Samsung Vina inks bancassurance deal in Vietnam

Samsung Vina inks bancassurance deal in Vietnam | Insurance Business Asia

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Samsung Vina inks bancassurance deal in Vietnam

Collaboration comes during double-digit growth for the property sector

Insurance News

By
Kenneth Araullo

Shinhan Bank Vietnam has finalised an agreement with Samsung Vina Insurance Company to provide its corporate clientele with the latter’s range of property insurance products.

The bank anticipates delivering tangible value to its business customers through this cooperative partnership with Samsung Vina Insurance, one of the more renowned insurers in the Vietnamese market.

According to a Vietnam News report, Shinhan Bank is expecting the venture to offer clients more suitable insurance options while granting them access to comprehensive banking solutions conveniently at a single transaction point.

The non-life insurance sector has witnessed substantial transformations in recent years, with premium revenues displaying steady growth annually. According to data from the Vietnam Insurance Association, property insurance revenues accounted for 29% of the total premiums in the first half of the year, reflecting a growth rate of 10.9% compared to the same period last year.

“Samsung Vina Insurance and Shinhan Bank Vietnam share a similar vision: a business development strategy focused on sustainable and effective growth and risk management while sharing customers’ risks with high-quality services,” Samsung Vina general director Ye Young Hae said.

A recent WTW report in the country found that only one in five are confident in their ability to face current and business risks, a figure which presents a challenge to becoming more resilient in the face of emerging risks across small and medium-sized enterprises in the country.

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