According to the Ministry of Finance’s statistics, in the first half of this year, the total premium income for compulsory motor third-party liability insurance for motorcycles and mopeds was 431.7 billion VND. Of this, nearly 42 billion VND was paid out in compensation, with a further 35.8 billion VND set aside as reserves.
In 2023, the Ministry of Finance issued Decree 67, introducing new regulations to simplify the compensation process and protect the interests of insurance policyholders.
This year, the Ministry of Finance conducted inspections of four non-life insurance companies regarding compulsory motor vehicle insurance and audited eight non-life insurance companies on their compliance with regulations on compulsory third-party liability insurance for motorcycle owners.
In the first half of 2024, motorcycle insurance compensation payouts totaled 41.9 billion VND. Image: LVN. |
Previously, voters from many localities had submitted proposals regarding compulsory third-party liability insurance for motorcycles. Most recently, voters from Lam Dong province argued that very few people actually benefit from this insurance. They proposed that the collection and disbursement of funds for this type of compulsory insurance should be made transparent.
In response to the voters’ proposals, the Ministry of Finance stated that the Government’s Decree 67, which has been in effect for over nine months, includes provisions that simplify the compensation process and enhance the benefits for insurance policyholders.
“Motorcycle and moped accidents account for approximately 70% of all road traffic accidents in Vietnam. These accidents have caused harm to victims and vehicle owners and have impacted society as a whole,” the Ministry of Finance explained, justifying the need for compulsory third-party liability insurance for motorcycles.
The compulsory insurance premium for motorcycles ranges from 55,000 to 60,000 VND per vehicle per year, depending on the engine displacement.
By Quỳnh Nga
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