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Insurance

Insurance industry forecast to fail some targets by 2025

Insurance industry forecast to fail some targets by 2025

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.
Shinhan Life helps renovate a sports playground at SOS Childrens Village Bến Tre

Shinhan Life helps renovate a sports playground at SOS Children's Village Bến Tre

As part of its ongoing efforts to a positive impact in the community, Shinhan Life Vietnam has contributed VNĐ100 million to renovate the sports playground at SOS Children’s Village Bến Tre.
Legal regulation revision needed to promote agricultural insurance

Legal regulation revision needed to promote agricultural insurance

Director of the Ministry of Agriculture and Rural Development’s Department of Economic Cooperation and Rural Development, said new regulations and lower costs could encourage more farmers to take out insurance.
MA in Vietnamese non-life insurance sector develops strongly

M&A in Vietnamese non-life insurance sector develops strongly

According to the Ministry of Finance’s Vietnam Insurance Market Yearbook 2023, at the end of that year, Việt Nam had 82 insurance companies, of which 32 were non-life insurance companies.
Việt Nam needs to build a strategy for disaster risk financing and insurance

Việt Nam needs to build a strategy for disaster risk financing and insurance

The country’s current financial capacity covers only about 21 per cent of the need for relief and recovery after natural disasters.
PVI Insurance strengthens global ties at the 20th SIRC

PVI Insurance strengthens global ties at the 20th SIRC

PVI Insurance leaders recently participated in the 20th International Reinsurance Conference (SIRC), held from November 5 to 8 at the Sands Expo and Convention Centre, Marina Bay Sands, Singapore.
Detailed guidance on banning sale of bancassurance needed

Detailed guidance on banning sale of bancassurance needed

Clause 5 of Article 15 of the Law on Credit Institutions, which took effect from July 1 this year, prohibits banks from ‘linking’ the sale of non-mandatory insurance products with the provision of banking products or services, in any form.
Techcombank to launch new non-life insurance firm

Techcombank to launch new non-life insurance firm

The company is expected to start operating from the beginning of November.
Insurance industry rebounds after crisis of confidence

Insurance industry rebounds after crisis of confidence

Newly released data from the General Statistics Office (GSO) shows the total revenue from insurance premiums in the third quarter of 2024 was estimated at VNĐ56.4 trillion, an increase of 6.9 per cent over the same period in 2023.
Damages caused by typhoon raise questions about agricultural insurance

Damages caused by typhoon raise questions about agricultural insurance

The heavy damage of Typhoon Yagi to the agricultural sector has recently raised questions about the role of agricultural insurance and why it is not widely applied here.
Việt Nams insurance sector reports VNĐ9 trillion in damages, speeds up payouts

Việt Nam’s insurance sector reports VNĐ9 trillion in damages, speeds up payouts

Việt Nam''s insurance sector boosts support after Typhoon No. 3, with damages and payouts exceeding VNĐ9 trillion (US$360.5 million).
Large number of insurance premiums reinsured abroad

Large number of insurance premiums reinsured abroad

In 2023, Vietnamese companies reinsured only VNĐ6 trillion of domestic reinsurance premiums, while they had to transfer VNĐ22 trillion of the premiums to foreign reinsurance companies.
Ministry of Finance to inspect insurers for motor insurance compliance

Ministry of Finance to inspect insurers for motor insurance compliance

The Ministry of Finance will inspect four non-life insurance companies in 2024 to ensure adherence to mandatory motor vehicle insurance regulations.
Ministry of Finance urges swift insurance compensation after Typhoon Yagi

Ministry of Finance urges swift insurance compensation after Typhoon Yagi

The Insurance Supervision and Administration Department of the Ministry of Finance has urged insurance companies to accelerate compensation payments to individuals impacted by Typhoon Yagi (Typhoon No. 3).
PVI Insurance raises capital twice in five months, hits VNĐ3.9 trillion

PVI Insurance raises capital twice in five months, hits VNĐ3.9 trillion

The Ministry of Finance has recently approved an increase in PVI Insurance''s charter capital from VNĐ3.5 trillion to VNĐ3.9 trillion (US$153.5 million).