Commenting on the deal, said Mike Wilkins, IAG's chief executive, said: "30% stake in the AAA will help us step into the insurance market of Vietnam. The growth rate of 25% each year of the insurance industry since 2009 Vietnam has impressed me. With the level of property insurance low people present, I believe the market will continue to achieve high growth rates within the next 3-5 years. "

Through acquisitions initial 30% stake with AAA and objectives of the IAG is to come to hold 49% stake in AAA. Mr Justin Breheny, IAG CEO Asia does not hide ambition: "IAG priority to increase the number of shares to 49% in AAA with a written agreement signed."

In addition, IAG will support AAA expand and become more powerful insurance company in this attractive market. Do Thi Kim Lien, general director of AAA, said the IAG joined AAA Insurance in the strategic direction of the company the opportunity to catch up fast and strong development of Vietnam's insurance market in the years.

Specifically, IAG will help AAA improve depth application of information technology in customer management, compensation, evaluation timely, accurate and prevent profiteering insurance and personnel training. Currently, AAA is ranked 8 th out of 28 companies for non-life insurance in Vietnam, with 700 personnel.

Prudential chasing

While IAG are putting the foundation first entered the Vietnam market, the life insurance company Generali (Italy) also progress deeper into this market. Generali is preparing for the launch of the company in Vietnam and the new office in Ho Chi Minh City on 10/5 to come.

Despite the life insurance company other celebrities were present in Vietnam long, Generali said it will bring confidence to own comparative advantage. Specifically, it is the variety of insurance products emphasis on health insurance and retirement programs for personnel of multinational corporations.

March past, Life Insurance Corporation of Japan Sumitomo (Japan) has established a representative office in Hanoi. The number of companies involved in life insurance despite constantly increasing with each passing year, but according to industry experts, the 14 life insurance companies are still less with a potential market like Vietnam.

Prudential competitors are aggressively chasing - Photo: Do ​​Hoa

According to a survey by TNS Vietnam Vietcycle made, in 2011, the proportion of people owning insurance in Vietnam is quite low, only 6.6%. And only 25% of people in three major cities of Vietnam, including HCM City, Hanoi and Da Nang property insurance products.

In particular, most only own a life insurance product. While, in the Philippines or Hong Kong, people buy from 2-4 insurance products. "We will see property insurance rates of people in Vietnam will increase in future, at least 5-10 years. It is important that the work of the agents to help customers realize the need to be insured and select appropriate solutions to customer needs, "said Robert Cook, President of Manulife Financial Asia Asia Limited, emphasized.

Not only new companies actively participate in Vietnam's insurance market, the existing company is constantly expanding its network. System agents of Manulife Vietnam in 2011 have grown significantly with 34% to 12,000 agents nationwide with revenue growth of premiums in 2011 the company doubled overall rate of 20% of the security sector life insurance.

According to David Wong, senior vice president in charge of operating in South East Asia Manulife Financial Corporation, in the long term goal is to rise from the company's third position in the market for life insurance Vietnam up groups of two companies with revenue premiums annually highest.

According to the Vietnam Insurance Association, sales of non-life insurance in Vietnam can be increased by 20% to 24,200 billion in 2012 while the life insurance sector increased by 15%. Payment rate for non-life insurance average per capita in Vietnam is $ 10.30 while the figure in Malaysia and Thailand respectively $ 141.80 and $ 77.60.

Before that, earlier this year, Bao Vietnam targets new business premiums beyond Prudential Vietnam. This information caused a stir because the life insurance industry, Prudential Vietnam's capital position in Vietnam for a long time.

However, one industry expert noted, the goal of the race under the Prudential group for market dominance to exploit new revenue that can and will become increasingly critical. The reason, according to experts, after 10 years, many insurance contracts are running out of time.

Therefore, some life insurance companies will lose a longtime customer. Once there, customers can have more opportunities to select companies and other insurance products in the presence of multiple suppliers and services than current products.

Statistics of the Vietnam Insurance Association shows, Prudential Vietnam holds 27.8% market share of new operators. Follow Prudential Vietnam Vietnamese Bao with 27.2% market share.