Category: Insurance

Of note, last year allegations emerged bank customers were allegedly being told by staff at several, banks they were depositing money into high-interest savings products, but in reality, they were being sold insurance policies. This did broad reputational damage to the insurance industry from which it looks to still be struggling to recover…

That said, there may be more costs to come with factories and manufacturing facilities damaged across the northern provinces–the Ministry is estimating that Vietnam’s economy could take a hit this year of .15 percent from typhoon Yagi…

Notably, state-owned insurers held a dominant position in Vietnam’s insurance market share in 2023, with Bao Viet leading at 15.13 percent. That said, the Vietnamese insurance market is opening its doors to foreign investment. In 2022, a new Law on Insurance Businesses was passed that allows for foreign firms to wholly own Vietnamese insurance companies…

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…

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

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

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

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

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