Vietnam’s premiums up 30.8% in seven months

August 15 2018 by InsuranceAsia News Staff

Vietnam’s total insurance premiums increased by 30.8% to Vnd69.5 trillion (US$2.95 billion) from January to July of this year, according to data released by the country’s Ministry of Finance.

Aside from the positive premiums growth, the financial status of insurers also improved in the period, with total assets rising by 29.7% to Vnd356.5 trillion.

In the first seven months of 2018, insurers in Vietnam also paid out Vnd18.7 trillion to customers, up 15.2% compared with the same period last year. Vietnam’s life insurance market includes 18 insurers providing nearly 400 products.

The Vietnam Insurance Association said the market had maintained steady annual growth of more than 30% in recent years. For 2018, Vietnam’s insurance sector is aiming to reach total revenue of Vnd129.24 trillion, up 22.38% from 2017.

MORE FROM: Vietnam