Insurance market seething thanks to WTO entry

Vietnam ’s insurance sector has been more competitive since the country joined the World Trade Organisation (WTO) two years ago, an official has said.

However, Deputy Minister of Industry and Trade Le Danh Vinh said the sector should have its client-caring services further improved in order to make the best use of opportunities and minimise risks brought in by the country’s WTO membership.

At a seminar assessing WTO entry impacts on the insurance sector in Hanoi on September 11, it was reported that non-life insurance and life insurance premiums attained rises of 35 percent and 17 percent, respectively, in the past six months.

According to Secretary General of the Vietnam Insurance Association Phung Dac Loc, local insurers need additional supporting legal foundations to promote new products, including insurance for the poor, to compete with foreign rivals.

The Vietnamese insurance market sees the competition of 31 insurers, including 17 foreign businesses, which are offering a total of 800 non-life and life insurance products for life, asset and responsibility.

VNA

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