Life insurance paid out 20.1 billion VND for the ship sinking in Ha Long

In the first 6 months of 2025, life insurance paid out more than VND28,890 billion to customers, up 6.44% over the same period. The Vietnam Insurance Association said that companies have digitized processes and paid compensation quickly.

Scene of the shipwreck in Ha Long

According to data from the Insurance Association of Vietnam (IAV), in the first 6 months of 2025, life insurance companies paid customers more than VND 28,890 billion, an increase of VND 1,747 billion compared to the same period in 2024 (paid VND 27,143 billion).

Contributing to the growth in insurance benefit payments across the market in the first half of the year, Manulife alone paid nearly VND4,000 billion. Most recently, in the Ha Long boat accident, the company quickly paid more than VND9.2 billion to the families of 6 unfortunate customers. In total, in this incident, life insurance companies paid a total of VND20.1 billion in benefits to customers.

According to Mr. Ngo Trung Dung, Deputy General Secretary of IAV, the amount of benefits paid to customers as above has shown the level of attachment of life insurance to millions of Vietnamese families, contributing to supporting families to overcome difficulties. Implementing the new regulations, since July 1, all businesses have restructured their products.

Mr. Ngo Trung Dung, Deputy General Secretary of IAV, shared about how insurance companies have promoted digitalization of the compensation process.

Recently, many companies have also stepped up digitizing the entire compensation process, from application submission, review to transfer... to help customers carry out all procedures right on their phones. In some places, it takes less than 24 hours from receiving all documents to completing payment.

Some businesses are also applying artificial intelligence to shorten approval time to just a few hours. For example, Manulife has launched an online document supplement portal to help customers submit documents quickly; automation to shorten the time to resolve insurance benefits for customers...

From July 1, insurance companies must restructure and stop selling products with integrated supplementary benefits. Therefore, companies have designed new products to meet the diverse needs of customers.

At a recent discussion about the stories behind insurance contracts, many customers shared real stories of buying insurance without carefully researching or understanding it, but buying it because relatives and friends persuaded or even pressured them.

However, Mr. Ngo Trung Dung noted that customers need to carefully understand their rights and obligations when entering into a contract. Pay attention to the benefits when risks occur, the right to be considered within 21 days and the right to have the terms clearly explained, especially the exclusion clauses. Regarding obligations, it is necessary to pay attention to the obligation to read the contract and the obligation to make honest declarations.

PLUM FLOWER

Source: https://www.sggp.org.vn/vu-chim-tau-tai-ha-long-bao-hiem-nhan-tho-da-chi-tra-201-ty-dong-post809216.html