The destructive typhoon Yagi caused severe damage to 26 provinces and cities in northern Vietnam, including key economic zones like Hai Phong, Quang Ninh and Hanoi. These areas host significant industries, contributing 25.81% of GDP and 17.27% of Vietnam's export value, according to FiinGroup.
Agricultural insurance will gradually play an important role in Vietnam in which more than 60% of the population live in rural areas and are largely dependent on agricultural production, according to Mr Ngo Trung Dung, Insurance Association of Vietnam (IAV) deputy secretary-general.
In 2023, Vietnamese companies reinsured only VND6tn ($244m) of domestic reinsurance premiums, while they transferred VND22tn of the premiums to foreign reinsurance companies.
Motorcycle liability insurance premiums totalled VND431.8bn ($17.6m) in the first half of 2024, with claims amounting to nearly VND42bn, according to official statistics. This reflects an improved payout rate compared to previous years.
The bulk of losses resulting from Typhoon Yagi claimed on Vietnam insurance companies is expected to be borne by domestic and international reinsurers, according to a new commentary by AM Best.
Insurance companies in Vietnam have received at least VND2.76tn ($112m) in claims to date for damages caused by typhoon Yagi which made landfall in Vietnam on 7 September.
After a tough year in 2023, the business performance of life insurance companies has not yet recovered.
MSIG Asia (MSIG) has announced that it has invested in a major stake in Serenity Health Partners (Serenity), a Singapore-incorporated health solutions provider.
Huize Holding, a Nasdaq-listed Chinese insurance technology platform company, has announced that its international arm Poni InsurTech has completed its acquisition of 71.7% stake in Vietnam-based Global Care Consulting Joint Stock Company. The Vietnamese InsurTech company specialises in digital transformation solutions for the insurance industry.
The community programme, called "Hoops+Health", is inspiring engagement, activity and healthy living through basketball by improving community access to courts and education across six Asian markets.