This year's Asia Trusted Life Agents & Advisers Awards (the Awards) ceremony on 26 July saw 16 winners from seven markets celebrated for their contributions to the life insurance industry. The winners were chosen from 65 finalists shortlisted from 222 nominations from 12 markets. Due to the uncertain nature of the COVID-19 pandemic, the organisers have chosen to hold the awards presentation virtually.
The life insurance sector could grow at 15% per year in the next five years, according to a recently released insurance industry outlook report by ACBS Securities.
Vietnam's reinsurance market is a nascent sector, with only two domestic reinsurers operating in it as of the end of 2021.
The amended Insurance Business Law, passed by the National Assembly on 16 June 2022, contains several changes that will have a long-term impact on the Vietnamese insurance market.
Manulife has launched a new learning platform for its 60,000 insurance advisers in Vietnam and will soon launch the platform in four other markets in Asia.
Many Vietnamese citizens likely to grow old without any savings or retirement plan due to low income and lack of access to elderly care.
The National Assembly last week passed the Law on Insurance Business (Amended) with 469 or 94.2% of delegates voting in favour. The revised law will enter into effect on 1 January 2023.
New-business life insurance premium revenue in the first four months of this year reached about VND15tn ($646m), down about 8% compared to the corresponding period in 2021, according to data from the Insurance Association of Vietnam (IAV).
Howden, a UK-headquartered international insurance broker, has received the insurance regulator IRDAI's approval to raise its shareholding in Howden Insurance Brokers India (Howden India) from 49% to 100%.
Banks in Vietnam are generating high fee incomes from bancassurance, and experts in the financial sector expect the channel to be continue to be the main driver of the banks' service income growth.