Insurance officers and employees are still on duty in localities heavily affected by the typhoon and subsequent floods to support customers in overcoming the consequences and proactively counting losses. Photo: provided by an enterprise.

Visiting the scene and shortening insurance compensation procedures

According to the ISA, as of September 12, 2024, businesses have received information on more than 9,000 cases of property and motor vehicle damage; recorded 14 deaths, 18 cases of health insurance. The number of applications for insurance compensation and advances continues to increase.

The highest amount of insurance compensation is PVI Insurance Corporation with more than 500 cases of insurance for property losses with total estimated loss claims of more than VND2,000 billion (excluding losses in motor vehicle and personal insurance). However, PVI still sends appraisers and independent appraisal companies appointed by PVI Insurance to the scene, on duty 24/7 to be ready to receive and process applications to minimize time for customers.

Bao Viet Insurance Group has also received nearly 700 loss cases, focusing on personal and property insurance such as car insurance, private home insurance, construction works, factories, warehouses, machinery and equipment, ports and goods with an estimated amount of nearly VND1,000 billion. Bao Viet Insurance representative said that they are quickly implementing solutions to advance compensation, especially prioritizing businesses that suffered losses to help customers quickly stabilize and restart production and business activities.

Similarly, according to Mr. Doan Kien, General Director of Saigon - Hanoi Insurance Corporation (BSH), the Company has mobilized the maximum number of appraisers and professional staff across the system to work at full capacity to serve customers; arrange a team of appraisers to work directly in the northern provinces, especially in provinces such as Quang Ninh, Hai Phong, Thai Nguyen, Lao Cai, Phu Tho, ... severely damaged by the floods to properties, houses, vehicles and goods.

On the life insurance side, 6 insurance companies received 15 applications with 15 casualties, the estimated amount of compensation and initial support is about VND10 billion.

Along with efforts to send staff to determine damage, compensate and pay insurance to beneficiaries, insurance companies also seek ways to reduce documents and simplify procedures for customers.

Demonstrating commitment to social responsibility

Talking to the press, Mr. Pham Van Duc, Deputy Director of the ISA, said that insurance companies have not yet reached the scene at some flooded areas, so they have not determined full extent of the damage. Therefore, according to Mr. Duc, the insurance companies will have to continue to reach these areas to determine damage and make advance compensation, resolve compensation for insurance participants fully, promptly, and in accordance with the commitment of insurance companies to insurance participants.

Also on this issue, Mr. Nguyen Xuan Viet, Chairman of the Vietnam Insurance Association, said that ensuring insurance benefits for customers not only helps customers overcome difficulties but also demonstrates the social responsibility commitment of the insurance industry to the community. Therefore, insurance companies have urgently and actively implemented insurance responsibilities, sending staff to the scene to grasp information about damage, visit customers and promptly resolve insurance benefits and advance compensation.

The representative of the Vietnam Insurance Association suggested that insurance companies need to continue to promote a sense of responsibility, maintain a spirit of solidarity and closely cooperate with relevant agencies and organizations to speed up the process of damage assessment and compensation. At the same time, it is necessary to further improve service quality, create trust and peace of mind for customers, thereby contributing to the sustainable development of the country's economy. The Association will summarize the problems arising from businesses in the process of resolving insurance benefits, thereby reporting and asking for opinions from state management agencies for timely settlement.

According to information from the ISA, the severe consequences by typhoon No. 3 and floods has created great difficulties for insurance companies. However, the management agency will continue to direct, supervise, and create conditions, accompany insurance companies to strengthen close contact with the locality and promptly have the best support plan for organizations and individuals participating in insurance to help them quickly overcome the consequences of natural disasters, quickly stabilize their lives, production and business in accordance with the regulations and direction of the Government and the Ministry of Finance.