Estimated insurance compensation for the capsized ship Vinh Xanh 58
(Chinhphu.vn) - The Department of Insurance Management and Supervision (Ministry of Finance) said that as of 11:00 a.m. on July 22, the total amount of compensation and insurance payments for the capsized ship Vinh Xanh 58 was estimated at 14.27 billion VND. Insurance companies are urgently coordinating to complete payment procedures for the victims and their families.
Báo Chính Phủ•22/07/2025
Insurance expected to pay more than 14.2 billion VND for the capsized ship Bay Xanh 58
Life insurancecompensationaccounts for 70%
According to the data reported by insurance companies to the Insurance Management and Supervision Department, as of 11:00 a.m. on July 22, the total amount of compensation and insurance payments related to human and property damage in the capsized ship Vinh Xanh 58 was estimated at about 14.27 billion VND.
Among these, insurance claims and payments are divided into two main groups: non-life insurance and life insurance.
Non-life insurance accounts for about 29.4% of the total, with an estimated amount of 4.2 billion VND. Of which, civil liability insurance of ship owners for passengers and crew accident insurance (Bao Long): 1.2 billion VND. Passenger accident insurance (co-insured by Bao Viet with PTI, MIC and BSH): 2 billion VND; Credit insurance (AAA): 1 billion VND; Life insurance accounts for the majority with 10.07 billion VND, equivalent to about 70.6% of the total payment.
Thus, a total of VND14.27 billion is expected to be paid to the victims and their families. Currently, insurance companies have proactively contacted the families of the victims to carry out the compensation and payment process according to the contract. However, most families have not been able to complete the procedures to receive insurance benefits because many people are still being treated for injuries or are preparing for funerals.
The management agency has closely directed the payment.
Previously, implementing the Prime Minister's request in Official Dispatch No. 114/CD-TTg dated July 19, 2025 on "relevant agencies urgently and effectively implementing the work of... overcoming the consequences of the accident, promptly visiting, encouraging and supporting the families of the victims", the Department of Insurance Management and Supervision ( Ministry of Finance ) issued Official Dispatch No. 896/QLBH-PNT requesting insurance companies to proactively coordinate with relevant agencies, organizations and individuals to determine the damage to people and property of organizations and individuals participating in insurance.
At the same time, 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. The Vietnam Insurance Association coordinates with insurance companies to organize humanitarian support according to internal regulations and relevant legal regulations.
In addition, the Department requested the Vietnam Insurance Association to coordinate with insurance companies to organize humanitarian support for victims and their families according to internal regulations and current legal regulations. Insurance companies are also continuing to review the list of related customers to ensure that all eligible cases will be processed for compensation promptly.
According to insurance companies, in the coming time, when the injury treatment and burial process is completed, payments to the families of the victims will be implemented simultaneously. This is to help the victims and their relatives receive financial support soon to stabilize their lives after a serious accident.
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