Magazine date:
Nov 2013 Underwriting a motorbike coverage is as simple as buying cigarettes around the corner. Insurers are hiring young untrained people to sell motorcycle policies in the streets and at prices that can be four times below the minimum legal rate. Motorbike insurance is mandatory in Vietnam.
Yet very few accidents are reported. Claim procedures are so long and complicated that motorcyclists involved in an accident prefer not to report the event, which makes motorbike insurance very profitable.