Taiwan firm enters local insurance market (13-12-2007) HA NOI — Taiwan-based Cathay Life Insurance has been granted license to establish the first Asian, entirely foreign-invested life insurance company in Viet Nam. The Cathay Life Insurance (Viet Nam) Co Ltd, with an investment of US$60 million, is the 8th life insurance operator in the country. Under current regulations, the charter capital required for a life insurance company in Viet Nam is VND600 billion ($37.5 million). Lai Qi Min, the company’s general director, said, "For initial steps, Cathay Viet Nam will access markets in the South, including in HCM City, Dong Nai and Binh Duong provinces. Then we will develop operations in the North and the Centre." Compared to Taiwan where, on average, one Taiwanese owned 1.7 insurance contracts, insurance purchase power in Viet Nam was at only 0.1, even as the country had seen an economic growth rate of 8 per cent in recent years, Cathay Viet Nam leader said. Thus the … [Read more...]
Cathay Life insurance opens in VN
In Briefs (09-07-2008) Cathay Life insurance opens in VN HA NOI — Cathay Life Insurance formally entered the local life insurance market yesterday with a total investment capital of US$60 million. Cathay Life, a subsidiary of the Cathay Financial Holdings Group of Taiwan, officially obtained its business licence in Viet Nam in December 2007, and plans to maintain offices in both Ha Noi and HCM City. Cathay will provide insurance products for customers such as life, accident, annuity, health and risk-linked investments. Istanbul now just two hops away HA NOI — Turkish Airlines (THY) has opened its first Vietnamese office here using Huong Giang Aviation Service Ltd Co as its general agent. The airline will joint Vietnam Airlines and Thai Airways to offer flights from Ha Noi and HCM City to Istanbul via Bangkok - and then to over 100 other cities in the world. Turkish Airlines has two boasts - that it is the one of the fastest growing airlines in Europe and that it has the … [Read more...]
Multi-faceted competition between foreign and domestic life insurers in Vietnam
The competition between foreign and domestic life insurers in Vietnam is as multi-faceted as it is fierce. Selecting an insurer has now become harder as Vietnamese and foreign companies try to compete and win market share with new products and business strategies. And with many other foreign insurers keeping an eye on Vietnam with a view to establishing a presence in the country the problems associated with an abundant choice aren’t going anywhere. The latest figures from Insurance Supervisory Authority of the Ministry of Finance show that in first four months of this year Vietnam’s life insurance market continued to maintain its healthy growth, with premium revenue reaching over VND9 trillion ($418 million), up more than 43 per cent compared with the same period last year. The market leader remains Prudential, with 23.93 per cent, closely followed by Bao Viet Life with 23.55 per cent, Manulife Vietnam with 9.45 per cent, AIA Vietnam with 12.48 per cent, and Dai-ichi … [Read more...]
Cathay Life grants VND636 mil. to students
Cathay Life grants VND636 mil. to students Kieu Giang By Kieu Giang in HCMC Cathay Life Insurance Vietnam Co. Ltd. last week granted 52 scholarships worth VND636 million to students in Hanoi, HCMC, Danang, Can Tho and Dong Nai. The scholarships worth from VND12 million to VND15 million each were given to students from 11 universities including Hanoi Medical University, Hanoi Laws University, Hanoi University, Diplomatic Academy of Vietnam, HCMC University of Laws, University of Economics, Banking University, Vietnam National University – HCMC, Danang University, Can Tho University and Dong Nai University. “We do hope our scholarships will be a motivation for students to try their best to become talented people for the country,” said Stanlee Lee, general director of Cathay Life Insurance Vietnam Co. Ltd., at the ceremony held at the company’s headquarters in HCMC’s District 1. The scholarship program has been carried out since 2007 and students … [Read more...]
Cathay Vietnam insurer opens Can Tho branch
Cathay Vietnam insurer opens Can Tho branch By Ho Hung - The Saigon Times Daily CAN THO - Cathay Life Insurance Vietnam Co. Ltd. inaugurated new branch in Ninh Kieu District in the Mekong Delta city of Can Tho on Friday. Cathay Vietnam general director Peter Lai said the insurer had plans to reach out to a huge number of customers in Can Tho, the center of the Mekong Delta with high income per capita. … [Read more...]
Cathay Life donates scholarships to poor students nationwide
Cathay Life donates scholarships to poor students nationwide Cathay Life Insurance Vietnam has granted 56 scholarships worth from VND16 million (US$704) to VND20 million each to poor students with outstanding academic performances so that they can pursue four years of university study. The scholarship recipients are first-year students from 12 universities across the country. The company has been carrying out its annual scholarship program in Vietnam since 2007 to encourage students to continue their schooling. Over the past nine years, students nationwide have benefited more than VND6 billion in scholarships. A representative of Cathay Life said that the company will continue the scholarship program in the coming time and create opportunities for the scholarship recipients to do internships and get a job at the company after graduation. … [Read more...]
Life insurance records strong growth in first two months
The Vietnamese life insurance segment recorded a strong growth in total premiums, total value of new business and contract numbers in the first two months of this year, implying the beginning of the economic recovery. Growth rates averaged around 6.03 per cent on year in the first quarter, a five-year record high, showed a recent report by the Insurance Supervisory Authority (ISA) under the Ministry of Finance. The segment’s total value of new business (VONB) soared by 44 per cent on year to VND1.249 trillion ($59.47 million) between January and February, when life insurance companies signed 179,828 contracts. Mixed insurance accounted for 43 per cent of total revenues, while investment-linked insurance, Term Life Insurance and pension insurance made up 39.89 per cent, a growth of 4.74 per cent and 0.64 per cent, respectively. Other services including whole life insurance, pure endowment insurance and annuity insurance accounted for 1.2 per cent. Industrial insiders attributed … [Read more...]
Newcomer in Vietnam Non-life Insurance Market
Newcomer in Vietnam Non-life Insurance Market Cathay Vietnam Non-life Insurance Company, an affiliate of the Taiwan’s largest financial company Cathay Group, officially made a debut in Ho Chi Minh City on December 8, 2010. The company, with a total capital of VND300 billion, provides a wide range of insurance products like property insurance, liability insurance, transportation insurance, health insurance, casualty insurance, engineering insurance, etc. Mr Pin Lin Yao, President and CEO of Cathay Non-life Insurance Company, said: “We are very impressive with an emerging, dynamic and fast-growing economy and a potential non-life insurance market like Vietnam. We wish to contribute our part to the development of Vietnamese financial market and economy.” In the next five years, Cathay Insurance will set up a broad system supported by two central agents in the north and in the south. The company will apply its successful models in Taiwan to Vietnam. Quang Dai more … [Read more...]
Cathay Life: Planning Today for Future Prosperity
Cathay Life: Planning Today for Future Prosperity In July 2010, Cathay Life Insurance Vietnam Co. Ltd celebrated its two years in Vietnam. During its two-year efforts to build up a strong market foothold, a strong optimised management system and a well-trained, professional consultant team, the company has asserted its superiority to its competitors on the Vietnamese insurance market. According to Mr Stanlee Lee, Deputy General Director of Cathay Life Insurance Vietnam Co. Ltd, with the population of 87 million as well as the current fast-growing economy, Vietnam is actually a potential insurance market. Besides, the Government of Vietnam has been applying favourable policies to foreign investors while building a healthy life insurance market. When asked how to attract people in Vietnam to buy insurance policies, Mr Lee said the nature of this matter was how to make people understand that the nature of life insurance is a "self-protection". Undergoing a financial crisis, people … [Read more...]
Cathay Life supports outstanding university students
Cathay Life Insurance Company awards scholarships to 20 outstanding students. — VNS Photo HCM CITY (Biz Hub) — Cathay Life Insurance Viet Nam Company Ltd on Thursday awarded scholarships to 20 outstanding first-year university students in HCM City. Worth VND16-20 million (US$730-910) each, the scholarships are meant to help disadvantaged students pursue four or five years of education. This is for the eighth year that the Taiwanese company is giving away these scholarships to poor students, and hundreds around the country have benefited to the extent of VND1.4 billion ($188,000). This year 52 students at universities in Ha Noi, HCM City, and Can Tho have received scholarships worth VND848 million ($38,900). — VNS … [Read more...]