Insurance premiums surge nearly 31% in 7 months

Insurance companies re-invested VNĐ 二 八 三. 九 trillion into the economy in the first seven months of  二0 一 八. - Photo Generali

HÀ NỘI – Total insurance premiums in the first seven months of this year surged by  三0. 八 per cent year-on-year to VNĐ 六 九. 五 trillion (US$ 二. 九 五 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 九. 七 per cent to VNĐ 三 五 六. 五 trillion.

During the period, insurance companies re-invested VNĐ 二 八 三. 九 trillion into the economy, marking a rise of  三0. 二 per cent year-on-year.

Insurers also paid out VNĐ 一 八. 七 trillion to customers, up  一 五. 二 per cent compared with the same period last year.

According to Bùi Gia Anh, general secretary of the Việt Nam Insurance Association, Việt Nam’s life insurance market, which includes  一 八 insurers providing nearly  四00 products, had maintained steady annual growth of more than  三0 per cent in recent years. Insurance premium had increased by more than VNĐ 一0 trillion yearly, reaching some VNĐ 六 六. 二 三 trillion last year.

The sector’s target this year is to gain total revenue of VNĐ 一 二 九. 二 四 trillion, up  二 二. 三 八 per cent from  二0 一 七. The sector 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. – VNS