Insurance companies in Vietnam have received at least VND2.76tn ($112m) in claims to date for damages caused by typhoon Yagi which made landfall in Vietnam on 7 September.
PVI Insurance Corp, which leads the non-life insurance market, has received over 500 claim requests amounting to VND2tn for property damaged by Yagi. The figure does not include claims for lives or injuries nor vehicles affected by the typhoon, reported VNExpress.
"This could be a historic amount of damage for PVI and other insurers in Vietnam," the company said.
The majority of the losses from the typhoon involve private properties—in particular, industrial facilities—and vehicles crushed by falling trees or submerged in the flooding.
Life insurers have also received claims from customers. For example, AIA Vietnam recorded five customer deaths due to Yagi, involving total compensation of around VND6.5bn.
The death toll from Typhoon Yagi—the strongest one in 30 years—has risen to at least 199 in Vietnam.
To read the original text, please click here.