Non-life insurers face mounting pressure after typhoon hits motor sector

Non-life insurers face mounting pressure after typhoon hits motor sector

Preliminary reports from major insurers show that hundreds of vehicles were damaged due to flooding, hydrolock, or falling objects, with estimated compensation costs reaching into millions off US dollars. According to damage data from Typhoon Bualoi as of October 1, Hanoi-based DBV Insurance had recorded 226 claims, of which more than 200 involved motor vehicles. The primary causes were flooding, accounting for 73 per cent of total cases, and fa…