Vietnamese firms, led by Viet Nam Insurance Corporation (Bao Viet), have won over world giants such as France’s Prevoir and US AIG, ACE Life and New York Life to garner 80 percent of the domestic non-life insurance market.
The Viet Nam Insurers’ Association said so far 19 businesses are operating in this burgeoning sector, which enjoyed a five-year high of 20 percent growth in the first half of the year, however only seven have foreign money.
Bao Viet alone earned 1 .1 trillion VND out of the nation’s total 3.6 trillion VND in the first half premium revenue.
Other major non-life insurance suppliers include the PetroVietnam Insurance (PVI) with 980 billion VND in premium, the Bao Minh Joint-Stock Corporation, 825 billion VND, and the Petrolimex Insurance Joint-Stock Company 335 billion VND.
However, experts warn that local firms should work out strategies for market expansion immediately or risk losing their shares to foreign rivals when the nation removes all barriers under WTO commitments.
A local insurer executive said his business has prepared a plan for rural expansion once the urban market is saturated.
Source: VNA
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