Insurance market keeps thriving in first months of 2019

HÀ NỘI — Việt Nam’s insurance industry maintained positive growth in the first four months of this year, with total premiums surging by  一 七 per cent year-on-year to VNĐ 四 四. 三 trillion (US$ 一. 九 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  二 一. 四 per cent to VNĐ 四0 一. 九 trillion.

During the period, insurance companies re-invested VNĐ 三 二 八. 七 trillion into the economy, marking a rise of  二 六. 五 per cent year-on-year.

Insurers also paid out VNĐ 一 二. 五 trillion to customers, surging  三 一. 二 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  二0 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  一0- 二0 per cent. Many banks that co-operate with insurers to provide bancassurance products even expect an annual growth rate of up to  三0- 四0 per cent.

The ISA reported that the country has  六 四 insurance companies, including  三0 non-life insurers,  一 八 life insurers, two reinsurance companies and  一 四 insurance brokerage companies.

There are up to  八 五0 non-life insurance products and  四 五0 life insurance products sold on the Vietnamese market. — VNS