6.5 billion ($264,360).

After preliminary verification, AIA Vietnam has agreed to pay out to all the customers and is contacting their families to guide them to make claims.

Generali, Sunlife and Cathay reported one case each with respective estimated insurance payouts of approximately VND20 million ($813), VND260 million, and VND30 million.

Regarding floods and landslides in northern provinces, two insurance companies reported seven cases.

Dai-ichi recorded six victims from a landslide in Yen Bai province, with an estimated payout of VND2.7 billion ($109,812). Bao Viet Life reported one from flooding in Tuyen Quang province, with about VND210 million ($8,540).

Other insurers such as Manulife, Prudential, Chubb, Shinhan, Phu Hung, MAP, FWD, MB Ageas, Hanwha, and Fubon have not yet received any claims.

No claims have been reported related to the Phong Chau Bridge collapse in Phu Tho province.

As of Tuesday afternoon, insurers in Vietnam had also received 1,754 claims against property and vehicle damage caused by super typhoon Yagi.

In their initial reports, insurance companies including Bao Viet, VBI, PVI, Bao Minh, ABIC and PJICO recorded 684 property claims and 1,070 vehicle claims.

As super typhoon Yagi impacts linger, the number of non-life insurance claims is expected to rise, the firms said, adding that they have not yet estimated the specific values of the losses.

Yagi, which made landfall in northern Vietnam last Satuday, September 7, claimed 226 lives and left 104 others missing as of 5 p.m. Thursday, according to the Department of Dyke Management and Natural Disaster Prevention.