Tag: insurance

The recent typhoon in Vietnam’s north highlighted the economic peril that can come for businesses and individuals from inadequate or no insurance coverage.

Premium revenue slips as payouts rise to an estimated $2.3 billion.

26th ASEAN Insurance Regulators’ Meeting and 49th ASEAN Insurance Council Meeting to take place in northern Quang Ninh province from December 5-8.

South Korean insurer picks up a 75 per cent stake in Vietnamese company.

Higher demand and new insurance law to boost market.

Existing regulations reveal shortcomings that make it difficult for riders to access payouts.

Total premium revenue so far this year is estimated at $10.5 billion, up 15 per cent.

Information to be retained to ensure that customers have taken out insurance voluntarily.

Vietnam Social Insurance has said it has completed a database of more than 98 million people, connecting with nearly 13,000 medical examination and treatment facilities, and there are more than 620,000 organizations and enterprises using public services nationwide. It has completed providing online public services of level 4 for all administrative procedures of the industry and providing 20 public services under 14 administrative procedures on the National Public Service Portal.

Vietnam’s insurance technology (insurtech) market, which accounts for only 2-3 per cent of total revenue in the insurance market, has a lot of potential to develop. A representative from one insurtech company said the local market is expected to soon reach into the tens of billions of dollars, and the comprehensive application of digitalization in the insurance industry will drive sustainable market growth.

Employers have been exempted from paying unemployment insurance premiums for the past year in an effort to help them overcome Covid-19. As production and business activities return to some semblance of normal, compulsory unemployment insurance premiums will be re-applied from October 1, at 1 per cent of an employee’s monthly salary.

Analysts believe that positive points in the revised Law on the Insurance Business include the removal of limits on investment in stocks and corporate bonds and the granting of permission to invest in trust funds. The revised law also allows foreign investors to own up to 100 per cent of charter capital in insurance or reinsurance companies.

By August 19, eight days after implementation began, the VND1.1 trillion ($47 million) package from the Unemployment Insurance Fund to assist workers has helped more than 298,000 workers. The amount spent stands at nearly VND845 billion ($36 million), or 72 per cent of the plan.

Despite being a relatively new concept, bancassurance is growing rapidly and been identified by insurance companies, especially life insurers, as one of two main distribution channels, along with the agent channel. With the revised Law on Insurance Business to take effect from January 1, 2023, the channel will develop even more strongly and sustainably.

The revised Law on Insurance Business, passed by the National Assembly (NA) on June 16 and effective from January 1, 2023, stipulates that insurance companies are not permitted to invest in real estate business, except by buying shares in real estate enterprises listed on the stock market.

Agribank and FWD Vietnam have reached an agreement under which the former will distribute the latter’s insurance products within its network. The deal will make use of Agribank’s distribution network - the largest and most extensive in Vietnam - and FWD’s strengths in developing insurance products suitable for a wide range of customers and digital platforms.

Insurance companies going digital during the pandemic and the age of 4.0.

The professional reserve fund of Deposit Insurance of Vietnam currently stands at VND73.6 trillion ($3.23 billion). It contributes to the safety of the country’s banking and finance sector and is an important financial resource helping the agency better perform its functions and tasks.

The continuous decline in new motor car sales has affected the motor vehicle insurance revenue of non-life insurance companies, which reached just over VND10 trillion ($439.54 million) in the first eight months of 2021, down 7.7 per cent year-on-year.

Twenty-six per cent of Vietnamese consumers took out insurance policies during the fourth wave of Covid-19, according to a YouGov survey. This presents major opportunities for insurance companies in the country.