Insurance firms nationwide are warming up to launch a range of new products to catch the opportunity to do business this year after optimistic forecasts on Vietnam and the world’s economic recovery.
Bao Viet, the giant of the Vietnamese insurance sector, continues to maintain its position by planning to offer insurance for export credits, the first of its kind in Vietnam . The insurer plans to launch the new product on the market in the second quarter of this year for all exporters.
Meanwhile, SHB-Vinacomin Insurance (SVIC) says that it will develop other services for its customers around the country. Beforehand, SVIC only provided services to members of the Vietnam National Coal and Minerals Industries Group (Vinacomin).
Other insurers like PetroVietnam Insurance (PVI), Vien Dong (Far East) Insurance (VASS) have strengthened their positions by expanding the scale of their operations, increasing their chartered capital, raising their competitiveness and seeking out more experienced foreign investors.
As planned, PVI will increase its chartered capital to 1.6 trillion VND early this year, more than 1.5 times higher than their current chartered capital.
VASS will also finalise plans to increase their chartered capital to 600 billion VND in 2010.
With foreign insurers, Prudential Vietnam Insurance and Liberty Vietnam Insurance seem quite optimistic and expect developments in the market.
Prudential Vietnam plans to introduce many new innovative and appropriate products to the market this year.
According to the Finance Ministry, the insurance sector’s total revenues reached 24.7 trillion VND (1.3 billion USD) in 2009. Of this turnover, non-life insurance contributed 13.25 trillion VND and life insurance made 11.43 trillion VND, year on year increases of 21 percent and 11 percent, respectively./.
Bao Viet, the giant of the Vietnamese insurance sector, continues to maintain its position by planning to offer insurance for export credits, the first of its kind in Vietnam . The insurer plans to launch the new product on the market in the second quarter of this year for all exporters.
Meanwhile, SHB-Vinacomin Insurance (SVIC) says that it will develop other services for its customers around the country. Beforehand, SVIC only provided services to members of the Vietnam National Coal and Minerals Industries Group (Vinacomin).
Other insurers like PetroVietnam Insurance (PVI), Vien Dong (Far East) Insurance (VASS) have strengthened their positions by expanding the scale of their operations, increasing their chartered capital, raising their competitiveness and seeking out more experienced foreign investors.
As planned, PVI will increase its chartered capital to 1.6 trillion VND early this year, more than 1.5 times higher than their current chartered capital.
VASS will also finalise plans to increase their chartered capital to 600 billion VND in 2010.
With foreign insurers, Prudential Vietnam Insurance and Liberty Vietnam Insurance seem quite optimistic and expect developments in the market.
Prudential Vietnam plans to introduce many new innovative and appropriate products to the market this year.
According to the Finance Ministry, the insurance sector’s total revenues reached 24.7 trillion VND (1.3 billion USD) in 2009. Of this turnover, non-life insurance contributed 13.25 trillion VND and life insurance made 11.43 trillion VND, year on year increases of 21 percent and 11 percent, respectively./.
