vietnam's insurance market

Update news vietnam's insurance market

Public outcry over banks' forced insurance sales prompts state action

Ongoing complaints about mandatory insurance purchases tied to bank loans lead to increased regulatory scrutiny and potential penalties.

Insurer receives hundreds of billion of VND despite losses during typhoon

Insurance companies have estimated that the total number of claims for losses caused by Typhoon Yagi have reached tens of trillion of VND.

German insurance firm invests over VND100 billion amid Typhoon Yagi losses

Vietnamese insurance companies are grappling with an estimated VND 10 trillion in claims following Typhoon Yagi, which struck earlier this month.

Banks permitted to sell investment-linked insurance products

Commercial banks can continue to sell investment-linked insurance products through the bancassurance channel.

State-owned insurance firms plan capital divestment to attract foreign investors

Vietnam's two largest insurance firms – Baoviet Holdings (HoSE: BVH) and PVI Joint Stock Company (HNX: PVI) - have announced plans to divest State capital.

Finance Ministry to scrutinise insurance sales

The Ministry of Finance has announced its plans to inspect the sales of insurance products through credit institutions and foreign bank branches in Vietnam.

Foreign capital strongly pours into VN non-life insurance market

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

Generali Vietnam appoints new CEO

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.

VN targets 95 per cent of depositors to be fully insured by 2025

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.

Insurance premiums fall as bancassurance under tighter control

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

Finance Ministry receives complaints about insurance products

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.

Insurance sector enjoys positive earnings, attracting investors

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.

Investigation into bancassurance’s wrongdoings to conclude by end of July: PM

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.

Ministry of Finance unveils wrongdoings of insurance companies

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.

Finance Ministry to inspect 10 more insurance companies

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.

73% of insurance policies taken via banks canceled: report

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.

A ‘confidence crisis’ created by non-life insurers

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.

Insurance companies in VN to review and improve business ethics and operations

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 firms and agents face higher qualifications bars

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.