In response to the severe damage caused by Typhoon No. 3 to various localities, Baoviet Insurance swiftly completed the damage assessment process and implemented compensation advances to its customers, demonstrating the insurer's role and responsibility in supporting the public through difficult times.

As of September 25, more than 900 Baoviet Insurance customers have reported property damage, with total estimated losses reaching up to VND 1,000 billion. Based on post-storm assessments, Baoviet Insurance has promptly advanced tens of billions of VND in compensation, in line with the recovery plan and schedule, to help customers overcome difficulties and ensure financial stability for the swift restoration of business operations. Customers are also urgently implementing recovery measures to resume normal production as soon as possible. The initial compensation advances are expected to account for approximately 10% of the estimated total reserve for compensation.

Rapid Compensation Efforts Underway

Urgency and Efficiency in Compensation Operations

Although Typhoon No. 3 has passed, assessing and determining the damage in its wake poses numerous challenges. The affected areas often face communication cutoffs and severe damage to transportation infrastructure, making access difficult. Damage assessment teams frequently confront waterlogged and collapsed areas, slowing down the inspection process.

In property and motor vehicle insurance, the damage is not limited to the value of the assets but also includes indirect costs such as lost revenue, replacement expenses, and recovery efforts for business operations. Therefore, the application of quick and accurate assessment methods is crucial to ensure customers receive reasonable compensation advances promptly, avoiding prolonged delays that could hamper economic recovery.

In the context of widespread destruction caused by natural disasters, Baoviet Insurance's prompt action not only helps people stabilize their lives but also stands as a testament to its commitment and social responsibility. With 60 years of experience in the non-life insurance industry and strong financial capability, Baoviet Insurance is playing a key role in ensuring financial safety for the public, contributing to the reconstruction of affected areas.

Baoviet Insurance Commits to Ensuring Customer Benefits Following Typhoon Yagi

Through timely actions and long-term commitments, Baoviet Insurance continues to assert its pioneering position in the insurance industry, standing alongside customers on the journey of protection and sustainable development.