The Ministry of Finance has issued an urgent directive mandating insurance companies to immediately assess damages, provide advance payments, and swiftly compensate policyholders following the impact of storm Bualoi (storm No. 10).
The Department of Insurance Management and Supervision under the Ministry of Finance announced this morning that it has dispatched an official document to all insurance enterprises operating in the market. The directive is aimed at ensuring organizations and individuals affected by the severe weather receive prompt support to overcome the resulting devastation.
The Department explicitly requested insurance companies to proactively coordinate with relevant agencies, organizations, and policyholders to ensure an effective response to the disaster.
The official dispatch laid out a clear requirement for all insurers: "In case of damage, it is necessary to promptly determine the extent of damage to people and property of organizations and individuals participating in insurance, immediately make advance compensation, compensation and pay insurance money quickly, promptly and fully to the insurance buyer and beneficiary according to the agreement in the insurance contract and legal regulations."
This instruction emphasizes the need for rapid action to mitigate the financial burden on those insured.
In parallel with the compensation mandate, the Department of Insurance Management and Supervision has requested the Vietnam Insurance Association to coordinate with its member companies to organize and provide humanitarian assistance in accordance with internal regulations and relevant legal frameworks.
Furthermore, all insurance companies are required to submit a comprehensive report detailing the damage situation, the settlement of insurance benefits, and any humanitarian assistance provided. This report must be sent to the Department of Insurance Management and Supervision via the provided email addresses cucqlgsbh@mof.gov.vn; letramy@mof.gov.vn by the end of October 1, 2025.
The MoF’s swift action underscores the Government’s commitment to ensuring the insurance sector fulfills its role in national disaster recovery and relief efforts.
