AON Eats 47 per cent Vietnam's Insurance Broker Market

The US insurance giant AON is now holding 47 per cent of the insurance brokerage and reinsurance market share in Vietnam, said the Vietnam Insurance Association.

 

With average premium revenues of $20 million per year, AON Vietnam takes the leading position among eight businesses working in the brokerage and reinsurance industry.

 

Established in 1993, AON Vietnam is the first international licensed insurance broker and consultancy in the developing country. AON Vietnam general director Vu My Lan said that to strengthen its position, her firm will expand its operations in Vietnam. The company will focus on providing services and products for State-owned and privatized enterprises, she said.

 

When Vietnam joins the World Trade Organization, the barriers in the operation of foreign insurance and insurance broker firms will be removed, creating an equal market for the development of the insurance sector, Lan added.

AON Vietnam is now providing reinsurance services for such big corporation as the Vietnam Airlines, the Dung Quat Oil Refinery and the Ca Mau Gas-Electricity-Nitrogenous Fertilizer Complex, and big power plants of the Electricity of Vietnam Corporation.
VNA