Insurers, banks lead stock recovery Business

Insurers, banks lead stock recovery

On the HCM Stock Exchange, the VN-Index added another 1.08 percent to close the session at 634.06 points. The VN30, which tracks the top 30 shares by market value and liquidity, also rose 0.55 percent to end at 652.28 points.
Insurance market expected to bloom in ASEAN World

Insurance market expected to bloom in ASEAN

The Southeast Asia region’s insurance market will continue to reap success once the ASEAN Economic Community (AEC) is formed at the end of 2015, said Singapore’s Straits Times.

Non-life insurance hits double-digit growth

Non-life insurance premiums managed to return to a double-digit growth in the first eight months of 2014, according to preliminary reports of non-life insurance companies to the Insurance Supervisory Authority.

Lukewarm response to export credit insurance

Only 46 export credit insurance policies were taken after three years of implementing a Government's pilot programme, according to the Ministry of Industry and Trade's Export and Import Department.

ASEAN Insurance Council opens office in Indonesia

The ASEAN Insurance Council (AIC) established a permanent Secretariat Office in Jakarta, Indonesia on September 19, a move aimed at helping the regional insurance sector and preparing for the ASEAN Economic Community by 2015.
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.

Ministries run trial credit insurance programme

A national trial credit insurance programme aiming to cover nearly 3 percent of export turnover by credit insurance by the end 2013, has been launched by the Finance, Industry and Trade Ministries, the State Bank of Vietnam (SBV) and the Government Office.

Deputy Minister of Finance Tran Xuan Ha said seven insurers have been selected to carry out the pilot programme including Bao Viet, Bao Minh, PetroVietnam Insurance (PVI), Bao Viet Tokio Marine, QBE, Chartis and the United Insurance Company of Vietnam.

Insurance premiums rise in first eight months

The insurance industry reported premiums of more than 23 trillion VND (1.1 billion USD) in the first eight months, according to the Ministry of Finance's Insurance and Supervision Department.

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.