In the face of economic crisis, the life insurance sector still reaped benefits from foreign insurer contributions last year and is expected to continue its development in 2012. Lam Hai Tuan, director general of ACE Life Vietnam, said that while the financial market would face many new impediments this year, correct exploitation and management could still see insurers grow. The Vietnamese life insurance... 

The Hochiminh City Finance and Investment State-owned Company (HFIC) on Wednesday cut a deal with BaoViet Insurance Corp. on operational and capital cooperation. Under the agreement, the two sides pledged to provide business opportunities and customer services for each other, said general director Tran Trong Phuc of BaoViet Insurance Corp. At the same time, Phuc stated, the two partners will... 

Monopoly will be scrapped from insurance business within the next three years as highlighted in a development strategy for Vietnam’s insurance market in the 2011-2020 period. The insurance market development strategy issued last week partially reflects the Government’s goal of restructuring the financial and insurance sectors. According to the strategy, to enhance the security, sustainability... 

Scarcely any Vietnamese markets are covered by fire insurance because insurance firms are discouraged by their high risk of fire, while the amount of assets is difficult to inventory, said Phung Dac Loc, secretary general of the Vietnam Insurance Association. Most markets do not comply with the requirements on fire safety distance and fire-resistance wall as their stalls are set up close to each other,... 

Maritime Commercial Bank has cooperated with Bao Viet Insurance Company to launch its first non-life health insurance program onto the local market as a financial solution for customers against unexpected risks. M-PlusCare is designed to meet demands of various customer groups, having advantages such as multiple benefits, hospital fee guarantee and free consulting services 24 hours a day. Customers... 

The Vietnam insurance market is expected to continue its 2011 growth rate, with an estimated 19-21 percent year-on-year increase in 2012, according to an industry official. Trinh Thanh Hoan, head of the Ministry of Finance’s Insurance Management and Supervision Agency, said next year’s total premium turnover may rise to VND43 trillion. The year will see a variety of new insurance products... 

Prudential Vietnam Assurance today inked a bancassurance partnership deal with Citibank Vietnam. Prudential Vietnam Assurance offers four life insurance packages which will be available at Citibank branches. Those packages include Educare (Phu An Gia Thanh Tai), Enhanced Pru Save (Phu An Khang Huu Tri), Pru Smart Saver (Phu Hung Thinh) and Universal Life Product (Phu Toan Gia An Phuc). Also, the insurer... 

AIA Vietnam has begun to build a Premier Agency sales force in line with its strategy focusing on quality improvement. These agents have been trained professionally and are the best and most qualified among AIA Vietnam’s agency sales force. Premier Agents are knowledgeable and professional and will advise customers following the company’s highest standards. Building a Premier Agency is a long... 

Dai-ichi Life Vietnam on October 6 announced an VND1 billion ($48,780) sum to finance a social project in Vietnam. The project, named “For A Better Life”, will provide 24 selected schools in Vietnam’s rural areas of 10 provinces with UV water filtration. That clean water supply project is the biggest one Dai-ichi Life Vietnam has introduced this year, according to the life insurer’s CEO Takashi... 

Japan-backed insurer Dai-ichi Life Vietnam has just launched an insurance product that accompanies with high saving interest rates. The new product, named An Phuc Hung Thinh, will apply interest rates that “closely match the market benchmark”, according the firm’s announcement. The State Bank is capping the ceiling for deposit interest rates at 14 per cent, per year. The insurer in addition...