On April 24, 2023, as the leading local insurer for Vietnam Helicopter Corporation (VNH), PVI Insurance completed the claim procedures related to Bell 505 VN-8650 hull insurance to be ready to pay VNH the claim amount of USD 1,569,400 (after deductible). Thus, after only 20 days since the loss occurred, PVI Insurance can complete the total hull claim payment for VN-8650.

The fact that PVI Insurance completed the survey, assessment, determination of the extent of damage, getting the agreement on the settlement plan with the international insurance market, etc. and conducted the compensation procedures for customers quickly is the clear evidence of PVI Insurance's capacity, sense of responsibility and professional services in performing the insurer's obligations under the signed insurance contract.

Previously, only 2 days after the incident occurred, PVI Insurance had advanced compensation for the unfortunate passed away pilot of USD 50,000. PVI Insurance is coordinating with the pilot's family to complete the procedure to pay the remaining amount of compensation under Pilot Accident Policy of USD 150,000.

Regarding VNH's liability insurance coverage related to the passengers, PVI Insurance is also working closely with VNH to discuss with passengers' relatives to determine their specific aspirations on a reasonable basis, in accordance with practice and complying with the provisions of the law.

In the afternoon of April 5, 2023, Bell 505 VN-8650 took off from Tuan Chau Island, Ha Long city, Quang Ninh province, had an incident killing four passengers and one pilot.

PVI Insurance - Bao Viet - MIC Consortium is the insurance provider for the fleet of Vietnam Helicopter Corporation (VNH) and PVI Insurance is the leading local insurer in the Consortium.

The insurance program includes hull insurance, aviation liability insurance for passengers and third parties, and personal accident insurance for pilots.