Seven insurers get okay to launch export credit insurance services

Vietnam’s Ministry of Finance (MoF) has recently released the list of insurance enterprises that are allowed to launch pilot programme of export credit insurance.
Accordingly, there are seven firms in this list including Bao Viet Insurance Corp, Bao Minh Insurance Joint Stock Corp, PetroVietnam Insurance Joint Stock Corp (PVI), Bao Viet Tokio Marine Insuarance Joint Venture Co, QBE Vietnam Insurance Co, Chartis Vietnam Insurance Ltd Co and Union Insurance Ltd Co.

Previously, five insurers that have launched export credit insurance in Vietnam included Chartis, QBE, Bao Viet, Bao Minh and PVI.

As per the prime minister’s decision, the pilot programme of export credit insurance from 2011 to 2013 aims to reach maximum 3 percent of export turnover getting export credit insurance.

23 groups of commodities are encouraged to apply the export credit insurance including seafood, rice, coffee, fruits and vegetables, rubber, pepper, cashew nut, tea, garment and textile, footwear, electronics and computer components, ceramics, glass, iron and steel products, machineries and transport vehicles.

Accordingly, these insurers will apply short-term export credit insurance products.

According to MoF, from August 22, 2011, exporters who were selected to join the pilot export credit insurance programme will be supported 20 percent of original insurance premium of the insurance contract. – Vietbiz24

Tags: Vietnam insurance, Vietnam insurance industry, Vietnam insurance market

Posted by VBN on Sep 16 2011. Filed under Insurance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry