Friday, January 19, 2018

Vietnam market remains upbeat

Vietnam’s insurance industry witnessed robust growth this year despite the low market penetration level, thanks to sustained product awareness and continued economic expansion.

Data issued by the Insurance Supervisory Authority (ISA) showed that growth of both the life and non-life components of Vietnam’s insurance sector has outpaced that of the broader economy in recent years.

In the first half of this year total premiums collected by insurance companies in the country increased by 21% year-on-year, split between the life segment’s Vnd27.83 trillion (US$1.2 billion) and non-life’s Vnd19.34 trillion.

The domestic market continues to attract more foreign players.

In July, Korean insurer Mirae Asset Life Insurance announced plans to pour Vnd1.1 trillion into Prevoir Vietnam Life Insurance.

In turn, the Korean insurer will get a 50% stake in the company, and the rest will be owned by Scor Global Life and Prevoir Vie.

Recently, Dinh Hue Vuong, deputy prime minister, reiterated the government’s thrust to entice more foreign investments into the local insurance sector.

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