A child is rescued from the Vinh Xanh 58 capsized boat on July 19.
The Vinh Xanh 58 vessel, carrying 49 people including 46 tourists and three crew members, capsized during strong winds at around 1.30 pm on July 19 in Ha Long Bay. As of July 23, the accident had claimed 37 lives and left two others missing.
According to preliminary reports from insurers, the total estimated payout related to the incident exceeds VND 14 billion. The Insurance Supervisory Authority, under the Ministry of Finance, has provided a breakdown of this amount across various insurance sectors.
In the non-life insurance category, total compensation is expected to reach VND 4.2 billion. Bao Long Insurance is projected to pay VND 1.2 billion, covering civil liability insurance for the vessel owner and accident insurance for the crew.
Passenger accident insurance, under a co-insurance agreement between Bao Viet Insurance, PTI, MIC, and BSH, is expected to pay out VND 2 billion.
AAA Insurance is responsible for a projected VND 1 billion payment under credit insurance coverage.
In life insurance, the projected payout is approximately VND 10.07 billion (USD 396,000). Specifically, Bao Viet Life is expected to pay VND 2 billion, Generali Vietnam VND 4.2 billion, Manulife over VND 3 billion, Dai-ichi Life VND 700 million, Prudential VND 100 million, and AIA VND 50 million.
Insurance companies have contacted the families of the victims to guide them through the claims process. However, many have yet to complete the necessary paperwork, as some are still in treatment or arranging funerals.
The Insurance Supervisory Authority stated that it would continue to monitor the implementation of insurance obligations, urging insurers to expedite claim settlements and ensure that beneficiaries receive timely and full compensation in accordance with the regulations.
