Insurance creates trust and peace of mind for customers affected by typhoon No. 3

Insurance creates trust and peace of mind for customers affected by typhoon No. 3

VCN - The Insurance Supervisory Authority (ISA) initially estimated that the total compensation for human and property losses is approximately VND 7,000 billion. However, with the severe damage caused by typhoon No. 3 (Yagi) and the post-storm circulation
Insurance brings peace of mind to customers during Yagi typhoon

Insurance brings peace of mind to customers during Yagi typhoon

The Insurance Supervision Authority (Ministry of Finance) initially estimated that the total amount of insurance paid for human and property damage was about VND7,000 billion.
The insurance industry is expected to grow by 10 percent in 2024

The insurance industry is expected to grow by 10 percent in 2024

VCN - Despite many difficulties, thanks to timely instructions from regulatory agencies, the introduction of the Insurance Business Law (2023) along with guiding decrees and circulars and the efforts of businesses, the insurance industry is still making s
Under amended law, it needs clarification on cooperation between commercial banks and insurance companies

Under amended law, it needs clarification on cooperation between commercial banks and insurance companies

VCN - Banks and insurance businesses have different understandings of the regulations in the Law on Credit Institutions 2024.
“Opportune environment” for growth of insurance enterprises

“Opportune environment” for growth of insurance enterprises

VCN - According to the Ministry of Finance, in the first quarter of 2024, total assets of insurance enterprises are estimated to reach VND 934.8 trillion, an increase of 11%; Investment back into the economy is estimated at VND 7,776.5 trillion, an increa
Minister of Finance: Fairness and transparency for the insurance market

Minister of Finance: Fairness and transparency for the insurance market

According to Minister of Finance Ho Duc Phoc, the Ministry has strengthened inspections to correct violations in the insurance sector, demonstrating fairness and transparency in the market.
Banks reduce revenue from insurance services

Banks reduce revenue from insurance services

In 2023, a series of negative incidents related to insurance sales resulted in a drop of revenue from cross-selling insurance of many banks.
Strengthen supervision to boost the insurance market

Strengthen supervision to boost the insurance market

VCN - Given by stricter regulations for insurance business activities, Mr. Ngo Viet Trung, Director of the Department of Insurance Management and Supervision (Ministry of Finance), said that this will help the insurance market develop sustainably.
Insurance is no longer a "goose that lays golden eggs" for banks

Insurance is no longer a "goose that lays golden eggs" for banks

VCN - According to statistics in the financial statements of the 2nd quarter and the first 6 months 2023 of 28 banks, only 8 banks detailed their revenue from insurance activities, of which 7 banks recorded negative growth, the only bank with positive gro
Insurance is no longer the "golden egg-laying goose" for banks

Insurance is no longer the "golden egg-laying goose" for banks

VCN- Amidst the crisis of confidence in the "marriage" between banks and insurance, the cross-selling revenue from insurance at banks significantly declined in the first half of the year compared to the same period last year.
Overcoming the crisis, insurance companies must enhance their quality

Overcoming the crisis, insurance companies must enhance their quality

VCN - With the intervention of insurance regulatory authorities, many wrongdoings of insurance companies have been exposed and fully disclosed.
Effectively control the insurance business

Effectively control the insurance business

VCN - The insurance industry has developed for more than 400 years by establishing many multinational insurance enterprises.
Strengthening management and risk identification in insurance business

Strengthening management and risk identification in insurance business

VCN - The Insurance Supervisory Authority Department (Ministry of Finance) has just sent a document on implementing risk management to non-life insurance enterprises, reinsurance enterprises, and branches of foreign non-life insurance enterprises.
Bancassurance management needs stricter measures

Bancassurance management needs stricter measures

VCN – Many "controversial" cases have recently caused the insurance management to need stricter measures.
Proposing the implementation of insurance for vehicles on exit and entry and imported goods by post

Proposing the implementation of insurance for vehicles on exit and entry and imported goods by post

Lang Son Provincial Post Office sent a request to General Department of Vietnam Customs to coordinate in implementing regulations on compulsory civil liability insurance (CLI) for means of transport on exit and entry
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