The huge number of motorbikes damaged by storm Usagi in Ho Chi Minh City last week is seen as a great opportunity for insurance firms to fill a gaping hole in the market by developing motorbike insurance policies. A huge number of motorbikes were damaged by storm Usagi in Ho Chi Minh City last week For days after the floods from storm Usagi, motorbike repair shops across the city have been overloaded. While compulsory motorbike insurance only offers compensation if drivers get in accidents, only a few locals purchased physical insurance covering fire and flood damage. According to the latest statistics of the Vietnam Association of Motorbike Manufacturers (VAMM), the total number of motorbikes in Vietnam hit 52 million. However, only one per cent of motorbike users buy extra motorbike insurance, according to Liberty Insurance Vietnam Limited Company. The little interest in motorbike insurance is also the main reason behind people having to pay VND700,000-1 million ($30.4-43.5) per repair, according to the insurer. With the huge number of local motorbike riders, the awareness forphysical insurancepresented by storm Usagi is a golden opportunity for insurance firms. Thus, it is high time for insurance firms have to change strategies and lay down… Read full this story
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