Vietnamese people used to believe "an unfortunate man would be drowned in a teacup" but now they are willing to buy insurance to protect themselves and their families, according to Clive Baker, CEO of Prudential Vietnam. It was in 1999 when Prudential entered the insurance market in Vietnam. At that time, life insurance was still a completely new and strange concept for many Vietnamese people. Avoid mentioning risks or proactively preparing for unexpected events? Back then, Vietnamese people’s mindset for protecting themselves for the future was entirely focused on savings. The implementation of a savings plan was arbitrary and lacked discipline. As a result, they did not have enough to spend when difficulties occurred. Vietnamese people also tended to avoid talking about, thinking of, or discussing unfortunate things. The Vietnamese expression "an unfortunate man would be drowned in a teacup" partly reflects this mindset. People would not make any preparations to face … [Read more...] about Gradually changing perspections about life insurance
Atlas life insurance company
Non-life insurance companies record US$1.14 billion in owner’s equity
Illustrative image (www.pjico.com.vn) Vietnam Economic Times quoted newly released statistics by the Ministry of Finance (MoF) as showing there are 30 non-life insurance companies (NLICs), including one branch of a foreign NLIC, and two reinsurance companies, operating within Vietnam. The non-life insurance market enjoyed stable growth throughout 2018, with total assets estimated at VND81.806 trillion (US$3.56 billion), up 8.5 per cent against the previous year. The direct insurance revenues of NLICs were predicted at roughly VND45.694 trillion (US$1.99 billion) in 2018, rising by 9.9 per cent on year. GM_EN_PC_ARTICLE_Native_ads The original claim amount of NLICs last year was forecast at VND19.476 trillion (US$848.99 million), a year on year increase of 21.19 per cent. Local NLICs continued to expand their business network during 2018 with 19 new branches, one transaction office, and another agency established. GM_EN_PC_ARTICLE_Inpage_Banner Last year, … [Read more...] about Non-life insurance companies record US$1.14 billion in owner’s equity
Prudential named leading life insurer in Viet Nam
Prudential Vietnam receives an award for being among “Top 50 Vietnam The Best in 2018” at a ceremony in HCM City on January 16. — Photo Courtesy of agency. Prudential Vietnam Assurance Private Ltd has been honoured with awards from VietNamNet newspaper for among the “Top 50 Vietnam The Best in 2018” and being the leading life insurance company last year. It received them at a ceremony to honour Viet Nam’s Top 500 largest enterprises (VNR500) as listed by the online newspaper together with Vietnam Report JSC in HCM City on Wednesday. It was the 12th year in which the VNR500 was announced and the criteria were revenues, stable profit growth, total assets, number of staff, after-tax profit, ROA, ROE, and social and community responsibility. Prudential was named among the “Top 50 Vietnam The Best” for a third consecutive year. The British company has been in Việt Nam for nearly 20 years. Clive Baker, general director of Prudential … [Read more...] about Prudential named leading life insurer in Viet Nam
Vietnam non-life insurance company partners with Korean bank
At the signing ceremony (Photo: VNA) Hanoi (VNA) – Petrolimex Insurance Corporation (PJICO), a top 5 non-life insurance company in Vietnam, has signed a cooperation agreement with the Republic of Korea’s Woori Bank. The two sides will jointly build added benefits to meet the increasing demand of customers for package insurance. PJICO insurance products will be delivered through the Korean bank’s network system, including motor vehicle insurance, health insurance, and property insurance. Woori Bank is a leading Asian bank and the oldest of its kind in the RoK with 119 years of operation and 410 branches in 25 nations. PJICO is a member of Petrolimex with 23 years of establishment and development. -VNA … [Read more...] about Vietnam non-life insurance company partners with Korean bank
Traditional life insurance models face uncertainty as changes gather pace
Traditional life insurance models face uncertainty as changes gather pace, source: Internet As a result of rapid urbanisation, the pull of major cities is stronger than ever with people continuing to flow into them. Additionally, the use of digital technology is peaking in Vietnam as people of all ages are getting used to easily accessible digital applications. However the percentage of people owning life insurance in Vietnam is deemed rather small, which presents a great deal of opportunities for the insurance industry as a whole. According to Clive Baker, CEO of Prudential Vietnam, favourable circumstances exist for growth in the sector, with young, urban based customers who are the most familiar with digital applications being the prime growth market. This demographic in particular also shows an increasing interest in bolstering their assets through investments. Being the first foreign life insurance company to venture into the Vietnamese market, after 19 years of operations, … [Read more...] about Traditional life insurance models face uncertainty as changes gather pace