Igloo introduces home contents insurance on its platform in Vietnam
With over 3,200 km of coastline, low towns and river deltas, Vietnam is one of the most vulnerable countries in the world to unexpected weather conditions. But with the advent of Igloocitizens of the country will have increased access to home contents insurance in case of unforeseen situations.
The Singaporean insurtech has added Domestic Domestic Assets Insurance to its platform, which will cover assets such as furniture, utilities and other valuable contents for homes prone to natural disasters.
In recent years, the country has seen an increase in extreme weather events such as floods, fires, earthquakes and high tides in many provinces and cities, affecting people’s lives while causing damage to commercial buildings. and residential.
This week alone, 1,500 houses in Tam Kỳ, the capital of Quảng Nam province, were flooded due to extremely heavy rains, while 220 houses were damaged by floods in Phú Yên province on the same day.
Thousands of people evacuated their homes and abandoned their belongings as 876mm of rain fell in less than 24 hours in some areas.
The increasing frequency of these events makes Vietnamese property insurance much more necessary, and despite less than one percent insurance penetration rate for non-life insurance, the country’s general insurance industry remains on track to reach $3.5 billion in 2026.
The growing penetration of digital insurance is expected to create new opportunities for digital players and insurance companies worth over $10 billion in the region.
Supported by Bao Viet InsuranceIgloo goes further in this industry with its regional protection solution.
In addition to interior assets, the solution also incorporates rental insurance, covering loss of rent and additional expenses incurred as a result of fires, burglaries, earthquakes, floods and other natural events.
Recognizing the urgent need for home contents insurance that covers unfunded liabilities in Vietnam, National Insurtech Director, Sorting Nguyenhighlights how its latest offering will work to support its customers with coverage for their most valuable assets while increasing financial resilience.
Igloo collaborates with the e-commerce platform Shop to develop its offer.
“Partnering with Igloo diversifies our range of insurance products to help Vietnamese consumers easily purchase protection solutions in the event of a disaster or accident involving their home,” shared seen Thanh Quynhcommunication manager for Shopee Vietnam.
The offering will add to existing insurtech solutions, which include personal accident and health insurance and loan protection insurance.
To date, the insurtech has facilitated 280 million policies in the region and aims to expand protection solutions to underserved areas in Asia-Pacific.