The insurance sector recorded more than 133.65 trillion VND (5.76 billion USD) in revenue from premiums in 2018, up 23.97 percent from a year earlier, according to the Ministry of Finance’s Insurance Supervisory Authority.
The insurance sector earned over 133.65 trillion VND (5.76 billion USD) in revenue from premiums in 2018 (Photo: Bao Viet insurance company)
Hanoi (VNA) – The insurance sector recorded morethan 133.65 trillion VND (5.76 billion USD) in revenue from premiums in 2018,up 23.97 percent from a year earlier, according to the Ministry of Finance’sInsurance Supervisory Authority.
Of the figure, non-life insurance companiesearned 45.69 trillion VND while life insurance ones gained 87.96 trillion VND.
The insurance sector added some 319.61 trillionVND into the economy in 2018, up 29.53 percent year on year.
There are 64 insurance businesses in Vietnam atpresent, including 30 non-life insurance companies, 18 life insurancecompanies, two reinsurance companies, 14 insurance intermediary companies andone branch of a foreign non-life insurance firm.
The Insurance Supervisory Authority said in2019, the Finance Ministry will continue perfecting draft revisions to the Lawon Insurance Business to promote transparency, safety and efficiency of the insurancemarket, align domestic insurance activities with international practices, andmeet insurance demand of all economic sectors and people.-VNA
Most insurance businesses are planning to apply new technologies in management systems and improving customer services, and many also plan to study new products to meet the market’s demand and diversify insurance sale channels, according to a recent Vietnam Report survey.
Vietnam’s insurance industry achieved high year-on-year growth of 24.35 percent in the first half of 2018, helping total revenue to reach more than 58.65 trillion VND (2.58 billion USD).
The Bao Viet Group ranked first among the insurance companies in Vietnam with a revenue of more than 9.9 trillion VND (nearly 423.7 million USD) in the first half of 2018.
Total assets of Vietnamese insurance companies in the first eight months of the year surged sharply by 35.16 percent year-on-year to nearly 365.52 trillion VND (15.55 billion USD), a report from the Ministry of Finance (MoF) showed.
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Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
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The insurance sector earned over 133.65 trillion VND (5.76 billion USD) in revenue from premiums in 2018 (Photo: Bao Viet insurance company) 
