With more than 3,200 km of coastline, low-lying cities and river delta areas, Vietnam is one of the most vulnerable countries in the world to unexpected climate conditions. But with the advent of Igloo‘s latest product, the country’s citizens will have increased access to home content insurance in the event of unforeseen situations.
The Singaporean insurtech has added indoor home asset insurance to its platform, which will provide cover to assets such as furniture, utilities and other valuable contents to homes prone to natural disasters.
In recent years, the country has experienced an increase in extreme weather events such as floods, fire incidents, earthquakes and high tides in many provinces and cities, affecting people’s lives while inflicting damage to both commercial and residential buildings.
This week alone, 1,500 homes in Tam Kỳ, the capital city of Quảng Nam Province, were flooded due to extremely heavy rain, while 220 homes were damaged by floods in Phú Yên province on the very same day.
Thousands have evacuated their homes and abandoned their possessions while 876mm of rain fell in less than 24 hours in some regions.
The increasing frequency of these events is making Vietnamese property insurance much more necessary, and despite less than one per cent insurance penetration rate for non-life insurance, the country’s general insurance industry remains on course to reach $3.5billion in 2026.
The increasing digital insurance penetration is set to establish new opportunities for digital players and insurance companies which are worth over $10billion in the region.
Underwritten by Bao Viet Insurance, Igloo moves deeper into this industry with its regional protection solution.
Aside from indoor assets, the solution also incorporates rent insurance, covering loss of rent and additional expenses incurred as a result of fires, burglaries, earthquakes, floods and other natural events.
Recognising the pressing need for home contents insurance that covers unfunded liabilities in Vietnam, the insurtech’s country manager, Tri Nguyen, emphasises how its latest offering will work to support its customers with cover for their most valuable assets while increasing financial resilience.
Igloo is collaborating with the e-commerce platform Shopee to develop its offering.
“Partnering with Igloo diversifies our lineup of insurance products to help Vietnamese consumers easily purchase protection solutions in times of disaster or accidents involving their homes,” shared Vu Thanh Quynh, head of communications for Shopee Vietnam.
The offering will join the insurtech’s existing solutions, which include personal accident and health insurance and loan protection insurance.
To date, the insurtech has facilitated 280 million policies across the region and aims to extend protection solutions to underserved sectors in the Asia-Pacific.