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 year. This was after allegations surfaced that consumers were being coerced into buying insurance products by banks who were receiving kickbacks from insurance firms. In the first six months of this year, Vietnam’s insurance premium revenue was down five percent over the same period a year earlier.