Vietnam Archives - InsuranceAsia News https://insuranceasianews.com/country/vietnam/ Mon, 23 Sep 2024 05:04:22 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 Typhoon Yagi to drive reinsurance premium, deductible increases in Vietnam and beyond https://insuranceasianews.com/typhoon-yagi-to-drive-reinsurance-premium-deductible-increases-in-vietnam-and-beyond/ Sun, 22 Sep 2024 23:30:13 +0000 https://insuranceasianews.com/?p=163150 Premiums increases that will allow the carriers to cover costs and mitigate future risks are likely to be particularly evident in high-risk areas, such as coastal provinces in the north.

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Vietnamese and international (re)insurers may tighten terms and conditions and increase premiums after evaluating the damage from Typhoon Yagi, loss adjusters and insurers told InsuranceAsia News.  
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]]> Typhoon Yagi inflicts US$1.6bn in damages to Vietnam, to impact GDP growth https://insuranceasianews.com/typhoon-yagi-inflicts-us1-6bn-in-damages-to-vietnam-to-impact-gdp-growth/ Mon, 16 Sep 2024 06:26:23 +0000 https://insuranceasianews.com/?p=162797 The super storm impacted 26 Vietnamese localities that collectively represent 41% of the country’s GDP and 40% of its population.

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Typhoon Yagi has caused damages estimated at VND40 trillion (US$1.63 billion) in northern Vietnam, threatening to slow the economy by 0.15 percentage points from an earlier forecast, according to the ...

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]]> Super typhoon Yagi hit Vietnamese insurers with US$285m in claims payout https://insuranceasianews.com/super-typhoon-yagi-hit-vietnamese-insurers-with-us285m-in-claims-payout/ Fri, 13 Sep 2024 10:03:23 +0000 https://insuranceasianews.com/?p=162705 PVI Insurance, the largest non-life carrier, called it "a historically undesirable loss for Vietnam’s insurance industry" and for the company. The 9,000 claims filed are expected to keep rising, Ministry of Finance said.

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Vietnamese insurers have received 9,000 claims filed as a result of Typhoon Yagi’s extensive destruction in the country’s northern region, with an estimated payout value of VND7 trillion (US$285 milli...

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]]> Typhoon Yagi likely to impact earnings of Vietnamese insurers: AM Best https://insuranceasianews.com/typhoon-yagi-likely-to-impact-earnings-of-vietnamese-insurers-am-best/ Fri, 13 Sep 2024 00:17:31 +0000 https://insuranceasianews.com/?p=162653 The reinsurance programmes will mitigate the impact on rated non-life insurers’ underwriting performance and would likely prevent capital events.

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Typhoon Yagi, the most powerful storm in Asia this year, is likely to impact the earnings of Vietnamese non-life insurers but  not  capital event, AM Best said.
Due to Vietnam’s low insurance penetrat...

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]]> Typhoon Yagi wreaks havoc in Vietnam, China losses top US$100m https://insuranceasianews.com/china-evacuates-400000-people-as-violent-typhoon-yagi-lashes-hainan-tracks-for-vietnam/ Fri, 06 Sep 2024 10:35:46 +0000 https://insuranceasianews.com/?p=162239 The storm has been downgraded to a tropical depression but the Vietnamese meteorological bureau has cautioned about ongoing risks of landslides and flooding as it continued to move westwards.

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Super Typhoon Yagi wreaked havoc after making landfall in Northern Vietnam on Saturday killing at least 14 in the country, after Asia's most powerful storm this year made landfall twice in the Souther...

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]]> Super typhoon Yagi set to bear down on southern China, Vietnam https://insuranceasianews.com/super-typhoon-yagi-set-to-bear-down-on-guangdong-hainan/ Thu, 05 Sep 2024 17:22:05 +0000 https://insuranceasianews.com/?p=162162 The most intense tropical cyclone in decades in the South China Sea is expected to have severe impact in Hainan, southern China and northern Vietnam.

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Super Typhoon Yagi is reportedly attaining ferocious winds and is expected to have severe impact in Hainan, southern China and northern Vietnam as it is expected to make landfall in China on September...

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]]> Vietnam’s PVI Insurance gets greenlight to raise charter capital to US$157m: report https://insuranceasianews.com/vietnams-pvi-insurance-gets-greenlight-to-raise-charter-capital-to-us157m-report/ Wed, 28 Aug 2024 04:35:44 +0000 https://insuranceasianews.com/?p=161481 It is the second capital increase approved by the regulator in five months, as Vietnam's largest non-life insurer continues to grow its market share.

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Vietnam’s ministry of finance has approved an increase in the charter capital of PVI Insurance to VND3.9 trillion (US$157 million) from VND3.5 trillion, making it the non-life insurer with the highest...

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]]> Vietnam non-life carriers’ H1 2024 revenue grows 12% to US$1.6bn https://insuranceasianews.com/vietnam-non-life-carriers-h1-revenue-grows-12-to-us1-6bn/ Thu, 22 Aug 2024 10:24:49 +0000 https://insuranceasianews.com/?p=161059 The country’s biggest non-life insurer PVI grew its revenue 65.7% YoY in the first six months of the year, according to the most recent data published by the Insurance Association of Vietnam.

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Vietnam’s non-life insurance market revenue for the first half of the year (H1 2024) reached VND39.1 trillion (US$1.6 billion), growing 11.9% from the same period last year, according to the most rece...

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]]> Vietnam non-life insurers to benefit from higher infrastructure spending: AM Best https://insuranceasianews.com/vietnam-non-life-insurers-to-benefit-from-higher-infrastructure-spending-am-best/ Mon, 05 Aug 2024 00:30:12 +0000 https://insuranceasianews.com/?p=159718 The rating agency maintains a stable outlook on the country's non-life insurance segment, as demand for commercial lines insurance is set to rise.

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Government spending on renewable energy, transportation, and other large-scale infrastructure projects is likely to drive greater demand for insurance coverage going forward, AM Best said.
It maintain...

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]]> Chinese insurtech Huize to buy controlling stake in Vietnamese startup Global Care https://insuranceasianews.com/chinese-insurtech-huize-to-buy-controlling-stake-in-vietnamese-startup-global-care/ Fri, 21 Jun 2024 04:45:59 +0000 https://insuranceasianews.com/?p=156504 The deal marks Nasdaq-listed Huize's foray into the South-East Asia market and will introduce VinaCapital as a strategic shareholder of the Shenzhen-based insurtech.

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Huize, a Chinese digital insurance platform listed on Nasdaq, is buying a controlling stake in Vietnam insurtech Global Care Consulting, marking its first step in its expansion into the South-East Asi...

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