Vietnam’s insurance market currently still has a lot of room for development as the current insurance penetration rate is low.

Generali Vietnam Life Insurance Co., Ltd. (Generali Vietnam) is pleased to announce the appointment of Nguyen Phuong Anh as Chief Executive Office, subject to the approval by the Local Regulator.

The Vietnamese Government aims to increase the ratio of fully insured depositors out of total insured depositors to 92-95 per cent by 2025 to align with international practices.

Insurers have reported a sharp fall in premiums in recent months, after man scandals related to bancassurance have been revealed.

The Ministry of Finance (MoF) says that since its hotline for insurance products went into operation on February 2023, the ministry already received and handled 213 petitions over the phone and 479 via email.

The insurance sector is attracting the attention of investors when it comes to investment portfolios because businesses in this group have recorded positive results in recent years.

Prime Minister Pham Minh Chinh has ordered the State Bank of Vietnam (SBV) and the Ministry of Finance to report the findings of an investigation into bancassurance operations by the end of July.

The sale of insurance products through agency channels, including banks of some insurers, saw many violations, especially regarding the consultation of bank staff and brokers, according to the Ministry of Finance’s inspection result report.

The Ministry of Finance will conduct inspections of bancassurance activities at 10 more insurance companies until the end of the year, according to the Vietnam News Agency.

The Ministry of Finance (MOF) has released a report on the results of inspections of four insurance companies, showing that a high percentage of insurance policies sold via banks were canceled after one year.

Millions of insurance policies have been sold via banks, but it is unclear how many people took out the policies on a voluntary basis and understood the real nature of the products.

The Ministry of Finance has requested insurance companies to urgently review their overall sales and appraisal processes, and customer service procedures to ensure compliance with legal regulations.

Insurance companies and their agents face stricter scrutiny as a number of Government decisions designed to regulate agents’ qualifications are set to take effect in November.