The estimated insured losses caused last month by Typhoon Yagi has reached at least VND12,811bn ($507m) as of 16 October, according to reports from insurance companies.
The losses arose mainly (96%) from engineering assets and motor vehicles, according to local media reports. Insurers have paid compensation of VND213bn, of which VND209bn was for ship hull insurance.
According to Department of Insurance Management and Supervision deputy director Pham Van Duc, the economic damages caused by Yagi amounted to around VND85,000bn, so the insured losses were about 17% of the total damages.
Typhoon Yagi, one of the fiercest typhoons to strike Northern Vietnam, made landfall over Haiphong and Quang Ninh in Vietnam, on 7 September and moved southwestwards inland until it was last noted on 8 September.
Insurers have paid compensation of VND213bn, of which VND209bn was in respect of ship hull insurance claims