IAG announces launch of microinsurance programme in Vietnam

Wednesday, February 18, 2015

Major insurer IAG and its partners are launching a microinsurance programme in Vietnam to help those with low income in a country where 70% of the population live in rural areas, often in poverty.

IAG’s AAA Assurance recently launched a suite of four microinsurance products covering personal accident, surgery and hospital cash, motorbike loss and theft and home fire protection in Vietnam.

The company defines microinsurance as an insurance policy with “an annual cost of no more than USD 10” and sees it as an important way of helping mitigate the risks which low-income people are particularly vulnerable to and cause financial hardship, and to smooth out fluctuations in income and expenditure.

IAG's microinsurance serves as a proof point of how combining industry best practice with local knowledge can provide tangible support to these communities through relevant, meaningful and affordable products,” says a statement from the company.