Foreign Insurers Continue to Expand in Vietnam
Many foreign insurers have been opening companies and representative offices in Vietnam.
In mid July, South Korea’s Samsung Insurance Company marked their presence in Vietnam by opening a representative office in Hanoi.
Another South Korean insurer, Han Wha Group, has also got a license to open a representative office in Ho Chi Minh City, expected in the first quarter of 2009.
The Taiwanese insurer Cathay Life has launched an affiliate in Vietnam with registered capital of VND600 billion.
Peter Lai, director of Cathay Vietnam, said this is suitable time to invest in Vietnam insurance market.
Recently, AIA Vietnam has changed its trademark into AIG Life Vietnam.
ACE Life, meanwhile, made impressive operational result in the first six months with the growth rate of 131 per cent despite difficulties in the economy.
ACE Life general director Lam Hai Tuan said that Vietnam’s life insurance market has great potential of development.
So far, nine foreign insurance companies have participated into Vietnam life insurance market.
Finance Deputy Minister Tran Xuan Ha said the participation of foreign insurers indicate their belief in potential and outlook of Vietnam life insurance market.
In the first six months, total life insurance premiums reached VND5,027 billion, up 13.6 per cent from 2007. The growth is expected at 14 per cent-16 per cent this year. (VNA)
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