On September 25^th 2013, Vietnam National Reinsurance Corporation – VINARE has organized a round table discussion on “Marine hull insurance – Situation and Solutions” for Vietnamese non-life insurance market at Nikko hotel (Hanoi).

Participants are representatives from non-life insurers, VINARE, Insurance Supervisory Authority – Ministry of Finance, Association of Vietnamese Insurers and Swiss Re.

This seminar offers opportunities for leading insurers in marine hull insurance, managers, and experts to discuss on urgent issues in Vietnam hull insurance market and practical solutions for the sustainable development of this market.

Marine hull insurance is a traditional business line and many market players have been doing this business. However, it is also considered the least profitable business line in recent years with high loss ratio, low premium rate, non-technical terms and conditions, etc.

At the seminar, presentations of Vietnamese insurers showed pretty honest picture of Vietnam marine hull insurance market in the period of 2000 – 2012. The seminar also gave evaluations and opinions from a direct insurer’s perspective (Bao Minh) and an international reinsurer’s perspective (Swiss Re). All presentations focused on solutions for marine hull insurance’s unprofitable situations in recent years; especially cooperation and information exchange among market players need to be enhanced. All representatives have well noted VINARE’s solutions and proposals. The seminar also agreed on all urgent tasks need to be done in the near future, especially for the coming 2013/2014 renewal.

VINARE sincerely thanks leading experts from Insurance Supervisory Authority, Association of Vietnamese Insurers, Swiss Re and insurance companies in the market for their participation and valuable inputs which have contributed to the success of this seminar./