On September 30th 2022, Vietnam National Reinsurance Corporation (VINARE) successfully organized the 8th Reinsurance Conference in Nha Trang with the theme “Re-uniting market strength”. The Conference is a biennial event, creating an opportunity for domestic insurers and international reinsurers to meet and address recent insurance/reinsurance market developments, discuss major trends and outlook for the upcoming renewal season 2022/23
The Conference this year gathered representatives from Insurance Supervisory Authority, Insurance Association of Vietnam, C-level executives, Reinsurance and Underwriting managers of local non-life insurance enterprises, together with representatives from active international reinsurers in Vietnam market.
In his opening remark, Mr. Nguyen Anh Tuan – VINARE Chairman – emphasized that after a two-year interruption due to the Covid-19 pandemic, VINARE has now restarted its highly anticipated market event. This conference is a recurring event that occurs every two years, attracting the attention of delegates working in insurance/reinsurance in the market to connect and exchange common topics of interests.
He also noted that despite unprecedented challenges during the last two years, Vietnam insurance market still recorded a solid growth averaging 20% in the last 5 years (2017-2021), in which the non-life sector recorded an average growth rate of approximately 10%. The insurance market is witnessing significant changes such as the development of information technology or new demands arising after the pandemic. However, opportunities come along with obstacles such as inflation, geopolitical conflicts, climate change and cyber risks. In addition, the newly promulgated Law on Insurance Business 2022 has introduced several new requirements to which insurance businesses should address with a strict and methodical approach. Therefore, to prepare for this event, VINARE has worked closely with partners in an effort to provide participants with the updated information on the market, latest developments in legal regulations as well as perspectives of regional and international reinsurers on the international insurance market situation.
“Vietnam has an idiom that “solidarity is strength”. This solidarity is not only among Vietnamese insurers but also implies a strong connection with reinsurers in the international market. This kind of bond has become even more important in the context of recent challenges and unpredictable developments. I hope this conference will be a useful forum to address the concerns and demands of quality information of the market before the upcoming 2023 renewal season,” said Mr. Nguyen Anh Tuan.
After the opening speech of Mr Nguyen Anh Tuan, Mr Mai Xuan Dzung, Chief Executive Officer of VINARE, provided a comprehensive and insightful picture on the Vietnam insurance market including detailed analysis of each business lines, together wih VINARE’s evaluation on reinsurance market and outlook for the upcoming renewal.
Mr Nguyen Manh Linh, Deputy Chief Executive Officer of VINARE, presented several critical developments in the Law on Insurance Business and its impact on the non-life insurance market after taking effect in January 2023.
The conference’s agenda was diversified with presentations by experts from leading regional and global reinsurance companies. Mr Oran Vongsuraphichet, Chief Executive Officer of Thai Reinsurance Company Ltd., delivered a comprehensive presentation on the application of technology in the insurance value chain. In the ASEAN region, Thailand is one of the leading countries in innovating the insurance market through advanced technologies to improve operational efficiency, enhance customer satisfaction and bring along new product offerings.
Senior representatives of the world’s leading reinsurance group Swiss Re, Mr Balasubramian Nagarajan (Head of Malaysia Branch & Retakaful, Swiss Re Asia) and Ms Wendy Tan (Senior Client Manager in charge of Vietnam market), also provided outlook on Vietnam’s insurance market and prospective challenges that non-life insurance companies may face in the context of many fluctuations after the Covid-19 pandemic, and Swiss Re’s anticipation for the upcoming January 2023 renewal season.
Through the informative presentations at the 8th Reinsurance Conference, VINARE expects all participants to grasp a more comprehensive picture of Vietnam’s insurance/reinsurance landscape in the region and the world. There are new risks and challenges for non-life insurance/reinsurance businesses, but also numerous exciting potential and opportunities waiting to be discovered.
Representative of VINARE, Chairman of the Board of Directors – Mr Nguyen Anh Tuan, gave the closing speech of the 8th Reinsurance Conference (morning session).
In the afternoon, the conference continued with bilateral meeting sessions, between domestic insurance companies and leading reinsurers in the regional and international markets.