Vietnamplus

Insurance companies should use more electronic transactions and take advantage of high-tech products to better compete in the market, a government official said in Ho Chi Minh City on November 14.

Insurer FWD Group confirmed on November 12 its purchase of Vietcombank-Cardif Life Insurance (VCLI), an unit of Vietnam’s largest listed lender by market value, Vietcombank.

Deputy Prime Minister Vuong Dinh Hue has proposed FWD Insurance of the Pacific Century Group participate in green financial funds for start-up and innovation projects in Vietnam.

Deputy Prime Minister Vuong Dinh Hue received Chairman of the China Taiping Insurance Group Luo Xi in Hanoi on November 12, welcoming the firm’s intention to invest in the insurance market of Vietnam.

Growing demand for health care and disease prevention in Vietnam offers great opportunities for life insurers, especially foreign firms, to develop.

Japanese-based Dai-ichi Life Insurance company has channeled 5.4 billion JPY (50 million USD) into infrastructure development projects in the Mekong region, including Vietnam, Cambodia, and Myanmar.

The Vietnamese insurance market is heating up with many high-value bancassurance deals and mergers and acquisitions (M&A) unveiled recently.

Insurer FWD Group Ltd. is nearing an agreement to pay about 400 million USD for a unit of the Bank for Foreign Trade of Vietnam JSC (Vietcombank), and a long-term insurance distribution agreement with the bank, Bloomberg reported.

Profit growth of Vietnamese banks in 2019 is forecast to be lower than last year, but experts say this should not be cause for concern.

Insurance companies and their agents face stricter scrutiny as a number of Government decisions designed to regulate agents’ qualifications are set to take effect in November.

Vietnam’s insurance sector has targeted a growth rate of 20 percent this year, according to the Vietnam Insurance Association.

Most insurance stocks have underperformed despite a positive outlook for the Vietnamese insurance sector.

Vietnam’s insurance industry maintained positive growth in the first half of this year, with total revenue surging by 24.35 percent year-on-year to nearly 71.15 trillion VND (3 billion USD), the Ministry of Finance’s Insurance Supervisory Authority (ISA) has reported.

Vietnam’s insurance industry maintained positive growth in the first four months of 2019, with total premiums surging by 17 percent year-on-year to 44.3 trillion VND (1.9 billion USD), the Ministry of Finance reported.

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.

Bao Viet Group posted nearly 8.1 trillion VND (348.2 million) in insurance revenue in the first quarter of 2019, a year-on-year increase of 19 percent.

The Vietnam Technological and Commercial Joint Stock Bank (Techcombank) has targeted a pre-tax profit of more than 11.7 trillion VND (504.3 million USD) in 2019, representing a 10 percent year-on-year increase.

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.

Banks and insurance companies are ramping up cooperation in selling life insurance products (bancassurance) to cash in on the high growth segment as some have posted annual triple-digit growth rates in the business.