Vietnam's insurance industry is expected to have posted positive growth in 2021 and will continue to grow strongly in 2022, Mr Gaurav Sharma, CEO of BIDV MetLife, has said.
The total insurance premium revenue in Vietnam in 2021 is estimated to have increased by 15.59% to VND215tn ($9.4bn) in 2021, according to information from the Department of Insurance Management and Supervision which is part of the Ministry of Finance.
ESG factors are expected to play an important role in reinsurance commitments next year, with reinsurers likely to ask many questions and request information about the client's related operations, says Vietnam National Reinsurance Corporation (VINARE).
Vietnam's non-life market is expected to fare better than many regional peers, with longer-term economic and insurance industry growth likely to remain robust, says AM Best.
Sun Life Financial has announced the appointment of Nhon Luc Ly as the next CEO of Sun Life Vietnam. The appointment follows the return of former Vietnam CEO Larry Madge to Sun Life's corporate office in Toronto.
After more than two decades of development, the insurance market is fundamentally changing, and misunderstandings about insurers are gradually being resolved, according to Mr Ngo Trung Dung, deputy general secretary of the Vietnam Insurance Association.
Homegrown B2C e-commerce company Tiki is looking to expand into life insurance and plans a US initial public offering, reported Bloomberg.
Despite the COVID-19 environment, BIDV Insurance Corporation (BIC) reported 12.9% growth in gross written premium in 2020, reaching VND2.8tn ($119m), notes AM Best.
PVI Insurance accounted for 15.4% of the Vietnamese insurance market in the first six months of 2021, taking the No.1 position in the non-life insurance market, according to the Insurance Association of Vietnam.
Ninety percent of Southeast Asia's 650 million people live in areas where particulate pollution exceeds the WHO guideline, says the Air Quality Life Index (AQLI) report released earlier this week by the Energy Policy Institute at the University of Chicago.