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Rules for insurance businesses in Viet Nam

The Government has issued Decree No 73/2016/ND-CP on July 1, 2016 detailing the implementation of the Law on Insurance Business. The Decree regulates the establishment and operation of life insurance, non-life insurance, health insurance, reinsurance enterprises and foreign insurer branches.

Insurance companies are improving cross links

As with life insurance companies, the domestic non-life insurance companies are actively "shake hands" and take advantage of the network, the potential customer data of the credit institution is used to sell insurance products, especially personal insurance.

Insurance industry encouraged to make preparations for TPP, AEC

The Trans Pacific Partnership (TPP) and ASEAN Economic Community (AEC) are expected to offer more market opportunities for insurance companies in Viet Nam, but will also present tough challenges in a more competitive international environment.

Construction insurance to be made compulsory

In a move to ensure workers' safety and regulate construction related insurance mechanism, project owners and contractors undertaking construction work would now be under obligation to purchase insurance for their work and workers, a draft decree issued for the purpose recently said.

Insurance market forecast to grow 15 percent in 2015

The entire insurance market is expected to expand between 12 and 15 percent in 2015, according to the Ministry of Finance.
Others:
  • Despite challenges, non-life insurance report better working
  • Insurance premium reaches more than 21tr dong in H1/2013
  • Insurance firms could not depend much on banks
  • Insurance firms change strategies to gain profits
  • Insurance companies lower their expectations from financial activities
  • Insurance premium revenue gains over 40tr dong
  • Vietnam insurance premiums to total $2.2b in 2012
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