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, aside from the mention of ‘new personnel’ at Prudential that ‘will have experience in the insurance industry and understanding of the local market.’
In the first six months of the year, the article quotes the Vietnam Insurance Association as saying, revenues were down 4.6 percent year on year.