Vietnam Airlines Join Insurance Market
Vietnam Airlines Insurance Joint Stock Company (VNI) officially began its operations in the domestic insurance market Thursday with a registered capital of VND500 billion (US$29.8 million), the state-run Vietnam News Agency reported.
VNI, licensed by the Ministry of Finance April 23, will provide insurance services for air transport, marine and land transit, finance, accident insurance and other non-life insurance services.
The new insurer’s General Director Do Van Hai said that the company expected to increase its revenues by 20 per cent per year and become one of the leading brands in the non-life insurance market in Vietnam.
The company was established by five leading economic and financial groups of Vietnam, including Vietnam Airlines Corp., Vietnam Cola and Mineral Industrial Group (Vinacomin), Vietnam Machinery Installation Corp. (Lilama), Hanoi General Export-Import Co. and Nam Viet Joint Stock Co.
VNI has become an official member of the Association of Vietnam Insurers in September.
Currently, Vietnam has around 28 non-life insurers (including 11 foreign-invested ones), 11 life insurers (with 10 foreign-invested ones) and 10 insurance brokers. Bao Viet is now the leading non-life insurance provider in the country. (VNS, Vietnam Economic Times)
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