According to the latest update from the Insurance Supervisory Authority under the Ministry of Finance, as of October 2, insurers have recorded six cases of human casualties and 2,281 non-life insurance claims resulting from Typhoon Bualoi. The total estimated payout for these human and property losses comes to around $14.3 million.
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| Many areas in Cao Bang province were submerged due to Typhoon Bualoi |
Diverse assessment, advanced payment, and compensation processes are being urgently implemented.
Based on reports from all 32 non-life insurers and 19 life insurers, human casualties numbered six, with estimated payouts reaching $28,000. Non-life insurance losses amounted to 2,281 cases, with estimated damages touching $14.26 million.
Among these, the health insurance segment recorded one case with an estimated payout amounting to $8,000. Property and engineering insurance accounted for 591 cases, with estimated losses exceeding $12.6 million.
Motor vehicle insurance saw 1,680 cases, with estimated losses reaching $1.53 million, while other segments, including hull and agricultural insurance, recorded 10 cases, with estimated losses approximating $102,000.
In the life insurance sector, there were five cases of death or injury within policy coverage, with estimated payouts totalling $19,200. In total, the preliminary estimated compensation for both human and property losses due to Bualoi stands at nearly $14.3 million.
Reports from insurance companies indicate that the bulk of the damages fall under property and engineering insurance, as well as motor vehicle insurance.
Insurers are continuing to receive new claims. Despite facing difficulties facing affected areas, warranties have rapidly deployed staff to the field to expedite damage assessment, loss valuation, advance payments, and compensation in accordance with regulations.
This aims to ensure timely, adequate, and lawful payouts, helping individuals and organisations affected by the typhoon to quickly stabilise their lives and resume business and production operations.
On September 29, in response to the severe human and property losses caused by Typhoon Bualoi, the Insurance Supervisory Authority issued a dispatch urging the Insurance Association of Vietnam and all insurance companies to proactively coordinate with relevant agencies, organisations, and individuals to effectively implement disaster response measures.
In the event of losses, warranties are required to promptly identify human and property damages suffered by injured individuals and organisations, and immediately proceed with advance payments, compensation, and insurance payouts.
These must be made quickly, fully, and in accordance with the insurance contract terms and applicable laws.
