A new entry on the reinsurance market

A second reinsurance company emerged in addition to Vietnam Reinsurance Corporation. The new company, PVI Re, subsidiary of PetroVietnam Insurance Holding, is dotted with a capital of 22 million USD.
Authorities are hoping to retain a more substantial premiums volume on the local market. Throughout the first semester of 2011, 70% of the premiums generated have been seized by foreign reinsurers, a higher share than that of 2010 at 66% and that of 2009 at 64%. The market is poised to see the emergence of a third reinsurance company by 2015.