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While remaining quite a nascent market in Vietnam, the contribution of the bancasurance channel to the total revenue of the Vietnamese insurance market has significantly increased in the past four years. Compared to other markets in Southeast Asia, there is a huge potential for both players—banks and insurers—in Vietnam to tap into the bancassurance development trend.
Network security has grown into a pressing global issue, and Vietnam is not an exception. Aware of the growing concerns associated with current network security loopholes, many local firms are still unprepared to cope with the risk.
The first half of 2017 has witnessed many bancassurance deals in Vietnam and the second may also see heightened cooperation among insurers and commercial banks, which promises to heat up the bancassurance sector.
As an attractive industry in Vietnam, the life insurance market is luring a wide range of international investors.
Last year, non-life insurers failed to curtail their loss ratios to 40 per cent of their total premiums- a level deemed as acceptable for compensation in this area - as some insurance services had to make high payouts.