Insurance payout in Vietnam after typhoon Yagi estimated at $285 mln

Insurance payout for human and property losses caused by super typhoon Yagi in Vietnam is currently estimated at around VND7 trillion ($285 million).

According to the Insurance Supervisory Authority (ISA) under the Ministry of Finance, as of 5 p.m. Thursday, insurance companies had recorded more than 9,000 claims against property and vehicle damage, 14 cases of death, and 18 health insurance claims.

These are preliminary figures regarding the damage caused by the typhoon and its subsequent impacts. Data on the number of cases and insurance compensation value has not yet been comprehensively and fully estimated, said an ISA representative.

Earlier on September 9, the ISA asked the Vietnam Insurance Association and insurance companies to submit reports on damage and insurance claims related to the typhoon.

The ISA has requested insurance companies to proactively coordinate with relevant agencies and individuals in assessing human and property losses suffered by policyholders.

They were also urged to promptly make advance payments, settle claims and pay insurance benefits in line with contracts and legal regulations.

The Vietnam Insurance Association has asked its member companies to continue fulfilling their responsibilities and participate in humanitarian efforts, helping affected organizations and individuals recover from the disaster as quickly as possible.

Yagi, which made landfall in northern Vietnam last Saturday (September 7), had claimed 233 lives and left 103 people missing and 823 others injured as of 7 a.m. Friday, according to the Department of Dyke Management and Natural Disaster Prevention.