Of note, Vietnam’s insurance industry is expected to grow by an estimated 8.5 percent from VND 60.15 trillion or US$2.6 billion in 2021 to VND 90.24 trillion or US$3.5 billion in 2026. This growth is expected to be supported by Vietnam’s rapid economic growth and regulatory policies, for example new compulsory insurance for construction contractors and mandatory fire and explosion insurance…

Top 10 life insurance firms in Vietnam dominated by foreign firms

the-shiv June 19, 2024

Of note, Vietnam’s insurance sector has struggled over the last year or so with a number of high-profile instances of consumers claiming they were duped into purchasing insurance products.That said, it is slowly recovering with Vietnam Report’s survey results finding 45.5 percent of industry respondents expect the industry to grow by around 5 to 10 percent this year…

Foreign firms buy up Vietnam insurance businesses in wake of market turmoil

the-shiv March 7, 2024

South Korea’s DB Insurance last month bought stakes in Vietnam National Aviation Insurance JSC (VNI) and Saigon – Hanoi Insurance (BSH) equivalent to about 75 percent of each of the firms’ listed shares, Vietnam News is reporting. It also points out that Finland’s Pyn Elite, through the course of last

Fines up to US$4,000 for insurance firms that mislead customers on cards

the-shiv January 3, 2024

A proposed decree from Vietnam’s Ministry of Finance could see life insurance providers that mislead customers fined up to US$4,000, Vietnam News is reporting. This comes on the back of reports throughout 2023 of banks misleading or coercing customers into purchasing insurance products in order to draw commissions from insurance

Vietnam insurance premium revenue goes backward for first time in years

the-shiv December 29, 2023

Revenue from insurance premiums in Vietnam has fallen for the first time in 20 years, Tuoi Tre is reporting. Premiums pulled in VND 227,100 billion (US$9.35 billion), down 8.3 percent over 2022. This is likely due to a bancassurance scandal whereby it was alleged bank staff misled customers into believing

Insurance in Vietnam: Industry Overview 2024

the-shiv December 29, 2023

Vietnam’s insurance industry has grown rapidly in recent years. As incomes have risen and Vietnam’s middle class has begun to accumulate valuable assets, the need for insurance has become readily apparent. This culminated in 2022, with reported gross written premiums in excess of US$10.2 billion up from US$9 billion in

Vietnam’s insurance market records strong growth despite bad press

the-shiv December 12, 2023

The total assets of insurance companies in Vietnam reached almost VND 913.37 trillion (US$$37.6 billion) in the first 11 months of 2023, up 11.12 percent year-on-year, Vietnam News reported citing Vietnam’s Ministry of Finance data. It also reported that total equity of insurance firms in Vietnam was estimated to be

Outlook stable for Vietnam’s non-life insurance segment: AM Best

the-shiv November 30, 2023

Global credit rating agency focused on the insurance sector, AM Best, has said in a press release that the outlook for Vietnam’s non-life insurance sector is stable, despite a recent bancassurance scandal. It says that updates to the Insurance Business Law this year should strengthen risk management in the sector

New deal: Shinhan Bank Vietnam to offer corp. clients Samsung insurance

the-shiv October 17, 2023

Shinhan Bank Vietnam and Samsung Vina Insurance Company have signed a deal for the former to offer the latter’s property insurance products to its corporate clients, Vietnam News is reporting. Why it matters: This is positive news for insurance companies and bancassurance agreements which have been under increased scrutiny this

VN insurance firms scramble to refresh image after insurance revenue plummets

the-shiv August 28, 2023

Vietnam’s major insurers have recorded huge drops in revenue on the back of well publicised allegations of fraud and coercion, according to Vietnam News. Firms are now looking to refresh their images and create more transparent processes and procedures. Details on exactly what those processes and procedures are is scant,