Nearly 5 per cent of Vietnamese Buy Life Insurance Policy
Less than 5 per cent of Vietnamese population has bought life insurance policy with an average cost of only US$7 a person, said Peter Lai, general director of Cathay Vietnam Life Insurance Ltd Co at the inaugurating ceremony.
Lai also revealed at the ceremony held in Hanoi July 8 that total life insurance premiums in Vietnam account for only 1 per cent of GDP.
The figures proved that Vietnams life insurance potential remains high, which is to be the reason why the Taiwanese Cathay Life ed its subsidiary capitalized at USUS$60 million in Vietnam, Lai added.
The ing of Cathay Life Vietnam is part of the Taiwanese insurers long-term development strategy in Asia.
Cathay Life Vietnam will have two offices in Hanoi and HCM City
Vietnam is now home to eight life insurer, including the only state-run Bao Viet. The other seven are all foreign firms. (Pioneer)
Vietnamese
