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The necessity and effect of commercial auto insurance

Cars are increasingly being used on the roads in Vietnam. Meanwhile, Vietnam's traffic has not yet fully meet the insurance requirements of serving the best, often have the status of rules of the road caused the scratch, traffic conditions, high quality car occur along high yet fuel caused the unfortunate case. ... One of the French border lays the best risk mitigation is to buy car.

Auto insurance claim for your financial losses arising from accidents involving your car. That's a trading link between you and the insurance company, whereby when you premiums (insurance) and insurance companies committed to compensation for the damage under the provisions of the insurance contract.

Automobile insurance has the following insurance types:
-Civil liability insurance to third parties (compulsory INSURANCE).
-Insurance of the driver and the person sitting on the car.
-Material insurance of car (bodyshell, centreline, machinery).
-Insurance for stolen parts.

Commercial auto insurance help you peace of mind when driving on the road, preventing the risks that can occur when you join traffic, ensure quick resolution for the dispute if any accidents happen. ...

Though still modest turnover, but according to the insurance business are credit insurance products, the trade aware of many import and export business of credit insurance has been changed by more positive trends.

Meanwhile, off to the "flow" of this product, the commercial auto insurance company are many and new cooperation projects.



Exchange with ĐTCK, she vo Thi Phuong Anh, General Manager of Coface Vietnam said, in 2009-2010 (new time pilot deployment of export-credit insurance is a product business in trade credit insurance), the number of this insurance business just count on the fingertips.

Even, the approach to learn business interested in export credit insurance is not also quite difficult, because the concept of this insurance for business is also rather vague, maybe even units still think Vietnam market can hardly provide credit insurance. However, at present there has been a significant change.

According to experts in the insurance industry, one of the key reasons forcing the import to change thinking and have more positive thoughts with trade credit insurance is to undergo many years of crisis, so far, importers tend to buy items as T/T payment charged after more payment methods L/C tradition.

The payment of so many potential risks and procedures also met much trouble. But the producers, exports because of the competitive factors and to ensure the output should have to accept T/T payment conditions to pay later.

How to ensure the safety in payment of export goods is always a headache problem of many enterprises, export. Purchase insurance to avoid risks is one of the options that many businesses are counted.

In addition to elements of the business has changed the thinking about credit insurance, you have a more advantageous insurance to help companies ease off this segment information is currently the banks are eager to create favorable conditions to diversify activities and provide rich financial products modern, and a maximum capital to reinvest.

"The fact that, for the financial group, the two-pillar concept combining banking, insurance is always part of the plan. But consecutive financial crises has led many corporations to back off the plan and now can launch back ", she Means He recognizes.

In Vietnam, an agreement between the three Coalition partner, Coface and Eximbank to develop credit insurance product combined commercial trade financing will likely become a new trend for insurance companies to open the flow of trade credit insurance.

Designed to protect people in case of export import loses the ability to pay; or delay payment or due to political risks causing the import could not make the payment, so when joined "trade credit insurance" then the export will have two main interests, that is to minimize risks and increased competition in the marketplace.

Talk about the potential of this business, Mr. Le Van Thanh, General Director of Bao Minh said that opportunity is still very much for the insurance business. In 2014, the turnover of export-credit insurance is a product business in trade credit insurance reached about 17 billion. This is pretty impressive figures, however, compared to the potential of the market, the turnover is also very small.

"In fact, the only revenue of these businesses have valuable export, commercial auto insurance contract and this contract also primarily of import-export businesses have foreign shareholder's capital contribution, so they are very understanding of export credit insurance. Also the Vietnam business still not much interest, "he said and hoped, in 2015 and the years to come, this professional plate sales will grow more, especially when the the Bank's.

Reportedly, despite many difficulties when implementing this insurance business, but the insurer still reviews this is a type of insurance is very potential, should still resolve to exploit, although determining the time to export businesses better understand the meaning of the product is not "on a two-day". Therefore, the Vietnam insurance company are also very actively bringing out different strategies to grow and through this segment.

17/6/2015, in Ho Chi Minh City signed cooperation agreement with Coface and Eximbank to first give the market new solutions package on commercial auto insurance "trade credit insurance-commercial funding mechanism" for the IMPORT-EXPORT business.

Accordingly, the total Bao Minh company join this solution package as the original home insurance, are responsible for issuing "trade credit insurance" and compensation when such may have the insurance event occurs. Here is the solution to protect against the risk receivables and connected with the effective solutions of the business of IMPORT-EXPORT business in Vietnam.



Coface financial group will play the role of House business insurance for the Bao Minh insurance application; at the same time is responsible for credit risk assessment, program design, appropriate risk management and promotion of contract "trade credit insurance" for the parties concerned. Eximbank will also as a partner bank of the package solution.

Speaking at the event, Mr. Le Van Thanh, General Director Of Bao Minh company, said: credit insurance business for export has been Proving in partnership with Coface deployment from 2009, but have yet to develop strong, mainly from FOREIGN clients with a turnover of 17 billion in 2014.

After this solution insurance package deployment is successful, Bao Minh will be adding a channel revenue growth, enhance brand reputation; Eximbank will have more good financial self-defense measures, minimize risk; Coface can expand business models and offer more professional financial services.

Also according to him, this solution Pack helps the GOV'T in the Vietnam IMPORT-EXPORT risk insurance in commercial auto insurance activities. Accordingly, the farmers, the distribution channels, processing agricultural products, commodities ... will also benefit when the activity of the ENTERPRISE and EXPORT safe, effective