Bao Viet Tokio Marine Insurance Co Ltd announced its name change and brand identity to Tokio Marine Insurance Vietnam Co Ltd. — VNS Photo

Bao Viet Tokio Marine Insurance Co Ltd officially changed its name and brand identity to Tokio Marine Insurance Vietnam Co Ltd with an aim to strengthen the brand position as the best Japan quality insurance service provider in Viet Nam.

With determination to become a trusted partner of domestic and foreign clients, Tokio Marine Insurance Vietnam will continuously improve service quality, diversify insurance products and provide effective risk management solutions to meet the diverse needs of clients. Thereby, Tokio Marine Insurance Vietnam reaffirmed their commitments to accompany clients along the sustainable development journey in the Vietnamese market.

Speaking at a press conference held in Ha Noi on Monday, Hideaki Maeomote, General Director of Tokio Marine Insurance Vietnam said insurance is based on trust, but insurance services have not been well recognised as a useful financial solution and a shield to help protect businesses and individuals against business and life risks widely in the local community.

"We wish to contribute to the growth of Viet Nam's insurance market as the trusted insurance provider chosen by Japanese, domestic and international clients. By providing safety products and services of Japan quality, Tokio Marine Insurance Vietnam will help make the insurance industry in Viet Nam more trustworthy,” Maeomote said.

He told Viet Nam News that Viet Nam’s insurance market has potential for growth as some other markets are mature. Another reason was that Japanese companies are looking at the market. In addition, the country has high economic growth while the incomes of Vietnamese people are also growing.

Tokio Marine Insurance Vietnam will apply useful IT solutions, consolidate internal infrastructure to improve the efficiency of business processes as well as develop multi-platform utility distribution channels to boost positive customer experience.

According to the General Statistics Office of Viet Nam, the insurance premium revenue of the whole market in the first half of the year increased by 11 per cent over the same period last year, meanwhile non-life insurance increased by 8 per cent.

Tokio Marine Insurance Vietnam's business performance in the first six months of 2020 also achieved positive results. The insurance premium growth rate reached 11.4 per cent which is higher than the average growth rate of the non-life insurance market. — VNS