Tokio Marine Holdings intends to reinforce its presence in Vietnam with the addition of agricultural, auto and life insurance solutions.
The company will be banking on Vietnam’s growing middle-class population, according to President Tsuyoshi Nagano who recently visited Vietnam where the company’s premium income has logged 20% annual growth.
In Asia, Tokio Marine aims to rake in 20% of the company’s net income in the near future, up from less than 10% now.
Tokio Marine’s agricultural insurance in Vietnam will be developed with a Vietnamese university.
As for autos, the insurer will work with Vietnamese dealerships affiliated with Japanese automakers.
In May, Tokio Marine has also raised its stake in a Vietnamese joint venture with Bao Viet by 2 percentage points to 51%.
70% of Singaporeans Underinsured
Despite their rising income levels, about 7 in 10 Singaporeans have failed to increase their insurance cover, a situation that may expose them to the risks of being underinsured.
The findings were noted in a protection poll conducted by insurance firm Prudential.
The insurer surveyed 353 working adults in Singapore and the results showed that nearly 70% of the respondents have not increased their life cover to level with their incomes over the last five years.
Nearly half (48%) cited budgetary constraints as the reason while around 35% of respondents said they have other priorities to look after.
The rest admitted they have competing financial needs.
According to the survey, around 85% of Singaporeans could be underinsured based on the standards set out by the Life Insurance Association Singapore.
The standards provide that people should take out life cover at approximately 10 times their annual earnings.
An industry expert has attributed the findings to the lack of awareness among Singapore’s population on the right level of financial protection needed during times of crisis. – BusinessNewsAsia.com