The city will fund half the premium, up to 1m yuan (US$150,000) per company each year, and has launched an SME package where 9,800 yuan buys 5.5m yuan of cover.
The Ho Chi Minh City-based company will be 91% owned by ACB Asset Management and authorised to write health, motor, property and other short-tail lines.
The insurer will allocate A$500k (US$360k) through its Help Fund to support Australian solutions that help communities prepare for, adapt to and recover from climate impacts.
