Vietnam Insurance Premiums Rise 20% to $1.5B in 2010
Vietnam’s insurance market posted a strong growth in 2010, with premiums rising 20.3% from a year earlier to VND30.69 trillion ($1.57 billion), according to the Ministry of Finance.
Of the sum, non-life insurance premiums accounted for nearly VND17 trillion, up 24%, said the ministry’s Department of Insurance Management and Supervision.
Life insurance premiums, meanwhile, increased 16% to VND13.69 trillion, it said.
Local insurance firms paid out more than VND12 trillion in claims to institutional and individual customers.
Director of the Department Trinh Thanh Hoan said next year they would streamline the existing regulations to further develop the insurance market and encourage institutions and individuals to take out insurance.
Insurers will be encouraged to provide insurance to the agriculture, forestry and fishery sectors and in remote areas, Hoan added.
He noted that the department planned to submit proposals to the Ministry of Finance for licensing the establishment of three and four insurers and insurance brokers next year.
Vietnam currently has 53 insurers, including 29 non-life insurers, 12 life insurance, 11 insurance brokers, and only one re-insurance firm. (VNS)
Vietnamese
