The recent typhoon in Vietnam’s north highlighted the economic peril that can come for businesses and individuals from inadequate or no insurance coverage.

Premium revenue slips as payouts rise to an estimated $2.3 billion.

26th ASEAN Insurance Regulators’ Meeting and 49th ASEAN Insurance Council Meeting to take place in northern Quang Ninh province from December 5-8.

South Korean insurer picks up a 75 per cent stake in Vietnamese company.

Higher demand and new insurance law to boost market.

Existing regulations reveal shortcomings that make it difficult for riders to access payouts.

Total premium revenue so far this year is estimated at $10.5 billion, up 15 per cent.

Information to be retained to ensure that customers have taken out insurance voluntarily.

Vietnam Social Insurance has said it has completed a database of more than 98 million people, connecting with nearly 13,000 medical examination and treatment facilities, and there are more than 620,000 organizations and enterprises using public services nationwide. It has completed providing online public services of level 4 for all administrative procedures of the industry and providing 20 public services under 14 administrative procedures on the National Public Service Portal.

Vietnam’s insurance technology (insurtech) market, which accounts for only 2-3 per cent of total revenue in the insurance market, has a lot of potential to develop. A representative from one insurtech company said the local market is expected to soon reach into the tens of billions of dollars, and the comprehensive application of digitalization in the insurance industry will drive sustainable market growth.