Insurers’ total assets reach over $15 billion

Total insurance premiums in the first eight months of the year reached nearly VNĐ 八0. 八 四 trillion, up  三 八. 八 一 per cent. - Photo tinnhanhchungkhoan.vn

HÀ NỘI – Total assets of Vietnamese insurance companies in the first eight months of the year surged sharply by  三 五. 一 六 per cent year-on-year to nearly VNĐ 三 六 五. 五 二 trillion (US$ 一 五. 五 五 billion), a report from the Ministry of Finance (MoF) showed.

During the period, the companies re-invested more than VNĐ 二 八 九 trillion into the economy, marking a rise of  二 七. 六 三 per cent year-on-year.

Total insurance premiums in the period reached nearly VNĐ 八0. 八 四 trillion, up  三 八. 八 一 per cent.

The MoF said that it would finalise a project on restructuring the insurance and securities market in the  二0 一 七- 二0 period in the remaining months of the year.

MoF will also co-operate with international institutions to research and revise the Law on Insurance besides finalising a draft decree on micro-insurance to submit to the Government for approval.

The insurance sector targets to gain total revenue of VNĐ 一 二 九. 二 四 trillion this year, up  二 二. 三 八 per cent from  二0 一 七. It also plans to re-invest VNĐ 三0 五. 四 九 trillion into the economy and increase its total assets to VNĐ 三 七0. 八 一 trillion.

According to experts, Việt Nam’s insurance market has high potential as the number of participants remains low while incomes and awareness among local people are rising. 

The insurance industry is also expected to benefit from the country’s projected GDP growth of more than  六 per cent annually over the next three years. – VNS