Deputy Prime Minister Vu Van Ninh said Vietnam welcomed such a
prestigious insurer as Swiss Re to the country, as he received Swiss Re
Chairman Global Partnership Martyn Parker in Hanoi on March 19.
The Deputy PM said the local insurance market, which was opened to
foreign investors in 1993, has registered an average growth of 23-25
percent over the past five years.
Currently 57
businesses are operating in the country, offering a diverse range of
services, including life and non-life insurance, reinsurance and
brokerage
He briefed Parker about Vietnam’s
efforts to curb inflation, maintain macro-economic stability and achieve
sustainable development.
Martyn Parker said his
group, which is a strategic shareholder of Vietnam National Reinsurance
Corporation (VINARE) with a 25 percent stake worth 70 million USD, will
be the re-insurer for the pilot agricultural insurance programme
conducted by Bao Viet, Bao Minh and VINARE under the direction of the
Ministry of Finance.
Swiss Re will also work closely
with the Ministry of Finance and Vietnamese insurance companies in
designing risk responding plans, improving risk management capacity
ties and providing natural disaster insurance solutions.-VNA