Premiums up 21% in Vietnam

July 19 2017 by InsuranceAsia News Staff

Insurers in Vietnam collected total premiums of Vnd47.17 trillion (US$1.8 billion) in the first six months of the year, up 21% year-on-year, on the back of rising living standards.

According to the Ministry of Finance’s Insurance Supervisory Authority (ISA), life insurance premiums reached Vnd27.83 trillion while non-life premiums totalled Vnd19.34 trillion.

The average insurance premium in Vietnam stands at US$30, much lower than the global average of US$595 and South-East Asia’s US$74.

ISA deputy director Pham Thu Huong said the financial status of insurance companies in the country has also improved in the first half of the year, with their total assets increased by 19.11% year-on-year.

Vietnam’s insurance market has also become more attractive to foreign companies.

From January to June this year, a number of foreign insurers, including UK’s Aviva and Canada’s Sun Life Financial, stepped up their presence in the country through acquisitions or joint ventures.

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