Bao Viet leads non-life insurance market

The leading non-life insurer remains Bao Viet insurance corporation with premiums of 5.4 trillion VND (260 million USD), according for 23.8 percent of the market share.
Sumitomo Life acquires 18% stake in BaoViet Holdings Business

Sumitomo Life acquires 18% stake in BaoViet Holdings

Japanese insurer Sumitomo Life purchased HSBC Insurance’s 18 percent stake in BaoViet Holdings for about 7 trillion VND (340 million USD on Dec. 20, to become the new strategic investor of the largest insurance company in Vietnam.

Insurance premiums to total 2.2b USD in 2012

The insurance market will continue to expand this year, with total premiums expected to reach 46 trillion VND (2.2 billion USD), up 24 percent from last year, says a recent report from A.M. Best, a credit rating agency covering the insurance industry.

Local insurers must improve as foreign firms set up in Vietnam

As Vietnam continues to open up its insurance market further, allowing foreign non-life insurance companies to set up branches in the country, domestic firms will have to improve their act to cope with stronger competition, industry insiders say.

Phung Gia Loc, General Secretary of the Association of Vietnamese Insurers (AVI), said domestic non-life insurance companies will have to face more rivals with greater advantages this year.

Bright outlook for insurance

Vietnam’s insurance market is expected to continue its 2011 growth rate, with an estimated 19-21 percent year-on-year increase in 2012, according to an industry official.

Insurance market up more than 20 percent in H1

Despite economic difficulties, the insurance market still surged 20.34 percent in the first half of the year against the same period in 2010, said the Ministry of Finance's Insurance Supervisory Authority.

VN offers ample opportunities for int'l insurers

"Research and Markets" has said that Vietnam insurance market is one of the fastest growing insurance markets in the world and Vietnam insurance sector offers ample opportunities for international insurers.

Insurers urged to prioritise services

Insurance companies saw high profits last year, with insurance premiums totalling 30.8 trillion VND (1.5 billion USD) in 2010 – far surpassing 2009's total of 25.5 trillion VND (1.2 billion USD), said the president of the Association of Vietnamese Insurers, Trinh Quang Tuyen.

Insurance premium grows 20 percent

Total insurance premiums are estimated to have reached 30.69 trillion VND (1.57 billion USD) this year, a rise of 20.3 percent on last year, according to the Ministry of Finance's Insurance Management and Supervision Department.

Pioneering project insures bright rural future

While the country is waiting for Government approval of a pilot agricultural insurance project, a model of livestock insurance fund in Son La province’s Moc Chau Dairy Cow Breeding JSC (MCDCB) has been successful, helping minimise risks for farmers.

Demand for life insurance increases

The domestic life insurance market has been sparked into life by a story that received wide media coverage about a businesswoman whoa paid an annual premium of 1.2 billion VND (61,000 USD).

Seminar highlights safety in oil & gas industry

Enhancing safety during offshore oil and gas exploration and production was the main topic of a seminar, hosted by the Vietnam National Oil and Gas Group (PetroVietnam) in Ho Chi Minh City on Sept. 30.

Vietnam's nonlife insurance market gathers steam

The Japanese economic daily, Nikkei on August 11 carried an analysis saying that Vietnam's nonlife insurance market is attracting more and more corporate and individual customers, and the intensifying competition may spur a realignment among insurers.