Japan is ranked second in a new Swiss Re study on life and health insurance availability, accessibility and affordability (three 'A's). Japan's aggregate inclusion score is 0.66, behind the 0.67 score for the US.
Life insurers in Vietnam are injecting more capital into their operations to meet financial solvency requirements of financial safety and market expansion needs.
PVI Insurance, Vietnam's second largest non-life insurer, will continue to maintain its underwriting profitability with a net combined ratio at approximately the low-90% range over the medium term, states AM Best.
PVI Reinsurance Joint-Stock Corporation (PVI Re) has demonstrated a track record of strong operating performance, as evidenced by a five-year average return on equity ratio of 16% (2017-2021), and the company is expected to maintain its strong profitability in 2022, says AM Best.
Finance Minister Ho Duc Phoc has ordered the authorities to inspect insurance sales in the wake of complaints that banks are forcing customers to buy life insurance when the latter seek a loan.
Bank for Investment and Development of Vietnam JSC is considering reviving the sale of its stake in a life insurance joint venture with Metlife, reported Bloomberg News quoting people with knowledge of the matter.
The Ministry of Finance is drafting amendments to regulations relating to compulsory motorcycle third-party liability insurance, such as reducing tariffs, narrowing the exclusion of insurance liability and increasing the insurance compensation rate.
The Vietnamese government has formulated the Strategy for the Development of Vietnam's Insurance Market to 2030, with the goal of developing insurance entities with strong financial capacity, management capacity approaching international standards, efficient operations and the ability to compete actively in domestic and regional markets.
The insurance regulator will continue to implement solutions to support the development of the insurance market in 2023 and beyond, according to Mr Ngo Viet Trung, director of the Insurance Management and Supervision Department of the Ministry of Finance.
Health insurance is forecast to be the most active segment in the non-life insurance sector in Vietnam in 2023.