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Posts Tagged ‘premium’

Insurance premium grows 20% to $1.5b year-on-year

In Uncategorized on January 8, 2011 at 4:12 am

Insurance premium grows 20% to $1.5b year-on-year

QĐND – Monday, January 03, 2011, 20:37 (GMT+7)

Total insurance premiums are estimated to have reached VND30.69 trillion (US$1.57 billion) this year, a rise of 20.3 per cent on last year, according to the Ministry of Finance’s Insurance Management and Supervision Department.

The department reported non-life insurance premiums contributed roughly VND17 trillion ($871.8 million), up 24 per cent on last year.

Life insurance premiums rose 16 per cent to VND13.69 trillion ($702 million).

This year also saw insurers pay out more than VND12 trillion ($615.4 million) in claims to institutions and individuals.

Director of the Department Trinh Thanh Hoan said next year they would streamline the existing regulations to further develop the insurance market and encourage institutions and individuals to take out insurance.

Insurers would be encouraged to provide insurance to the agriculture, forestry and fishery sectors and in remote areas, Hoan added.

He said the department also planned to submit proposals to the Ministry of Finance for licensing the establishment of 3-4 insurers and insurance brokers next year.

According to the department’s statistics, the country has 53 insurers, including 29 non-life insurers. There are also 12 life insurance and 11 insurance brokers. The country has only one re-insurance firm.

The department forecast the total insurance premium would reach VND35.29 trillion ($1.8 billion) next year, up 18.8 per cent year-on-year. Non-life insurance would see big rises of roughly 22-25 per cent to VND20 trillion ($1.03 billion) while life insurance rise would be 12-15 per cent.

General secretary of the Viet Nam Insurance Association Phung Dac Loc also believed the insurance market would experience strong growth next year as the Government had targeted a GDP growth rate of 7 per cent.

“Strong economic growth, which helps lift worker incomes, will lead to further development of the insurance market,” he said.

Loc anticipated the life insurance market would grow roughly 18 per cent next year with mixed insurance as the key product.

He said there were still plenty of domestic opportunities for insurance companies to expand, with just 5 per cent of the total population holding life insurance. Loc estimated that roughly 30 per cent of the country’s population could afford to take out insurance policies.

The Business Monitor International also reported this year that Viet Nam’s insurance market was likely to see strong growth with total premiums of up to VND58.45 trillion ($2.99 billion) by 2014. This would include non-life premiums of VND27 trillion ($1.38 billion).

Source: VNS

Source: QDND

Vina Properties Development acquires premium hotels, golf course in Dalat

In Uncategorized on June 10, 2010 at 3:37 pm

Vietnam’s Vina Properties Development Group announced Thursday it had become the owner of a golf course voted the best in Vietnam and two premium hotels in Dalat City, a popular tourist destination.

The group, shortly known as VPD, said it had bought the world-class Dalat Palace Golf Course, the five-star hotel Sofitel Dalat Palace and four-star hotel Mercure Dalat Du Parc.

Hotel Sofitel Dalat Palace (Photo: Tuong Thuy)

The former owner of the three facilities, US-based company Danao International Holdings Limited, had earlier confirmed the deal with Tuoi Tre newspaper.

In its last four Planet Golf surveys, Golf Digest (USA) rated the golf course best in the country. Asian Golf Monthly readers have voted it No.1 in Vietnam for three years running, too.

This file photo shows part of Dalat Palace Golf Course, and Xuan Huong Lake seen in a distance (Photo: Tuong Thuy)

Meanwhile, Sofitel Dalat Palace is the only five-star hotel in the central upland city, also known as Le Petit Paris (Little Paris).

The two sides in this transaction did not reveal the price.

Sofitel Dalat Palace was built in 1916 in French style and completed with the name Hotel Du Langbian Palace. Since then, it has been a unique landmark and icon in the heart of Dalat embodying rich French charm.

It holds an overall view of Xuan Huong Lake, located in the heart of Dalat, also called the City of Flowers.

The golf course is laid out on the pine tree-shrouded hillside opposite the lake the Palace overlooks.

Mercure was constructed in 1922 with the name Hotel Du Parc. Its colonial style with refined decoration offers comfort and coziness, making accommodation most suitable for both business and leisure. It is located a few steps from the Palace.

With this acquisition, Vina Properties Development Group owns four hotels including Ramana Saigon in Ho Chi Minh City and Hotel Royal in the beach city of Vung Tau, about 130 km south of HCMC.

VPD chairman Pham Trinh Phuong said, “Our corporate philosophy is our strong commitment to enhance shareholder value by strengthening our market position in the hospitality industry through strategic expansion into synergistic investment.”

The group includes diversified businesses such as logistics, hospitality, aviation, investment and construction. Besides hotels and golf course, VPD owns Tin Thanh JS Company, a major private logistics firm in Vietnam. The group’s portfolio includes several other companies.

Source: SGGP