Friday, November 24, 2017

Vietnam premiums up 22%

Insurers in Vietnam enjoyed stronger premium collections during the first eight months of this year, with the figure growing 21.9% year on year to about Vnd65.56 trillion (US$2.89 billion).

By segment, life insurance premiums reached Vnd39.41 trillion while those from non-life insurance stood at Vnd26.15 trillion, representing 33% and 11.5% increases, respectively.

The data came from the Ministry of Finance’s Insurance Supervisory Authority (ISA).

The amount insurers paid into the economy also increased during the period to Vnd226.42 trillion, an increase of 21.5%.

In terms of claims, they paid out Vnd16.92 trillion to customers in the same period.

The Insurance Association of Vietnam estimates that life insurance and non-life insurance will grow 25% and 14%, respectively, this year.

In the short term, Vietnam’s finance ministry will continue to streamline draft rules on agricultural insurance, micro-insurance, fire insurance and sanctions against administrative violations in insurance and lottery businesses.

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