Latest news with #TyphoonYagi
Business Wire
5 days ago
- Business
- Business Wire
AM Best Assigns Credit Ratings to Bao Viet Insurance Corporation
SINGAPORE--(BUSINESS WIRE)-- AM Best has assigned a Financial Strength Rating of B++ (Good), a Long-Term Issuer Credit Rating of 'bbb+' (Good) and the Vietnam National Scale Rating (NSR) of (Exceptional) to Bao Viet Insurance Corporation (BVGI) (Vietnam). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect BVGI's balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings also factor in rating enhancement from BVGI's parent, Bao Viet Holdings (BVH), a major finance and insurance group in Vietnam. AM Best assesses BVGI's balance sheet strength as very strong, underpinned by its risk-adjusted capitalisation, as measured by Best's Capital Adequacy Ratio (BCAR), which is expected to remain at the strongest level over the medium term. In addition, AM Best views the company as having good financial flexibility, as demonstrated by historical capital injections from BVH. In addition, BVGI has a moderate-risk investment portfolio, with the majority of the company's investments allocated to cash, term deposits and bonds and the remainder held in equity investments and real estate. The company has a moderate reinsurance reliance to support its underwriting capacity and manage catastrophe exposure, although its exposure to credit risk is mitigated partially by the high credit quality of its reinsurance panel. AM Best assesses BVGI's operating performance as adequate, with a five-year average return-on-equity ratio of 9% (fiscal years 2020-2024). In 2024, the company delivered robust operating results with a return-on-equity ratio of 11.8% despite the impact of Typhoon Yagi. The company's prospective underwriting performance is expected to be supported by prudent underwriting and pricing discipline. Furthermore, the company's stable investment income, which comprises mainly interest and dividend income, also is supportive of overall profitability. AM Best assesses BVGI's business profile as neutral. BVGI is the second-largest non-life insurer in Vietnam, with a market share of 13% based on direct premiums written in 2024. BVGI's underwriting portfolio is diversified moderately by line of business, with health and personal accident and motor vehicle insurance being the key lines. Also, the company distributes its products mainly through agencies and brokers. BVGI's ratings incorporate rating enhancement from its ownership and integration with BVH. The company benefits from group-wide corporate governance, as well as access to shared resources and services across various business functions. Although BVGI's operations account for a small portion of the group's consolidated revenue, the company is considered strategically important to the group. Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
Yahoo
7 days ago
- Climate
- Yahoo
Old clip falsely linked to fatal tour boat accident in Vietnam's Ha Long Bay
An old video of a ferry capsizing after being battered by strong winds and waves has been recirculated by social media users who falsely claim it shows a deadly tourist boat sinking during a storm in Vietnam's Ha Long Bay on July 19, 2025. The clip was published earlier in Vietnamese media reports about the impact of Typhoon Yagi in September 2024, one of the region's strongest storms that year. "Vietnam: A tourist boat sank while traveling in Ha Long Bay after facing strong sudden winds from storm Wipha, causing 34 fatalities,' reads the Thai-language caption on an X post dated July 19, 2025. The caption continues: "Authorities are urgently searching for dozens of missing individuals." The post includes a video of a boat being lashed by wind and rain before slowly tilting to the right and capsizing. At least 35 people were killed when the tourist boat capsized during a storm on July 19 in what some have called Ha Long Bay's worst disaster (archived link). However, local media quoted the director of the country's National Center for Hydrometeorological Forecasting saying the thunderstorms in northern Vietnam were not caused by the influence of Tropical Storm Wipha in the South China Sea. The same video of the boat sinking was linked to the July disaster elsewhere on X and Facebook, as well as in English and Burmese-language posts. But a reverse image search on Google found the video was published online months earlier in reports about a different storm. The footage was published on the verified Facebook page of Vietnamese media outlet VTC News on September 7, 2024 with the caption "Tourist boat capsizing in Ha Long Bay" (archived link). Other Vietnamese media outlets published the clip in reports from September 7 and 8, 2024 about storm number three -- the local name for Typhoon Yagi (archived links here and here). The super typhoon killed at least 197 people in Vietnam as its associated heavy rains brought flooding and caused landslides. Thousands more had to be evacuated as the storm disrupted export lines across the Red River delta (archived link). Shipwreck Log, a blog that documents shipwrecks and maritime accidents, reported that several boats were damaged or sunk as Typhoon Yagi made a landfall in Vietnam and included the same footage of the black and white ship sinking (archived link). The tourist ferry that capsized in July 2025 can be seen in AFP photos that show a blue and white vessel with different railings.
AFP
7 days ago
- Climate
- AFP
Old clip falsely linked to fatal tour boat accident in Vietnam's Ha Long Bay
"Vietnam: A tourist boat sank while traveling in Ha Long Bay after facing strong sudden winds from storm Wipha, causing 34 fatalities,' reads the Thai-language caption on an X post dated July 19, 2025. The caption continues: "Authorities are urgently searching for dozens of missing individuals." The post includes a video of a boat being lashed by wind and rain before slowly tilting to the right and capsizing. At least 35 people were killed when the tourist boat capsized during a storm on July 19 in what some have called Ha Long Bay's worst disaster (archived link). Image Screenshot of the false X post, with a red X added by AFP However, local media quoted the director of the country's National Center for Hydrometeorological Forecasting saying the thunderstorms in northern Vietnam were not caused by the influence of Tropical Storm Wipha in the South China Sea. The same video of the boat sinking was linked to the July disaster elsewhere on X and Facebook, as well as in English and Burmese-language posts. But a reverse image search on Google found the video was published online months earlier in reports about a different storm. The footage was published on the verified Facebook page of Vietnamese media outlet VTC News on September 7, 2024 with the caption "Tourist boat capsizing in Ha Long Bay" (archived link). Image Screenshot comparison between the false X post (L) and the video posted on Facebook by VTC News Other Vietnamese media outlets published the clip in reports from September 7 and 8, 2024 about storm number three -- the local name for Typhoon Yagi (archived links here and here). The super typhoon killed at least 197 people in Vietnam as its associated heavy rains brought flooding and caused landslides. Thousands more had to be evacuated as the storm disrupted export lines across the Red River delta (archived link). Shipwreck Log, a blog that documents shipwrecks and maritime accidents, reported that several boats were damaged or sunk as Typhoon Yagi made a landfall in Vietnam and included the same footage of the black and white ship sinking (archived link). The tourist ferry that capsized in July 2025 can be seen in AFP photos that show a blue and white vessel with different railings.
Barnama
22-07-2025
- Business
- Barnama
AM Best Assigns Stable Outlook To Vietnam's Military Insurance Corporation
BUSINESS KUALA LUMPUR, July 22 (Bernama) -- Global credit rating agency, AM Best has assigned a financial strength rating of B++ (Good), a long-term issuer credit rating of 'bbb' (Good) and a Vietnam National Scale Rating (NSR) of (Exceptional) to Military Insurance Corporation (MIC). The outlook assigned to these credit ratings (ratings) is stable, reflecting Vietnam-based MIC's balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. AM Best in a statement said the ratings also factored in a neutral impact from the company's ultimate parent, Military Commercial Joint Stock Bank (MB). As measured by Best's Capital Adequacy Ratio, MIC's balance sheet strength assessment is underpinned by the strongest level of risk-adjusted capitalisation. It benefits from good financial flexibility, with a demonstrated track record of capital injections over the last 10 years. The company's track record of robust internal capital generation is also viewed to be supportive of capital requirements arising from planned business growth, in addition to having a conservative investment strategy, with the majority of investments held in cash, term deposits and fixed-income securities. AM Best considers MIC's operating performance to be satisfactory, with an average return on equity of 11.2 percent over five years and a combined ratio of 98.5 percent from 2020 to 2024, while its steady income from term deposits and bonds plays a key role in its total earnings. However, the company posted an underwriting loss last year, mainly driven by Typhoon Yagi and other one-off factors, as it also reported a return to underwriting profitability in the first quarter of 2025. Prospective business expansion in wholesale lines is expected to support an improvement in overall results. Furthermore, the credit rating agency assesses MIC's business profile as neutral. The company ranked fourth by gross premiums written in Vietnam's non-life insurance market, with approximately 6.3 per cent market share in 2024. -- BERNAMA
The Star
20-06-2025
- Politics
- The Star
PM orders urgent action to prepare for storm season
Officers and soldiers assist residents in Hue City to harvest rice submerged by floods following Storm Wutip on June 13. -VNA/VNS/ANN HANOI: Prime Minister Pham Minh Chinh has issued a new directive calling for urgent and comprehensive measures to strengthen disaster preparedness, response and recovery ahead of the 2025 rainy and storm season. The directive, signed on Thursday (June 19), comes amid concerns over fragmented regulations, weak infrastructure and increasingly erratic weather patterns caused by climate change. Ministries, provinces and agencies are instructed to ensure continuous monitoring, timely response and clear communication across all levels. Local leaders must maintain full operational capacity during the merging of administrative units and ensure uninterrupted leadership during disasters. Authorities are tasked with updating emergency response plans, addressing risks exposed during Typhoon Yagi in 2024 and improving infrastructure resilience, particularly dykes, dams, power and telecom systems, and urban drainage. The PM emphasised the "four on-the-spot" approach, i.e., on-the-spot command, on-the-spot manpower, on-the-spot supplies and on-the-spot logistics, to reduce damage, especially human casualties. Heads of provincial and municipal governments are held accountable for all disaster response operations in their jurisdictions. The Ministry of Agriculture and Environment will oversee weather monitoring and accelerate digital transformation in forecasting and early warning systems. It must also coordinate with other ministries to finalise flood management plans for key river basins and ensure safe reservoir operations. The Ministry of Industry and Trade will be responsible for hydropower safety and electricity supply, while the Ministry of Construction must tackle urban flooding, particularly in major cities. The Ministry of National Defence is finalising a decree to implement the Civil Defence Law and will lead efforts to mobilise resources during emergencies. The Ministries of Public Security; Education; and Finance are also directed to prepare safety measures for vulnerable communities, schools and ensure funding for disaster recovery. Meanwhile, national media outlets are tasked with raising public awareness and providing timely, accurate updates on disaster situations. The directive assigns Deputy Prime Minister Tran Hong Ha to oversee the implementation of these measures, while the Government Office will monitor progress and report emerging issues directly to the PM. - Vietnam News/ANN
