Vietnam Insurance Premiums Surge 17.8% in H1
Insurance premiums on the Vietnamese market soared 17.8% from a year earlier to over VND14 trillion in the first six months of this year, with non-life insurance premiums making up more than a half.
The Bureau for Insurance Management and Supervision under the Ministry of Finance stated that non-life insurance premiums grew at a faster rate of 25.9% on-year to nearly VND8 trillion.
Life insurance premiums, meanwhile, expanded 10% to over VND6 trillion, the bureau said at a seminar in Hanoi.
The total insurance compensation in the first half amounted to VND3.98 trillion, with non-life insurance payouts totaling VND2.41 trillion and life insurance payments reaching VND1.56 trillion.
The bureau head Trinh Thanh Hoan predicted the market’s total premiums to rise to VND29 trillion by the year-end, of which non-life revenues are expected at VND16.3 trillion and life insurance premiums the remainder.
Vietnam is now home to 50 insurance companies, comprising 28 non-life companies, 11 life insurers, 10 insurance brokers and one re-insurance company.
Competition among local insurers is expected to become fiercer, given future participations of some new foreign insurers later this year. (Saigon Economic Times)
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