Friday, January 19, 2018

Vietnam premiums up 20%

Vietnam’s insurance industry continues to expand, with total premiums collected by insurers reaching Vnd84.18 trillion (US$3.7 billion) in the first 10 months of this year.

The figure is 20.4% higher compared to the figure during the same period last year, according to the Insurance Supervisory Administration under the country’s Finance Ministry.

Life premiums reached Vnd51.18 trillion during the period, or an increase of 32% on-year.

On the other hand, non-life premiums stood at Vnd33 trillion, up roughly 9%.

During the same timeframe, Vietnamese insurers paid a total of Vnd23.9 trillion to insurance policy beneficiaries, including Vnd12.06 trillion by life insurers, and Vnd11.84 trillion by non-life insurers.

For 2017, industry observers are expecting total life insurance premiums to surge 23.4% against last year to Vnd62.3 trillion.

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