The draft Law on amendments and supplementations to a number of articles of the Law on Insurance Business was put into discussion during the 14th National Assembly’s seventh session on May 20.
The first corporate social responsibility programme (CSR) based on a digital platform in Vietnam’s life insurance market, the Aviva Community Fund 2019, has been officially launched in HCM City.
The northern province of Quang Ninh maintained its top spot for two consecutive years in the Provincial Competitiveness Index (PCI) 2018 that was announced in Hanoi on March 28.
The Vietnam Social Security (VSS) reported that the number of participants in health insurance has increased to 83.6 million, or 87.7 percent of the population.
A plan approved by Prime Minister Nguyen Xuan Phuc targets that 11 percent of Vietnam’s population will have bought life insurance by 2020, and the rate will reach 15 percent by 2025.
Total assets of Vietnamese insurance companies in the first eight months of the year surged sharply by 35.16 percent year-on-year to nearly 365.52 trillion VND (15.55 billion USD), a report from the Ministry of Finance (MoF) showed.
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.
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