Life insurers bank on developing industry 22:06 | 03/06/2021
Life insurers are anticipating a rising middle-class population. Photo: Dung Minh
Fresh data from the Vietnam Insurance Association (VIA) revealed that in the first quarter of 2021, the total insurance premium revenue reached more than VND14.9 trillion ($6.5 billion), up 6 per cent over the same period of last year. In terms of non-life insurance, reinsurance firm Swiss Re forecasted that this sector will reach a value of about VND70 trillion ($3.04 billion) in 2021, up 25 per cent compared to 2020.
Yen Tran, analyst at KIS Securities commented on trends that have been prevalent for a couple of years. âThe overall insurance penetration rate in Vietnam in 2019 was 60 basis points below the average rate in emerging markets and a distance from the 9.6 per cent in advanced markets,â Tran said. âAverage insurance spending per capita was around $72 in Vietnam in 2019 versus an a
Expansions emerging in bancassurance services 08:00 | 12/05/2021
Expansions emerging in bancassurance services, source: pgbank.com.vn
On April 28, Bao Viet Life Insurance Corporation and PGBank â the banking arm of Petrolimex â inked a comprehensive agreement to provide exclusive bancassurance services. Bao Viet Life and PGBank will gear up their activities with a major focus on providing Bao Viet insurance products through PGBankâs channels, payment, and collection services, diversifying banking products.
Nguyen Phi Hung, general director of PGBank, said that bancassurance is one of the most appealing distribution channels of insurance services nationwide.
âThe strategic cooperation between banks and insurance is an inevitable trend, thus opening up new opportunities for both sides. We are very honoured to be a trusted partner of Bao Viet Life Insurance to provide seamless, best-in-class insurance products to our customers,â
Insurance groups signal intent to raise funds for stock boost 15:38 | 07/01/2021
Insurance groups signal intent to raise funds for stock boost, illustration photo
The last few days of 2020 witnessed an impressive public debut of PVI Re-insurance (PVI Re), one of the most notable of such companies in the country. Some 72.8 million of PVI Reâs shares were officially publicly traded on the Ho Chi Minh City Stock Exchange (HSX) from December 24, luring attention from local and international financiers alike.
Currently, there are only two Vietnam-based reinsurers in the market. Vietnam National Reinsurer Corporation (VNR) is the market leader with 10 per cent, followed by PVI Re with 7 per cent. The remainder is acquired by other foreign reinsurers.