Vietnamese life and non-life insurers are expected to cover an estimated VND14.27bn (US$545,557) for the Vinh Xanh 58 boat that capsized in Ha Long Bay on 19 July, killing at least 37 people and leaving two others missing, according to the Ministry of Finance.
The total payout for life insurers is projected at VND10.07bn, split among Bao Viet Insurance at VND2bn, Generali at VND4.2bn, Manulife at VND3.02bn, Dai-ichi at VND0.7bn, Prudential at VND0.1bn, and AIA at VND0.05bn.
Meanwhile, compensation from non-life insurers is approximately VND4.2bn, covering ship owners’ civil liability for passengers and crew accident insurance at VND1.2bn; passenger accident insurance at VND2bn; and credit insurance at VND1bn.
Travel insurance is embedded in the entrance ticket to the popular tourist destination and Bao Viet Insurance leads the consortium of insurers implementing the programme, along with BSH, PTI, and MIC.
Local media reported that the ship sailed through Ha Long Bay carrying 46 tourists and 3 crew members on 19 July, overturning due to a thunderstorm.
The Ministry said in a 22 July media release that some insurance companies have begun contacting victims’ families to proceed with the payments, while others are still “actively reviewing customer information.”
Bao Viet Insurance says it has coordinated with the Ha Long Bay Management Board and co-insurance companies to verify passengers’ identities, collect medical and death records, and assess the overall damages.
The firm stated the insurance liability for the incident is capped at VND30m per person, in the event of death or bodily injury during the tour.
In addition, the Quang Ninh provincial authorities provided relatives of each deceased victim with VND25m (US$955) for expenses related to funerals and burials, as well as arrangements for transporting the victims back to their hometowns. Ten injured victims were also given VND5m (US$191.15) each, including temporary accommodation for their families.
