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Insurance is an important part of risk management in every organisation or even for an individual. Whatever the causes are, accidents may bring many problems like damaged assets, money loss, operational delays, which could result in bigger impact on the society and the economy, in general. In such cases, having an insurance protection is inevitable and essential to each individual and company.

As the average standard of living in our society becomes higher and higher, people’s needs are also becoming more and more varied – we own more valuable properties like houses, cars, travel more frequently and so on. Along with that comes higher risks. In order to be able to fully enjoy the modern world’s comfort, many families choose to put their trust in general insurance to protect their most important things.

General insurance provides the insured a commitment from the insurer to pay compensation for any loss of assets or people. These losses can arise from financial risks, natural calamities, thefts, travel accidents, for instance. General insurance is one effective way to cope with the consequences of such incidents.

It is now the time for you to stop asking the question “Is general insurance really important?” and think about a strong assurance for your prized assets instead.

Contrary to life insurance (which many Vietnamese consider a long-term investment), non-life insurance usually comprises a much shorter contract. However, the compensation which offers protection to the customers will depend on the losses suffered from an event. There are many types of general insurance including asset insurance, civil liability insurance, marine cargo insurance and those that are closer to our everyday lives such as home, motor, travel, fire insurance, to name a few.

When you can never anticipate what is waiting for you ahead, having general insurance protection is the way you can prepare for unforeseen incidents that can occur to minimise unwanted consequences. General insurance can help put you and families back on their feet and restore stability in people’s lives. Based on the very simple principle of sharing risks, general insurance is seen as a form of mutual support in a community where nobody has to deal with unexpected incidents all by themselves. This is also where the humanism of insurance comes from. 

General insurance in Vietnam is becoming more and more well-received. According to the Sustainable Growth Index provided by the Insurance Regulatory Authority (Ministry of Finance), in the first seven months of 2017, the gross fee revenue in the general insurance sector is approximately VND22.924 million, marking an 11.53% increase over the same period in 2016.

Choosing the right insurance company with suitable insurance solutions will also maximise the effectiveness of insurance. For many, one of the key criteria in choosing a non-life insurance company is considering how fast and efficient it is when making a claim. In addition, the capacity to provide effective and customisable insurance solutions as well as high service quality and sincerity is considered important to consumers.

“I have just taken a loan from a bank to buy a new car to work with Uber. For me and many others, this is a huge investment, so I’m looking for vehicle insurance to protect this asset. I’ve reached out to different insurance companies but am still considering which will have the most effective insurance solution for my case with easy and seamless procedure” – Mr. Hoang Long (Hanoi) shared.

Deeply understanding this value, we at MSIG Vietnam are committed to build, maintain and nurture long-lasting relationships and partnerships with both local corporates and individuals. Being a Japanese company with over 100 years of experience in the general insurance field, we embody the Japanese attributes of professionalism and dedicated, quality services in our work and we aspire to become a remarkable trademark in Vietnam’s non-life insurance market and accompany you through life’s ups and downs.

With 29 other operating companies, we aim for paving the way for better insurance solutions for retail consumers to choose from.

Over the years, there have been a number of tragic accidents involving aircraft crashing into the homes of people. In 2015, a light plane crashed into a residential area in Tokyo, killing 3 and setting fire to several houses. Not only did victims have to deal with the loss of their loved ones, they also had to face the cost of damages to their homes.

While such incidents are rare, home insurances do offer coverage should it ever occur. Damage from aircraft or any aerial devices, including aircraft debris or articles dropped from these sources can be claimed. If you’re living in an area that coincides with plane routes, coverage for aerial damage may just come in handy for you.

Imagine getting woken up by a most unpleasant stench from your toilet and discovering that sewage has been spilled all over the floor. Not only can it ruin your property, you may be unable to live in your home because of the unsanitary conditions. This could be due to an undependable sewer system, blockage in the city main, or even tree roots intruding into the sewer lines.

Sewer discharge is caused by water being pushed into homes through pipes from the drainage systems, and can be claimed under water damage in a home insurance policy. In fact, insurance claims for water damage are the second largest in the world. Other uncommon examples include flood damage and even water leakages caused by a roof collapse from a falling tree. But be sure to check because water damage claims can be tricky; most policies only cover sudden and accidental damage, but not gradual damage from wear and tear.

Many of us grew up watching silly animal cartoons such as Tom and Jerry. It was not uncommon to see those characters chasing one another all over the place and crashing into things. In reality, however, there are actual incidents of animals clattering into people’s homes. Be it a runaway cow or horse, these large animals can cause a significant amount of damage.

Many home insurances do offer coverage for such incidents, and homeowners can claim for damage from impact caused by horses or cattle. That said, coverage for animal damage typically do not extend to personal property. For example, if a wild animal invades your home, repair costs may be paid for any structural damage, but not for damage to your personal belongings stored inside.

When domestic disasters strike, the last thing we want is to be stranded. It’s painful enough seeing your home made uninhabitable by a burst water pipe or a gas fire. What more when you realise that you’re going to have to fork out serious cash to put yourself and your family up at a hotel or serviced apartment for an extended period of time.

Being able to claim for alternative accommodation can prove invaluable when you’re in a pinch, so it’s a good thing that some home insurance policies provide for this in the event that a person’s house is left uninhabitable due to an insured event. Some policies will also cover a loss of rent if the damaged property in question is one designated for rental. Win-win? Yep.

It’s a grisly thought, but accidents do happen. You could be sitting at home enjoying your evening one minute, and the next, find yourself at the mercy of an opportunistic burglar. Even though you are in the safety of your own home, do let your guard down fully and it is still good to be prepared for even the worst situation.

You might be aware that life insurance policies offer payouts in the event of death, but did you know that some home insurance policies also do the same? Amounts vary, of course, but certain policies will cover accidental death of you, your spouse or your family members in your home when caused by fire or thieves.

Home insurance plans can be more comprehensive than you initially thought. If you’ve got any questions about your home insurance, you can reach out to us here or find out more about MSIG Vietnam’s home insurance policies here.