Boat capsizing in Ha Long Bay: Insurance expected to compensate over 14 billion VND

On July 22, the Ministry of Finance informed that insurance companies had quickly reported on the damage and insurance compensation in the capsized tourist boat Blue Bay 58 in Ha Long Bay on the afternoon of July 19 due to storms.

Accordingly, the Department of Insurance Management and Supervision ( Ministry of Finance ) informed that in the field of non-life insurance, the total amount of insurance compensation is expected to be 4.2 billion VND. Specifically, the shipowner's civil liability insurance for passengers and crew accident insurance expected to be paid by Bao Long Insurance Company is 1.2 billion VND.

Passenger accident insurance is jointly insured by Bao Viet Insurance Company with the Post and Telecommunication Insurance Corporation (PTI) and the Military Insurance Corporation (MIC), with an expected payout of 2 billion VND. Credit insurance is paid by AAA Insurance Corporation, with an expected compensation of 1 billion VND.

For life insurance, the total expected insurance payment is 10.07 billion VND. Of which, Bao Viet is expected to pay 2 billion VND. Generali Vietnam is 4.2 billion VND. Manulife is expected to pay more than 3 billion VND, Dai-ichi is expected to pay 700 million VND, Prudential is expected to pay 100 million VND and AIA is expected to pay 50 million VND.

Currently, insurance companies have proactively contacted the victims’ relatives to guide them through the procedures and make payments. However, according to information from the companies, many victims or their families have not yet completed their records because they are in the process of treating their injuries or arranging for funerals.

The Insurance Management and Supervision Department said it will continue to closely monitor the implementation of insurance companies. At the same time, it will urge and support businesses in the process of insurance advances and payments, to ensure that insurance benefits are resolved fully, promptly and in accordance with regulations.

Previously, on July 21, the Department of Insurance Management and Supervision also sent a document requesting the Vietnam Insurance Association and insurance companies to report on the damage and insurance compensation in the capsized tourist ship Bay Xanh 58.

The Department recommends that insurance companies proactively coordinate with relevant agencies and individuals to determine damage to people and property of organizations and individuals participating in insurance; immediately make advance compensation, compensation and pay insurance money quickly, promptly and fully to insurance buyers and beneficiaries according to the agreement in the contract and legal regulations.

FLOODING WATER

Source: https://www.sggp.org.vn/vu-lat-tau-tren-vinh-ha-long-du-kien-bao-hiem-boi-thuong-hon-14-ty-dong-post804864.html