Laos: Sompo Japan forms partnership with Lao-Viet
Source: Asia Insurance Review | Mar 2017
Sompo Japan Nipponkoa Insurance has entered into a comprehensive partnership with Lao-Viet Insurance, Laos’ second-largest non-life insurer.
The Tokyo-based non-life insurer will refer its Japanese and Thai customers to Lao-Viet, in addition to reinsuring Lao-Viet’s policies, reported The Nikkei. The partners will offer fire insurance, product liability insurance and construction insurance for infrastructure projects, among other products.
Lao-Viet is a joint business of two state-backed banks: the Bank for Investment and Development of Vietnam group, which holds a 65% stake, and Banque Pour Le Commerce Exterieur Lao Public, which owns the other 35%.
Lao-Viet controls roughly a quarter of the non-life insurance market in Laos.