PVIRe held the Preliminary Conference for the 9-month period of 2017 and implementation of 2017 fourth quarter plan.

On October 6th, 2017, at PVI tower, PVI Reinsurance Joint Stock Corporation (PVIRe) successfully held the Preliminary Conference for the 9-month period of 2017 and implementation of 2017 fourth quarter plan.

Together with PVIRe, the chief directors of PVI Holdings, PVI Insurance Corporation, PVI Asset Management JSC and Vietnam Asset Development JSC also attended the meeting. The conference was hosted by Mr. Ton Thien Viet – Chairman and Mr. Trinh Anh Tuan – Chief Executive Officer of PVIRe.

Mr. Ton Thien Viet and Mr. Trinh Anh Tuan are running the conference

The insurance market in the 9-month period of 2017 continued to grow progressively. The total premium income is estimated to reach VND 206,000 billion, having increased by 22% comparing to last year, in which non-life premium income has increased by 10%,. However, the steady growth mainly results from the retail sector, whereas several lines with reinsurance business such as engineering, energy, marine cargo and aviation have little increase or even lower profits.

By the end of the third quarter of 2017, the market has recorded a number of major losses: broken electrolytic tank at the aluminum electrolysis plant Sohar Aluminum – Oman (USD 300 million); a fire at Vinh Tan 4 TPP (USD 25 million), a fire at Kwong Lung Meko plant (USD 18 million), a fire at Truong Hai auto factory (USD 16 million) and damages caused by Irma, Harvey and Talas hurricane.

The abundant reinsurance capital of international market, together with the growing potential of non-traditional reinsurance (Deposit, Sidecar, Cat Bond,..) have eventually led to high competition, which resulted in the lowering level of premium.

Despite harsh competition from the insurance/reinsurance market, PVIRe has accomplished its own targets. The revenue from reinsurance was approximately VND 1.184 billion, achieving 104% of the 9-month plan for the year 2017. Aside from the achievements in business and market development, PVIRe has continued to further improve its human resource management, training, renovate internal systems and thoroughly renew the information technology system. Especially, in Quarter 3 of 2017, PVIRe has successfully organized the reinsurance training workshop in terms of property and risk engineering for the Southern market called “PVIRe Seminar 2017”, enhancing the company reputation in the market and with its business partners.

On the other hand, at the conference, all the weaknesses were candidly brought up in order to address and find suitable solutions. Mr.Duong Thanh Danh, Regional Manager Global Division of HDI Global also delivered a speech at the conference. At the same time, CEO of PVI Holdings acknowledged the efforts and contribution of PVIRe staff to achieve the outstanding results in the 9 months of 2017. He also discussed the important missions of PVIRe in Quarter 4 of 2017.

Mr. Bui Van Thuan – CEO of PVI Holdings is delivering the speech in the Conference

In Quarter 4 of 2017, PVIRe is expected to achieve its business target and accomplish its goal for this year. Additionally, the company also needs to focus on analyzing the market and collaborating with member companies in PVI to acquire the best results.