Friday, August 27, 2010

Insurers see Non-life premiums climb

Non-life insurance revenue reached 8.24 trillion VND (429.21 million
USD) in the first six months of this year, according to the Association
of Vietnamese Insurers.


The increase represents a 28 percent rise over the first half of last year.


All types of insurance saw growth in the first half of the year, with
fire and explosion coverage reaching 723 billion VND (37.65 million
USD), up 125 percent over the same period last year. Agricultural
insurance followed with a surge of 109 percent and construction
insurance increased by 68 percent.


PetroVietnam
Insurance Joint Stock Corp earned the most in non-life insurance
premiums during the period with 1.97 billion VND (102.86 million USD) in
revenue, followed by Bao Viet Insurance Corp, Bao Minh Insurance Corp,
Petrolimex Joint Stock Insurance Co (PJICO) and Post-Telecommunication
Joint Stock Insurance Co (PTI).


In addition to insurance, the insurers also offered many other products and services in the first half of the year.


BIDV Insurance Co (BIC) promoted its bancassurance products in
co-operation with the Bank for Investment and Development of Vietnam
(BIDV) with nearly 30 billion VND (1.56 million USD) in revenue in the
first six months of this year, making up 14 percent of the company's
total revenue.


Pham Quang Tung, BIC's general
director, said that "diversifying products and expanding our network
with other banks is expected to help us develop bancassurance products."


In a phone interview, Phung Dac Loc, secretary
general of the Association of Vietnamese Insurers said: "Strengthening
our products also creates faith among our customers. Focusing on
potential markets as well as developing product distribution channels
through banks and post helps us save money and raise the effects of our
trade activities."


Loc predicted that life and
non-life insurance revenues would rise to 20 percent and 33 percent
respectively in the final six months of the year.


The Ministry of Finance has recently given its approval in principle to
two new companies, both from Taiwan : Cathay Insurance Vietnam and the
life insurance firm Fubon Vietnam . The Cathay and Fubon brands
will begin to offer both life and non-life insurance services to add to
their services./.

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