Insurance firms nationwide are warming up

Hanoi (VNA) – Insurance firms nationwide are warming up to launch a range of new
products to catch the opportunity to do business this year after optimistic
forecasts on Vietnam and the world’s economic recovery.

Bao Viet, the giant of the Vietnamese insurance sector, continues to maintain its
position by planning to offer insurance for export credits, the first of its kind in
Vietnam . The insurer plans to launch the new product on the market in the
second quarter of this year for all exporters.

Meanwhile, SHB-Vinacomin Insurance (SVIC) says that it will develop other services
for its customers around the country. Beforehand, SVIC only provided services to
members of the Vietnam National Coal and Minerals Industries Group (Vinacomin).

Other insurers like PetroVietnam Insurance (PVI), Vien Dong (Far East) Insurance
(VASS) have strengthened their positions by expanding the scale of their operations,
increasing their chartered capital, raising their competitiveness and seeking out
more experienced foreign investors.

As planned, PVI will increase its chartered capital to 1.6 trillion VND early this
year, more than 1.5 times higher than their current chartered capital.

VASS will also finalise plans to increase their chartered capital to 600 billion VND
in 2010.

With foreign insurers, Prudential Vietnam Insurance and Liberty Vietnam Insurance
seem quite optimistic and expect developments in the market.

Prudential Vietnam plans to introduce many new innovative and appropriate
products to the market this year.

According to the Finance Ministry, the insurance sector’s total revenues reached
24.7 trillion VND (1.3 billion USD) in 2009. Of this turnover, non-life insurance
contributed 13.25 trillion VND and life insurance made 11.43 trillion VND, year on
year increases of 21 percent and 11 percent, respectively.-Enditem