ID :
18293
Sun, 09/07/2008 - 11:02
Auther :
Shortlink :
http://m.oananews.org//node/18293
The shortlink copeid
Insurance market lures international investors
Hanoi (VNA)- Despite interim difficulties for the economy, Vietnam is seen as a promising market attracting many international insurance firms.
Lam Hai Tuan, General Director of ACE Life Vietnam - an arm of the
US-based group - admitted that the local life insurance market had great
potential for development.
In reality, ACE Life notched up an impressive growth of 131 percent in
premiums in Vietnam in the first six months of this year, Hai said.
Realising the potential, many foreign insurers have recently launched
investment activities in Vietnam , such as setting up representative
offices.
In mid-July, the Republic of Korea 's leading life insurance company,
Samsung, marked its debut in Vietnam by opening a representative office in
Hanoi . It is working to map out strategies to penetrate the Vietnamese
market.
Another life insurance company also from the RoK, a member of the Han Wha
Group, has been licensed to set up a representative office in Ho Chi Minh
City , which is expected to start operation in the first quarter of next
year.
Cathay Life, Taiwan 's largest life insurer, also has just put into
operation a subsidiary company in Vietnam with a charter capital of 600
billion VND (36.4 million USD).
Cathay Vietnam General Director Peter Lai said it was an appropriate
time to invest in the Vietnamese insurance market, especially life,
accident, annual allowance, health and investment-risk insurance.
Also, AIA Vietnam, a big name in the local life insurance market coming
from the US , has changed its name to AIG Life Vietnam in order to
create impetus for its long-term development strategies in the country.
At present, nine foreign insurers are operating in the country and the
number of newcomers is expected to swell in 2009, said Deputy Finance
Minister Tran Xuan Ha.
In the first half of this year, the total premium of domestic and foreign
insurers exceeded 5 trillion VND (303 million USD), up 13.6 percent over the
same period last year.
According to the Vietnam 's Insurance Association, higher living
standards of local residents and service diversification by insurers will
help speed up the market development.
It is expected that the market will enjoy a 15 percent growth rate this
year.-
Lam Hai Tuan, General Director of ACE Life Vietnam - an arm of the
US-based group - admitted that the local life insurance market had great
potential for development.
In reality, ACE Life notched up an impressive growth of 131 percent in
premiums in Vietnam in the first six months of this year, Hai said.
Realising the potential, many foreign insurers have recently launched
investment activities in Vietnam , such as setting up representative
offices.
In mid-July, the Republic of Korea 's leading life insurance company,
Samsung, marked its debut in Vietnam by opening a representative office in
Hanoi . It is working to map out strategies to penetrate the Vietnamese
market.
Another life insurance company also from the RoK, a member of the Han Wha
Group, has been licensed to set up a representative office in Ho Chi Minh
City , which is expected to start operation in the first quarter of next
year.
Cathay Life, Taiwan 's largest life insurer, also has just put into
operation a subsidiary company in Vietnam with a charter capital of 600
billion VND (36.4 million USD).
Cathay Vietnam General Director Peter Lai said it was an appropriate
time to invest in the Vietnamese insurance market, especially life,
accident, annual allowance, health and investment-risk insurance.
Also, AIA Vietnam, a big name in the local life insurance market coming
from the US , has changed its name to AIG Life Vietnam in order to
create impetus for its long-term development strategies in the country.
At present, nine foreign insurers are operating in the country and the
number of newcomers is expected to swell in 2009, said Deputy Finance
Minister Tran Xuan Ha.
In the first half of this year, the total premium of domestic and foreign
insurers exceeded 5 trillion VND (303 million USD), up 13.6 percent over the
same period last year.
According to the Vietnam 's Insurance Association, higher living
standards of local residents and service diversification by insurers will
help speed up the market development.
It is expected that the market will enjoy a 15 percent growth rate this
year.-
