HÀ NỘI — Timely and transparent claim settlements are crucial for the insurance sector to restore trust and play its role in the economy, experts said at a conference held by the Insurance Association of Việt Nam on Thursday.

Deputy General Secretary of Việt Nam Insurance Association Ngô Trung Dũng said that benefit payments are the most exact measurement of an insurance company's commitment and a key factor in building trust.

The association’s statistics show that life insurance benefit payments from January to mid-July are estimated at a total of VNĐ28.9 trillion (US$1.1 billion), an increase of 6.5 per cent over the same period last year.

A key factor in strengthening trust is ensuring that insurance companies provide timely support when customers are having a difficult time.

Insurance companies are stepping up their processes through digitalisation to shorten the time it takes to approve payment requests to just a few minutes, Dũng said.

This effort is evident in recent cases, such as the Hạ Long Bay boat tragedy, where insurers swiftly worked with local authorities to locate clients, speed up procedures, and raise payouts beyond initial estimates. Likewise, advance compensation in the Hà Tĩnh coach accident showed the sector’s prompt response.

Nguyễn Ngọc Tuấn from Phạm Ngọc Thạch University of Medicine said that health insurance cannot cover all costs in cases where patients use more expensive drugs and services.

Participating in life insurance and supplementary health insurance packages will thus help cover additional expenses beyond the scope of heath insurance.

The association’s statistics show that insurance premiums totalled VNĐ114.8 trillion in the first six months of this year, up 5 per cent over the same period last year.

Of this figure, life insurance premiums totalled VNĐ72.9 billion, up 2.5 per cent. — VNS