Increasing premiums for Vietnam insurers, especially technique and property

The reinsurer leadings has sent a warning message about increasing reinsurance rates and tightening terms and conditions for the customers of Vietnam market from 2012.

Accordingly, the losses from the recent disaster make a larger concern about the risk of natural disasters in Asia, including Vietnam, only one of the reasons why the reinsurers have many changes in reinsurance policies.For another reason,during two years, there were many property losses caused by a fire hazard … this year, all the reinsurers in the world have raised reinsurance costs for the Vietnam market (especially in the cat 3 – fire and explosion insurance for industries such as footwear, wood, textiles…).

This is a warning for Vietnam’s insurance market. Not only increasing reinsurance premiums double for which estimated to be at high risk this year, the reinsurer also requires more closely and strictly with terms and conditions, the risk assessment process needs more rigorous and the most affected section are the technical property…