Insurance companies are looking at ways to reassure and retain customers, following several complaints about insurance sales at banks.
FWD Group Holdings (FWD) is expanding its financial literacy programme, JA SparktheDream, to span seven markets in Asia as part of its 10th anniversary year community initiatives. Developed in partnership with Junior Achievement Asia Pacific (JA), the programme integrates financial, social and life skills education for students to help boost financial literacy in the region.
Vietnam National Reinsurance Corporation (VINARE) is expected to maintain its strong level of operating performance, supported by controlled underwriting growth and improved pricing conditions in its core lines of business, says AM Best.
InsurTech Igloo is planning to expand its offering of weather index crop insurance products in Vietnam after a promising start with rice farmers in the country. The company is now expanding its blockchain-based parametric weather index insurance to coffee farmers and is looking to cover larger plots of land.
The Vietnamese government has issued a decree to regulate microinsurance.
Regional InsurTech Igloo has formed a strategic partnership with global convenience store Circle K to increase the accessibility of non-life insurance products in Southeast Asia.
Prudential Vietnam has reported the highest profit in 2022 in the insurance industry. Its post-tax profit in 2022 grew 7.7 times compared with the year before, reaching VND3.64tn ($155.3m), according to financial reports filed by insurers.
Manulife Vietnam settled claims worth nearly VND7 trillion (US$298.55 million) in 2022, a 36% increase from the previous year, the insurance company said in a press release.
Insurance companies in Vietnam have been ordered to tighten the supervision of insurance agencies and sales amid negative feedback from the public over mis-selling and the poor transparency of insurance products.
Atlanta-based Crawford & Company has announced that Northstar Adjuster Joint Stock Company (NSA) is now its network partner in Vietnam. Crawford will now be represented in Vietnam by Northstar.