Vietnamplus

The Bao Viet Group ranked first among the insurance companies in Vietnam with a revenue of more than 9.9 trillion VND (nearly 423.7 million USD) in the first half of 2018.

Vietnam’s insurance industry achieved high year-on-year growth of 24.35 percent in the first half of 2018, helping total revenue to reach more than 58.65 trillion VND (2.58 billion USD).

Most insurance businesses are planning to apply new technologies in management systems and improving customer services, and many also plan to study new products to meet the market’s demand and diversify insurance sale channels, according to a recent Vietnam Report survey.

Prime Minister Nguyen Xuan Phuc wished the Italian life insurance group Generali success in doing business in Vietnam during his reception in Hanoi for the group’s Director General Philippe Donnet.

The Ministry of Finance (MoF) has proposed slashing 38 business conditions and simplifying 40 administrative procedures in the securities sector in its law review this year.

Deputy Prime Minister Vuong Dinh Hue received in Hanoi on April 19 Deputy Chairman of the management board of Germany’s Talanx AG Group Christian Hinsch.

The participation of foreign investors in Vietnam’s insurance market will develop the market while enriching domestic insurers with experience and governance.

Non-life insurance premium in 2017 continued its sustained growth, with an estimated revenue of 40.5 trillion VND (1.78 billion USD), representing an 11 per cent year-on-year increase.

Insurer Bao Viet’s brand value was estimated at 108 million USD by Brand Finance, an UK-based independent branded business valuation and strategy consultancy, up 19 million USD from 2016.

The insurance market has maintained a high growth rate of 21.2 percent in 2017, gaining revenue of 105.61 trillion VND (4.65 billion USD), a senior finance ministry official has said.

Total premiums collected by Vietnam’s insurance security companies surged 20.4 percent year-on-year to 84.19 trillion VND (3.71 billion USD) in the first ten months of 2017, according to the Ministry of Finance.

Touting it as a win-win deal for everyone, banks and insurance companies in Vietnam are promoting the “bancassurance” model to exploit a market with huge untapped potential.

The finance, banking and insurance industry expanded 7.89 percent in the first nine months of this year, the highest level recorded in the past seven years.

The total premium collected by insurance companies in the first eight months of 2017 surged by 21.9 percent year on year to nearly 65.56 trillion VND (2.89 billion USD).

Deputy Prime Minister Vuong Dinh Hue has stressed opportunities for AIA Group Limited to invest in Vietnam’s potential life insurance market.

The total premiums collected by insurance companies in the first seven months of 2017 surged by 20.9 percent year on year to 57 trillion VND (2.5 billion USD).

The total premium collected by insurance companies in Vietnam in the first half of 2017 has grown 21 percent year-on-year to 47.17 trillion VND (1.8 billion USD).

The Republic of Korea-based Samsung Fire & Marine Insurance (SFMI) signed agreements to become a strategic investor of Petrolimex Joint Stock Insurance Company (PJICO) and to acquire 20 percent stake in the Vietnamese insurer in Hanoi on May 5.

Experts underscored the necessity and significance of the Finance and Disaster Risk Insurance Initiative within the framework of APEC at a seminar that concluded in Nha Trang city on February 21.

The insurance market in Vietnam is poised for robust growth in 2017, bolstered by the anticipated improved economic outlook, along with the Government’s policies of promoting the services market.