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Life insurers bank on developing industry


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. “The 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,” Tran said. “Average insurance spending per capita was around $72 in Vietnam in 2 ....

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Canada Life Reinsurance signs CDN$1.4-billion co-insurance agreement with Dai-ichi Life


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BARBADOS, June 1, 2021 /CNW/ - Canada Life Reinsurance is pleased to announce that it has recently entered into a long-term coinsurance agreement with Dai-ichi Life (The Dai-ichi Life Insurance Company, Limited), covering JPY ¥125 billion (CDN$1.4 billion) of in-force liabilities on a portfolio of whole of life insurance policies.
Under the agreement, Canada Life Reinsurance will cover all future death and surrender claims in respect of the reinsured business.
Gareth Dobson, who leads the Barbados Branch of Canada Life, said:  I am delighted to announce this significant reinsurance transaction which is not only our first with Dai-ichi Life but also our first in the Japanese market.  As Canada Life Reinsurance continues to expand our business beyond Europe and the U.S. this transaction demonstrates our ability to deliver reinsurance solutions to new clients in new markets.  I am pleased that the Canada Life Reinsurance team ....

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Expansions emerging in bancassurance services


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 – the banking arm of Petrolimex – 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 PGBank’s 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.
“The 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 t ....

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