Liberty upbeat about non-life insurance market

HCMC – U.S.-based Liberty Insurance Limited is buoyant and optimistic about the future of its business performance in the local non-life insurance market that offers good growth opportunity, especially in the automobile segment, after entering the market two years ago.

Carlos Vanegas, general director of Liberty Insurance, said the recently published optimistic forecast on the Vị trí đặt quảng cáoeconomic recovery, as well as the growth of the non-life insurance sector here in Vietnam, were opportunities for insurance companies to invest more and to create competitive advantages for business growth in the market.

The newly appointed general director gave the market outlook at a meeting held at the Sheraton Saigon Hotel & Towers in downtown HCMC on Thursday.

Vanegas said the company had enjoyed surging revenue in auto insurance products and the young company had been listed in the top ten among 27 non-life insurance companies active in Vietnam.

Vanegas revealed that Liberty had sold 10,000 auto insurance policies and the company expected the number to double this year given the increase in living standards that has allowed more Vietnamese people to buy cars. Also, awareness of insurance has been increasing.

Explaining what made the company target auto insurance in Vietnam, Vanegas said Liberty had experience and experts in this segment around the world. The company has sold insurance for 13 million automobiles around the world.

Vanegas is upbeat about the potential of the local non-life insurance market saying that Liberty is on the right track not only in auto insurance but also in insurance services targeting Vietnamese customers such as HealthCare, HomeCare, TravelCare, MotorCare and property among others.

Liberty Insurance Limited entered Vietnam’s market in 2007 and is a member of Boston-based Liberty Mutual Group.

Tags: Liberty, Vietnam business news, Vietnam insurance market