Vietnamese insurance companies are facing a large amount of claims for human and property damage caused by storm No. 3, estimated at about 7,000 billion VND (statistics as of September 12).
Of which, PVI Insurance estimated the total proposed insurance loss to be over 2,000 billion VND; Bao Minh Insurance (BMI) estimated total compensation to be 830 billion VND; Military Insurance (MIC) estimated total compensation to be 230 billion VND.
As for life insurance companies, according to preliminary updated data from these businesses, the estimated amount of compensation and initial support paid for damage caused by storm No. 3 and floods in the North is about 10 billion VND.
However, in the midst of difficulties, many businesses still spend billions of dong to support people who suffered heavy losses due to storm No. 3 to overcome difficulties and soon stabilize their lives.
Typically, Sun Life Vietnam Life Insurance has donated VND1.8 billion to support people in provinces and cities heavily affected by Typhoon Yagi. Sun Life Vietnam said that this support will be deployed through the Vietnam Red Cross Society with the goal of joining hands to overcome the consequences of natural disasters and support the community to overcome difficulties by providing emergency assistance, contributing to reconstruction efforts in affected areas.
Mr. Luc Nhon Ly - General Director of Sun Life Vietnam - shared: "The damage caused by storms and floods has caused many families to face many difficulties. Through this contribution, Sun Life hopes to bring motivation for people to recover soon and rebuild their lives."
During the recent floods, Sun Life Insurance recorded one loss of life with an estimated insurance compensation of about VND260 million. The company is working to collect information from customers affected by Typhoon Yagi and floods to provide appropriate support.
Another unit, Vietnam National Reinsurance Corporation (VINARE), also launched a total donation of more than 410 million VND for people affected by storm No. 3.
Of which, the amount donated by VINARE staff was nearly 80 million VND. VINARE’s Trade Union and Youth Union donated 30 million VND. At the same time, VINARE decided to donate 300 million VND to carry out charity activities, support, and contribute to overcoming the damage so that people in areas affected by storms and floods can soon stabilize their lives.
Similarly, Manulife Life Insurance (Vietnam) also announced a total donation of more than 3.1 billion VND to support the recovery from the consequences of typhoon Yagi.
This amount comes partly from donations from staff, agents and Manulife's counterpart fund. Of which, Manulife Vietnam allocated 2 billion VND to the Central Committee of the Vietnam Fatherland Front to carry out relief and recovery activities after the storm; 500 million VND was directly used by Manulife Vietnam's agents to provide relief and food supplies in damaged areas immediately after the storm; the remaining 600 million VND, the company will directly purchase and donate necessities to people in affected areas.
Ms. Tina Nguyen, - General Director of Manulife Vietnam - said: "Demonstrating the spirit of mutual love is a core value that Manulife always upholds. We hope that our contribution will help to kindle hope and share some of the burden for people in provinces and cities that are heavily affected by natural disasters."
Along with the donation, Manulife Vietnam said that Manulife employees and agents have proactively contacted customers in affected areas to provide support when needed. At the same time, they have worked with authorities to search for and verify information about customers who have been affected by recent storms, floods, landslides, etc. to promptly support and compensate. The company said that it will prioritize quick payments to affected customers when an insurance event occurs.
