French insurer to expand business in Vietnam
HANOI - The French insurance company Groupama Vietnam announced on March 25 it has obtained approval from the Ministry of Finance to expand its business. No longer limited to underwriting agriculture, it can branch out into other insurance fields but not life insurance. Groupama is now licensed to offer protection (non-life insurance only) to individuals and businesses in all sectors of activities, nationwide.
However it is still not permited to offer its service to State-owned enterprises or to businesses in which the State holds a major stake of more than 50 per cent. According to the Groupama General Director Philippe Labau, his company provides tailor-made insurance packages that include coverage of property and casualty, business interruption, worker compensation and personal accidents. Beginning in June, 2005 it will be able to insure vehicles and cover damages.
Groupama Vietnam obtained a license in 2001 to insure agriculture in 18 southern provinces, but the business yielded losses rather than profits. It was the only company in Vietnam to specialise in agricultural insurance.
Vietnam News Agency - March 30, 2005
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