Insurance market keeps thriving in first months of 2019
Viet Nam’s insurance industry maintained positive growth in the first four months of this year, with total premiums surging by 17 per cent year-on-year to VND44.3 trillion (US$1.9 billion), the Ministry of Finance reported.
Besides maintaining a high growth rate, the financial status of insurance firms also improved in the period with total assets rising by 21.4 per cent to VND401.9 trillion.
During the period, insurance companies re-invested VND328.7 trillion into the economy, marking a rise of 26.5 per cent year-on-year.
Insurers also paid out VND12.5 trillion to customers, surging 31.2 per cent compared with the same period last year.
According to the Ministry of Finance’s Insurance Supervisory Authority (ISA), the insurance industry is targeting a growth rate of 20 per cent this year.
Experts remain upbeat about the industry’s health in the coming years, forecasting that it will maintain an annual growth rate of 10-20 per cent. Many banks that co-operate with insurers to provide bancassurance products even expect an annual growth rate of up to 30-40 per cent.
The ISA reported that the country has 64 insurance companies, including 30 non-life insurers, 18 life insurers, two reinsurance companies and 14 insurance brokerage companies.
There are up to 850 non-life insurance products and 450 life insurance products sold on the Vietnamese market.