Insurance industry faces unprecedented pressure from claims after natural disasters
Among various insurance sectors, property and technical insurance, along with motor insurance, appear to be the hardest hit.
HÀ NỘI — Việt Nam's insurance sector is currently grappling with an extraordinary wave of claims pressure, significantly impacted by recent natural disasters.
According to a report from the Vietnam Insurance Association, data from 32 non-life insurance companies and 19 life insurance firms highlight substantial damages resulting from natural catastrophes, with just two storms - Typhoons No. 10 and 11 - causing estimated losses of nearly VNĐ1.7 trillion (US$64.5 million).
Among various insurance sectors, property and technical insurance, along with motor insurance, appear to be the hardest hit.
Specifically, the property and technical insurance sector recorded 1,081 claims, with estimated damages approaching VNĐ1.6 trillion, accounting for the majority of losses.
The motor insurance segment received 2,653 claims, with total losses exceeding VNĐ76 billion. Health insurance recorded two claims totalling around VNĐ245 million.
Major players in the industry are responding to the crisis. Baoviet Insurance reported 372 claims amounting to approximately VNĐ119 billion, while BIDV Insurance (BIC) registered over 150 claims with estimated payouts exceeding VNĐ40 billion.
At the same time, Post-Telecommunication Joint-Stock Insurance Corporation (PTI) has handled around 100 claims, primarily linked to motor vehicles in central Việt Nam, expediting assessments to provide timely assistance to customers.
The Saigon-Hanoi Insurance Corporation (BSH) established a 24/7 hotline to manage claims, noting 82 vehicles affected by flood damage, 12 of which were completely submerged.
Nguyễn Tuấn Anh, director of the Claims Department at VietinBank Insurance (VBI), said the company had just completed repairs for customers in northern Việt Nam before deploying teams to assist in Huế and the central region.
In northern Việt Nam alone, VBI reported 283 vehicles damaged by flooding, with 155 already repaired and 128 still undergoing repairs.
The average repair time for lightly damaged vehicles is approximately five to seven days. However, significantly damaged vehicles may take 30 days or longer to restore.
In severe cases, such as in Thái Nguyên Province, complete submersion could lead to repair times extending several months. — BIZHUB/VNS
