Insurance market maintains high growth rate in Jan-Oct
Total premiums collected by Vietnam’s insurance security companies surged 20.4% year-on-year to VND84.19 trillion (US$3.71 billion) in the first ten months of 2017, according to the Ministry of Finance.
During this period, insurance security companies invested VND236.11 trillion (US$10.4 billion) into the economy, up 21.8% compared to the corresponding period in 2016.
Of the total, investment from life insurance companies was VND199.78 trillion and from non-life insurance ones was VND36.34 trillion.
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| Worker of an insurance security agency receives customers |
Those companies also paid VND23.9 trillion (US$1.05 billion) as benefits for the insured, with VND12.06 billion from life insurers and VND11.84 billion from the non-life insurance sector.
The Ministry of Finance said management of the insurance market and support for insurance security companies have been enhanced recently, aiming to create a more transparent environment.
The ministry also plans to complete draft decrees on agricultural insurance, micro-insurance, fire insurance, and sanctions against administrative violations in insurance and lottery businesses.
