Vietnam's major insurer PVI shares typhoon response experience: Speed and sound solutions are key

Experience from typhoon Yagi shows that speed and sound solutions are key to responding to major typhoons, underscoring PVI Insurance Corporation’s capacity to handle large-scale natural disaster losses and strengthening confidence among its clients and international partners.

Typhoon No.10 (Bualoi) swept through central Vietnam with wind speeds of level 10-11 and gusts reaching level 13, generating waves as high as 3-5 meters and dumping 100-250 millimeters of rain, with some areas recording more than 400 millimeters.

Making landfall in Ha Tinh and Quang Tri provinces on the night of September 28, the typhoon tore roofs off thousands of houses, flooded crops, disrupted transportation, and put hundreds of communes and wards under flash flood and landslide warnings.

Damage across many central provinces was assessed as particularly severe. In this context, insurers have not only played a key role in helping clients recover from financial losses but also contributed to stabilizing production, ensuring social welfare, and consolidating public confidence to support community recovery after the disaster.

Proactive response and rapid action

Drawing on its experience handling complex loss cases from typhoon Yagi, PVI Insurance activated its rapid response plan while typhoon Bualoi was still offshore. The company mobilized specialized personnel and prepared contingency measures to assist clients in affected areas, ensuring swift damage mitigation and timely information support.

Its emergency claims process for natural disasters was triggered immediately, cutting document processing time by 30-40%, with some steps shortened by up to 80-90%.

Highlights of the emergency claims process included expedited approval of repair cost estimates once sufficient documentation was provided, prompt decisions on the disposal of damaged goods to prevent environmental pollution, swift advance payments, and flexible adjustment of claim documentation requirements.

PVI Insurance’s customer support hotline and surveyors operated around the clock, receiving loss reports, providing detailed guidance, and assisting clients at the heart of the storm.

Even before the typhoon had fully subsided - while road access remained difficult and air transport was disrupted - PVI Insurance’s surveyors reached affected sites, working alongside independent assessors and relevant parties to visit clients, assess damage, provide procedural guidance, and collect initial documentation.

Close coordination with independent assessors and repair contractors helped ensure a swift, transparent, and accurate damage recovery and claims settlement process.

Motor insurance: timely support amid flooding

As of the morning of October 3, PVI Insurance had received 187 motor vehicle damage reports, with preliminary losses estimated at VND3.7 billion ($140,345), mostly involving cars submerged in water while driving, parked, or hit by falling objects.

Record-breaking rainfall caused severe flooding in many localities, submerging numerous vehicles and inflicting major damage to electrical systems and engines.

To minimize losses, PVI Insurance set up a 24/7 hotline and deployed additional surveyors to reach affected areas quickly, guide clients on appropriate preventive measures, and coordinate with rescue teams to move vehicles from flooded zones to reputable repair facilities for quality assurance.

Alongside on-site assistance for clients whose vehicles broke down, PVI Insurance’s hotline system and online claims platform proved highly effective, enabling customers to file damage reports quickly and track their claim status in real time.

PVI Insurance surveyor Do The Thuc said: “A car is a valuable asset and an essential means of transportation and livelihood for every family and business. When people buy insurance, they place their trust in us. That’s why we race against time to protect that value.”

Property-engineering insurance: responding to major losses

In the property and engineering segment, PVI Insurance recorded 150 loss cases and expects to receive additional claims from co-insurers, covering damage to factories, machinery, and goods, and business interruption, with an estimated provision of nearly VND850 billion ($32.24 million).

All incidents were inspected by PVI Insurance’s surveyors in coordination with independent assessors, who visited the sites to provide guidance on damage mitigation measures and documentation preparation to facilitate the next stages of the claims process.

The heaviest loss occurred at the coal storage warehouse of the Vung Ang 2 thermal power plant in the central province of Ha Tinh. The reinforced structure collapsed almost entirely, causing property damage and business interruption estimated at over $20 million. This stands as one of the most severe losses recorded so far from typhoon Bualoi.

Present at the site shortly after the storm subsided, Le Hai Phong, deputy head of PVI Insurance’s claims department, said: “This coal warehouse was built as a reinforced structure yet almost completely collapsed, showing the devastating force of the typhoon. Our task is to work closely with all parties to record the situation in detail and promptly propose advance payments and compensation to help clients resume production and business operations.”

PVI Insurance is now working closely with Lloyd Warwick International - a specialist loss adjusting and claim management company - and relevant stakeholders to accelerate the damage assessment process, paving the way for advance payouts that will provide clients with the financial resources needed for recovery.

Drawing on its experience handling major loss cases from typhoon Yagi in 2024, the company aims to devise suitable plans and measures to expedite the compensation process.

Typhoon Yagi – One year on

As a market leader, PVI Insurance has served as the insurer for most of Vietnam’s major national projects. Before typhoon Bualoi, the company’s strong track record in handling post-Yagi compensation cases continued to demonstrate its capability and reliability.

Property damage from typhoon Yagi was extensive, yet just 10 days after the storm subsided, the first client received an advance payment. By day 45, all advance requests had been fully disbursed. One year on, PVI Insurance has settled 80% of all related claims, with total payments and advances amounting to VND1 trillion (around $37.93 million).

Major cases that have been advanced or fully settled include Vietnamese electric vehicle (EV) maker VinFast (VND119 billion or $4.51 million), Jinko Solar Vietnam (VND50 billion or $1.9 million), Vietnam-Singapore Smart Energy Solutions (VND43.1 billion or $1.63 million), Oshung Vina Co., Ltd. (VND28.6 billion or $1.08 million), and Wyndham Ha Long Hotel (VND12.5 billion or $474,113).

Experience from typhoon Yagi has affirmed PVI Insurance’s capacity to handle large-scale disaster-related losses, strengthening trust among clients and international partners. With thorough preparation and resilience, the company has continued to assert its role as a “financial shield” for individuals and businesses amid increasingly unpredictable natural disasters.