Insurance officers and employees are still on duty in localities heavily affected by storms and floods to support customers in overcoming the consequences and proactively counting losses. Provided by the company

Go to the scene, shorten insurance claim records

Following the devastating impact of Yagi Typhoon, insurance companies have been working tirelessly to assist policyholders affected by the disaster. According to Insurance supervisory authority, as of September 12, 2024, insurers have received reports of over 9,000 property and vehicle damage claims, along with 14 fatalities and 18 health insurance cases. However, according to many businesses, up to now, the number of applications for compensation and insurance advances continues to "thicken".

Insurance companies, such as PVI, Bao Viet, and BSH, have reported receiving a significant number of claims. PVI, for instance, has recorded over 500 property loss claims with an estimated total loss value exceeding VND 2 trillion. To expedite the claims process, these companies have mobilized their entire teams of appraisers and independent appraisal companies to work on-site 24/7. This ensures that claims are processed promptly, minimizing inconvenience for policyholders.

Bao Viet Group has also received nearly 700 claims, primarily for personal accident, property, and vehicle insurance. The estimated total claim amount is close to VND 1 trillion. Bao Viet has implemented temporary payment solutions, prioritizing businesses affected by the disaster to help them stabilize and resume their operations.

Similarly, according to Doan Kien, General Director of Sai Gon - Hanoi Insurance Joint Stock Corporation (BSH), the company has mobilized its maximum number of appraisers and experts to serve customers. A team of appraisers has been deployed to the northern provinces, particularly Quang Ninh, Hai Phong, Thai Nguyen, Lao Cai, and Phu Tho, where heavy flooding has caused significant damage to properties, homes, vehicles, and goods.

In terms of life insurance, six companies have received 15 claims involving 15 casualties. The estimated total compensation and initial assistance amount to approximately VND 10 billion.

In addition to deploying staff to assess damages and process claims, insurance companies are also exploring ways to streamline the process and reduce paperwork. Some companies are considering waiving or minimizing deductibles for policyholders who were unable to report claims promptly or preserve the scene due to unforeseen circumstances. Furthermore, insurance claims can potentially be simplified by using existing credit loan applications. These applications often contain information about the use of collateral and mortgaged assets, which can help expedite the initial appraisal process.

Demonstrating commitment to social responsibility

In a recent press interview, Pham Van Duc, Deputy Director of the Insurance Supervision Authority, stated that insurance companies have yet to fully assess the extent of the damage in some areas that remain flooded. Due to this, Duc emphasized that companies must continue to access these areas to determine the losses and provide advance payments, as well as promptly and fully settle claims in accordance with their commitments to policyholders.

Nguyen Xuan Viet, Chairman of the Vietnam Insurance Association, also commented on this issue, stating that ensuring the insurance benefits for customers not only helps them overcome difficulties but also demonstrates the insurance industry's commitment to social responsibility. Therefore, in recent days, insurance companies have been actively fulfilling their insurance obligations, sending staff to the affected areas to gather information on losses, visit customers, and promptly address insurance claims and advance payments.

The Vietnam Insurance Association has requested that insurance companies continue to uphold their sense of responsibility, maintain solidarity, and cooperate closely with relevant agencies and organizations to expedite the damage assessment and compensation process. Additionally, they should further enhance the quality of their services to build trust and reassurance among customers, thereby contributing to the sustainable development of the national economy. The Association will compile the challenges faced by insurance companies during the claims settlement process and report them to government agencies for timely resolution.

According to the Insurance Supervision Authority, the severe consequences of Yagi Typhoon and subsequent floods have posed significant challenges for insurance companies. However, the regulatory agency will continue to provide guidance, supervision, and support to insurance companies, encouraging them to closely monitor the situation on the ground and promptly implement the best possible support measures for organizations and individuals participating in insurance, helping them to quickly recover from the disaster and stabilize their lives and businesses in accordance with government regulations and directives.