Vietnam insurers to pay over $535,700 in Ha Long Bay boat tragedy claims

The payouts cover both individual life insurance claims and group travel policies purchased for the passengers and crew of the Vinh Xanh 58, which capsized last weekend in one of the country’s worst recent disasters.

Generali Vietnam said it had approved VND6.25 billion ($239,130) in benefits for two deceased policyholders.

Manulife Vietnam is processing over VND6 billion ($229,565) in claims involving three victims.

Bao Viet Life has confirmed six policyholders among the deceased and expects to pay out more than VND1.2 billion ($45,912).

Other insurers, including Dai-ichi Life, AIA, and Prudential, are also verifying coverage and initiating support, company representatives said.

The vessel was covered by Bao Long Insurance under a liability policy with a payout cap of VND30 million ($1,150) per person.

Passenger insurance provided by a consortium of Bao Viet, BSH, PTI, and MIC also includes VND30 million per individual.

Bao Viet said it had deployed staff to the scene and was coordinating directly with authorities to expedite payments.

Some companies have pre-approved payments before families complete all documents, citing the scale and urgency of the tragedy.

The Vinh Xanh 58, carrying 46 passengers and three crew members, capsized on Saturday afternoon after being hit by a sudden squall while touring Ha Long Bay. 

Rescue efforts began immediately, with nearly 1,000 personnel and more than 100 vehicles deployed by the Quang Ninh Border Guard, provincial police, Ministry of Public Security, and other agencies.

Thirty-seven people were confirmed dead, two remain missing, and 10 were rescued.

The Ha Long Bay disaster has highlighted the growing role of Vietnam’s insurance sector in disaster recovery.

In 2024, typhoon Yagi led to insurance claims totaling VND12 trillion ($459 million) nationwide, while a deadly apartment fire that killed 56 people in Hanoi in 2023 prompted life insurance payouts to dozens of families.