The Ministry of Public Security has proposed amendments to the Penal Code that would double fines and increase jail terms for social insurance evasion.
After the acquisition of two domestic insurance companies by Korea’s DB Group last year, M&A activities in the Vietnamese non-life insurance sector have become attractive agains this year, with a notable deal.
According to the SBV, after 12 years of implementing the Law on Deposit Insurance, there have been a number of difficulties and problems that need to be resolved to further enhance the role of the Deposit Insurance of Vietnam (DIV).
The Government wanted 15 per cent of the total population to have taken out life insurance, with the average premium as per GDP ratio at 3.5 per cent by 2025.
The exploitation of new insurance premium revenue in Việt Nam has decreased sharply over the past few years, which has caused the parent companies to not prioritise investing in their Vietnamese insurance subsidiaries as in the past.
PVI, the leading player in Việt Nam’s non-life insurance market, is on track to reach a total revenue of VNĐ20 trillion (US$787.4 million) by the end of 2024, with ambitious plans to become a billion-dollar company on the stock market.
As of December 6, 2024, insurance companies in Việt Nam have advanced approximately VNĐ598 billion (US$24.1 million) in compensation, representing 5.63 per cent of the estimated VNĐ10.62 trillion in damages caused by natural disasters, according to the Insurance Supervisory Authority,...
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