In the world today, insurance is one of the major entity one has to possess while living anywhere including Vietnam. However, sometimes it can be difficult to know which insurance companies can be trusted for you to subscribe under them.
Nonetheless, in this article we will be going over what an insurance company actually is, as well as some of the best ones. So if you want to know the best insurance company in Vietnam, keep reading as we dive in to action.
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What is an Insurance company?
This refers to firms that provide risk control through agreements with insurers. The underlying idea behind insurance is that one entity, an insurer, guarantees payment for a potentially disastrous future occurrence.
While someone else, such as the insured or policyholder, pays less in premiums to the insurer as compensation for the security against an unknown future event.
Insurance is viewed as a slowly developing, stable business for investors. This view is not as prevalent as it had been in the 1970s and 1980s, but it remains prevalent in comparison to other financial sectors.
Major Types of Insurance in Vietnam
- Accident and health insurance
- Property and Insurance
- Financial guarantors
Listed above are the three major types of insurance companies that are currently functional in Vietnam as of the date of publication.
Auto, health, homeowners, and life insurance are the most frequent types of personal insurance plans. Besides, most citizens of Vietnam have a minimum of one of these kinds of insurance, as car insurance is also mandated by law.
Best Insurance Company in Vietnam
Here are some of the best insurance companies in Vietnam based on the reviews from past customers. Some of these companies have received global recognition and offer exceptional customer service, making them loved.
Without much discussion, let’s look into these insurance companies and how they stand out in Vietnam.
- Bao Viet Life Corporation
- Dai-ichi Life Vietnam
- Petrolimex Insurance Corporation
- Prudential Vietnam Assurance Private Limited Company
- AIA Vietnam
- PVI Insurance
- Manulife Vietnam
- Post and Telecommunication Joint Stock Insurance Corporation
1. Bao Viet Life Corporation
Bao Viet Life Corporation is a Vietnamese life insurance firm. It was founded in 2004 and is a division of Bao Viet Holdings, one of Vietnam’s leading financial organizations.
This firm provides insurance services such as investment-linked insurance, health insurance, and accident insurance.
It also runs a worldwide retail center and agent system, and it also provides insurance commodities and amenities online.
Bao Viet Life Corporation is dedicated to offering exceptional insurance services and goods to its consumers, and it has earned many praises for customer service and product development. The company is also dedicated to corporate social responsibility, and it has launched a variety of projects to help the areas in which it operates.
By the end of 2021, Bao Viet Life had attained excellent profitability statistics. Its entire sales was VND 37,848 billion, an increase of 4.6% over 2020.
2. Dai-ichi Life Vietnam Insurance
Dai-ichi Life Vietnam is a subsidiary of Dai-ichi Life, which was founded in January 2007 having 100% contribution from Japan.
It is one of Japan’s major life insurers and also one of the globe’s best insurance firms, with significant assets and roughly 120 years of expertise.
Dai-ichi Life Vietnam maintains its second-place position in terms of its commercial system, with 300 branches and a workforce of over 2,000 employees and 114,000 financial specialists.
It may interest you, however, to know that Dai-ichi Life Vietnam’s overall assets as of December 31st, 2022, were over 58,000 billion dong.
3. Petrolimex Insurance Corporation
Next on our insurance company in Vietnam list is the Petrolimex Insurance Corporation. Petrolimex Insurance has earned a reputation for dependability and honesty in the Vietnamese insurance sector by focusing on customer service. Customers throughout Vietnam can now easily acquire insurance services thanks to the firm’s branch centers and dealers.
Petrolimex Insurance also provides a wide range of insurance services, like auto insurance, home insurance, maritime coverage, and private accident coverage.
In addition, the company offers a variety of specialist insurance services, like cargo protection, plant insurance, and liability coverage.
4. Prudential Vietnam Assurance Private Limited Company
Prudential Vietnam Assurance Private Limited Company is a division of Prudential plc, a global banking firm headquartered in the United Kingdom.
Founded in 1995, it is a member of Vietnam’s top life insurance firms, providing life insurance and equity-linked services.
The organization has over 300 centers and subsidiaries throughout Vietnam and offers a variety of insurance services like life insurance, health insurance, and critical illness insurance, among many.
Prudential Vietnam also provides a variety of investment-linked solutions that allow users to put money into multiple investments and reap possible rewards.
5. AIA Vietnam
AIA Vietnam is an affiliate of AIA Group Limited, one of the world’s major insurance and banking firms. Founded in 2000, it has since evolved into one of Vietnam’s major life insurance firms, offering a variety of insurance and financial solutions to consumers as well as corporations.
Aside from its primary commercial operations, it takes part in corporate social responsibility initiatives, supporting a variety of nonprofit groups and community projects focused on enhancing people’s lives in Vietnam.
6. PVI Insurance in Vietnam
PVI Insurance is one of Vietnam’s biggest insurance businesses, offering different kinds of insurance services or goods. It was founded in 1996 and is currently one of the nation’s finest insurance companies.
Furthermore, PVI Insurance has an important influence throughout Vietnam, with over 30 stores and agents located in key towns and cities. Besides, the organization has a team of competent experts who are committed to offering quality insurance services to consumers.
PVI Insurance also earned various honors and prizes for its achievements, including the International Finance Magazine award for “Best General Insurance Company in Vietnam” in 2020.
7. Manulife Vietnam
Manulife Vietnam is a division of Manulife Financial, one of the world’s leading life insurance firms. Since 1999, this corporation has been working in Vietnam and has proven itself to be among the nation’s major life insurance companies.
This company is dedicated to offering exceptional insurance and other services to its clients. It made investments in digital and electronic technologies to make insurance more accessible and simple for clients.
Manulife Vietnam also maintains a network of reliable centers and dealers throughout Vietnam. This ensures that clients may readily and efficiently utilize its insurance lines and services.
8. Post and Telecommunication Joint Stock Insurance Corporation
Last on our list of the best insurance company in Vietnam is the Post and Telecommunication Joint Stock Insurance Corporation (PTI). PTI is a Vietnamese insurance firm that offers a variety of insurance services to people as well as companies.
This firm was founded in 1993 and is based in Hanoi, Vietnam. PTI takes a proactive role in charitable endeavors as a supplement to its main commercial tasks. Hence, sponsoring a variety of non-profit groups and social initiatives that focus on uplifting the well-being of people in Vietnam.
By the time you are done reading this article, you should be familiar with what insurance is all about, as well as what an insurance company is. You will also learn the common types of insurance you can pay for in Vietnam. As well as the best insurance company you can rely on in Vietnam. However, if you feel that there is another insurance company that should be here that isn’t, feel free to suggest it in the comments.