Vietnam: Biggest P&C insurer signs cooperation deal with Korean farm insurer
Source: Asia Insurance Review | Aug 2023
PVI Insurance Corporation, Vietnam’s largest non-life insurance company in terms of revenue, has signed an MOU with Seoul-based NongHyup Property and Casualty Insurance (NongHyup P&C) to strengthen business cooperation.
The five-year agreement is designed to reinforce collaboration in several areas, such as expanding reinsurance capabilities, leveraging the customer networks of both companies and fostering innovation in the development of new products and services, according to a Vietnam News Service report.
NongHyup P&C is a member of NongHyup Financial Group, the financial arm of Korea’s National Agricultural Cooperative Federation. It is an exclusive provider of government-policy insurance products for South Korea’s cooperative members.
With NongHyup Financial Group, NongHyup Bank, Nonghyup Securities and other Korean companies already operating in Vietnam, NongHyup P&C CEO Choi Mun Seob said that the insurance company aims to enter the Vietnamese market as well.
In Vietnam, approximately 65% of the population are farmers or reside in rural areas. A