Natural disaster risk insurance - a support for informal workers

Program scene. Photo: Mai Hoa

The program had the participation of Mr. Nguyen Duc Tien - Secretary of the Party Committee of Minh Chau commune, Mr. Nguyen Huy Nhung, Standing Deputy Secretary of Minh Chau commune, Mr. Bui Thai Son - Chairman of the People's Committee of Minh Chau commune, Mr. Dinh Anh Tuan - Vice Chairman of the People's Committee of Minh Chau commune, Ms. Nguyen Thi Tham, Chairwoman of the Women's Union of Minh Chau commune, and leaders of departments of Minh Chau commune. The speakers participating in the discussion included lawyer Nguyen Van Ha, Vice Chairman of the Hanoi Bar Association, Dr. To Thi Hong, Lecturer of the Faculty of Insurance, National Economics University. The program also had the participation of Mr. Ta Viet Anh - Chairman of AFV, Deputy Head of the Organizing Committee of the Communication Program "Silent Contributions"; Mr. Nguyen Xuan Khanh - Deputy Editor-in-Chief of Kinh te va Do thi Newspaper, Head of the Secretariat of the Communication Program "Silent Contributions"...

Chairman of the Board of Directors of the Vietnam Social Security Project Support Fund, Deputy Head of the Organizing Committee of the Communication Program "Silent Contributions" in 2025 Ta Viet Anh spoke. Photo: Duy Khanh

Speaking at the opening of the seminar, Chairman of the Board of Directors of the Vietnam Social Security Project Support Fund, Deputy Head of the Organizing Committee of the Communication Program "Silent Contributions" in 2025 Ta Viet Anh emphasized: Natural disaster risks in Asia and Vietnam are increasing due to climate change, causing many serious consequences for people. Meanwhile, participation in insurance for this type of risk is still a big gap. Many organizations, businesses, and people are not really interested in natural disaster insurance due to high costs and do not fully understand the benefits that this type of insurance brings. In the market, insurance companies have only deployed a few related types of insurance such as private home insurance (which can include natural disasters but is not popular); crop and livestock insurance (mainly piloted in some localities); business property insurance (only large enterprises participate).

Delegates attending the program. Photo: Duy Khanh

According to a representative of Agribank Insurance (ABIC), in storm No. 3 (Yagi) in 2024 alone, about 28,200 customers borrowing from Agribank were affected, with an estimated outstanding loan balance of more than VND 40,000 billion, and direct loan loss of about VND 14,600 billion, of which only 130 customers and VND 94.77 billion - equivalent to 0.65% of the damaged loan balance - were compensated due to insurance.

Faced with this situation, with the desire to help the community better understand natural disaster risks and the importance of insurance for this type of risk, a discussion with the theme: "Natural disaster risk insurance - A fulcrum for informal workers" was organized to discuss and propose, suggest to state management agencies, socio -political organizations, and enterprises to implement policies to attract farmers to participate in natural disaster risk insurance, helping them have a solid fulcrum and stable long-term livelihood. Through the discussion program, the Organizing Committee hopes to help people in Minh Chau island commune have more information and understanding of regulations and conditions for protecting people's assets in case of unfortunate damage due to natural disasters.

This seminar is also a follow-up event of the seminar on "Solutions to ensure livelihoods for workers after natural disasters", within the framework of the communication program "Silent contributions in 2025" organized by the Vietnam Social Security Program and Project Support Fund in collaboration with the Economic and Urban Newspaper and ActionAid International in Vietnam.

Within the framework of the program, the speakers shared about the content of risk insurance in agriculture, introduced the types of insurance that workers can participate in to protect their assets against natural disaster risks, resolved and answered questions about legal or procedural difficulties to improve the ability to attract workers to participate in risk insurance...

Speakers shared a lot of useful information at the seminar. Photo: Mai Hoa

Many opinions say that in order to encourage workers to participate in property insurance, from a legal perspective, we need to have preferential policies or support from the State, perfect the legal framework on property insurance, to help workers, especially vulnerable groups such as farmers or fishermen, have easier access to natural disaster risk insurance...

Source: https://hanoimoi.vn/bao-hiem-rui-ro-thien-tai-diem-tua-cho-lao-dong-phi-chinh-thuc-714016.html