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
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Life insurers in Vietnam once again reported losses in 2018 despite ballooning revenue, continuing an alarming trend for their bottom line. While revenues continued to increase strongly, life insurers were hit hard by the fluctuations in government bonds, Photo: Le Toan According to the latest statistics from the Ministry of Finance (MoF), that 10 out of 18 life insurers in Vietnam made a loss in 2018, mostly due to high provision costs. This is the fourth consecutive year that life insurers stayed in the red in spite of booming revenues. In fact, in 2018, their proceeds in 2018 grew by 30 per cent, but the total after-tax loss was close to VND3 trillion ($130.4 million), while provisions reached VND20.26 trillion ($880.9 million), up 30 per cent on-year. The MoF explained that falling interest rates for Vietnamese government bonds were also to blame. The vast majority of life insurers in Vietnam invest in government bonds, and fluctuations in these rates can dramatically … [Read more...] about Improving life insurers’ bottom line
The Hanoitimes - The average premium to GDP ratio by 2020 would reach the maximum of 3%, and 3.5% by 2025. Vietnam insurance market grows 24% in 2018 Hanoi beats 2018 health insurance coverage target Vietnam targets 11% of the population joining life insurance by 2020 and 15% by 2025, up from the current 8%, according to the recently approved scheme on restructuring securities and insurance market until 2020, with vision to 2025 by Prime Minister Nguyen Xuan Phuc. Illustrative photo. According to Viet Dragon Securities Company, the proportion of Vietnamese that have a life insurance package is still low compared to many countries in the region and the world, indicating that this industry still has great growth potential. The middle class is and will continue to grow rapidly (expected to account for 50% of the population by 2035 compared to 11% in 2015). This will be the major stimulus for personal insurance, including life, health and motor vehicle … [Read more...] about Vietnam targets to double life insurance coverage to 15% by 2025
The company will also pay to injured victims a sum of money based on treatment fees, up to a maximum of VND2.4 billion. Flight carrying bodies of three dead victims will leave Egypt on January 4 and arrive in Tan Son Nhat Aiport in HCMC at 1 a.m. on January 6 First nine Vietnamese victims of Egypt bomb attack came back home. Three people are being treated in hospital in Egypt. Four people have been killed, including three Vietnamese tourists and an Egyptian tour guide, and another 10 injured in a roadside bomb exploded near the bus carrying visitors close to the pyramids in Giza at 18:15 of December 28 (local time). There were 18 people on the bus at that time, including 15 Vietnamese tourists and three Egyptians. Saigontourist Travel Service Company whose customers were killed and injured by the bomb blast sent a group of employees to Egypt to support Vietnamese victims and implement emergency measures to help its guests. By THI HONG – Translated by Kim Khanh Tags: … [Read more...] about Egypt bus attack victims receive a maximum life insurance benefit of VND2.4 bil.
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