Group insurance for employees is becoming a popular choice of company welfare policy to retain talented employees. Human resources experts predicted that the trend will increase sharply in the coming years because it brings many benefits to both employees and businesses. Outstanding benefits Group insurance for employees has drawn the attention of many businesses as it contributes to increasing employee loyalty. In developed countries, group insurance plan is very popular, but in Vietnam it is only in the early stages. With a group health insurance plan, employees will be protected by an effective financial plan, helping to eliminate worries about the cost of unexpected illness, accidents, and other crises which in turn allows them to fully concentrate on work. Group insurance plan helps enterprises to grow prosperous and strongly as well as bring many benefits to employees Such an insurance policy is especially meaningful for employees who are the bread winners of their … [Read more...] about Group insurance plan helps enterprises to grow stronger
Oman united insurance company
Insurance firms and agents face higher qualifications bars
The country has 64 insurance companies, including 30 non-life insurers, 18 life insurers, two reinsurance companies and 14 insurance brokerage companies. — Photo cafef.vn HÀ NỘI — Insurance companies and their agents face stricter scrutiny as a number of Government decisions designed to regulate agents’ qualifications are set to take effect in November. Agents, who consult and sell policies independently, must possess insurance-relevant university degrees and certificates, according to Government Decision 73. Risk analysts must possess a university or higher degrees in risk management majors or relevant certificates. The decision also requires insurance actuaries, who analyse financial risks, to possess a university or higher degrees. Simultaneously, Government Decision 98 has been amended to deliver additional penalties to firms and agents who violate Việt Nam’s Laws on Insurance Business. Agents who fail to … [Read more...] about Insurance firms and agents face higher qualifications bars
IFRS 17 to impact financial statements of insurance companies
Tran Thi Thanh Truc, assurance partner at PwC Vietnam Three measurement models in IFRS 17 IFRS 17 introduces three measurement models for insurance contracts, namely the general measurement model, the premium allocation approach, and the variable fee approach. The general measurement model is the standard measurement model that can be used for all insurance contracts. To apply this model, insurance companies (insurers) should first understand some important concepts. The two new key concepts introduced by IFRS 17 are contractual service margin (CSM) and fulfilment cash flows. CSM is a component of the carrying amount of the asset or liability for a group of insurance contracts, representing the unearned profit the insurer will recognise as it provides services under the insurance contracts in the group. Meanwhile, the fulfilment cash flows is the present value of future cash flows, including a risk adjustment for non-financial risks. In this model, the liability for remaining … [Read more...] about IFRS 17 to impact financial statements of insurance companies
Non-life insurance companies record US$1.14 billion in owner’s equity
Illustrative image (www.pjico.com.vn) Vietnam Economic Times quoted newly released statistics by the Ministry of Finance (MoF) as showing there are 30 non-life insurance companies (NLICs), including one branch of a foreign NLIC, and two reinsurance companies, operating within Vietnam. The non-life insurance market enjoyed stable growth throughout 2018, with total assets estimated at VND81.806 trillion (US$3.56 billion), up 8.5 per cent against the previous year. The direct insurance revenues of NLICs were predicted at roughly VND45.694 trillion (US$1.99 billion) in 2018, rising by 9.9 per cent on year. GM_EN_PC_ARTICLE_Native_ads The original claim amount of NLICs last year was forecast at VND19.476 trillion (US$848.99 million), a year on year increase of 21.19 per cent. Local NLICs continued to expand their business network during 2018 with 19 new branches, one transaction office, and another agency established. GM_EN_PC_ARTICLE_Inpage_Banner Last year, … [Read more...] about Non-life insurance companies record US$1.14 billion in owner’s equity
Vietnam non-life insurance company partners with Korean bank
At the signing ceremony (Photo: VNA) Hanoi (VNA) – Petrolimex Insurance Corporation (PJICO), a top 5 non-life insurance company in Vietnam, has signed a cooperation agreement with the Republic of Korea’s Woori Bank. The two sides will jointly build added benefits to meet the increasing demand of customers for package insurance. PJICO insurance products will be delivered through the Korean bank’s network system, including motor vehicle insurance, health insurance, and property insurance. Woori Bank is a leading Asian bank and the oldest of its kind in the RoK with 119 years of operation and 410 branches in 25 nations. PJICO is a member of Petrolimex with 23 years of establishment and development. -VNA … [Read more...] about Vietnam non-life insurance company partners with Korean bank