Illustrative photo (Photo: VNA)Hanoi (VNA) - The totalpremiums collected by insurance companies in the first seven months of 2017surged by 20.9 percent year on year to 57 trillion VND (2.5 billion USD).
Of the total sum, the Ministry of Finance’sInsurance Supervisory Authority (ISA) reported, revenue from life insurancepremiums was 34.4 trillion VND and from non-life insurance premiums 22.7trillion VND, up 31.4 percent and 10.44 percent, respectively.
During this period, insurance companiesinvested 218.57 trillion VND (9.6 billion USD) into the economy, a rise of 20.2percent, compared to the corresponding period in 2016.
Insurance firms are not onlymaintaining a high, sustained growth rate, their financial status has improvedtoo, in the past seven months. Their total assets have grown by 15.8 percentyear on year to 267.64 trillion VND (11.8 billion USD), with life insurers accountingfor 197.3 trillion (8.7 billion USD).
The Insurance Association of Vietnampredicted that this year, the growth for life insurance will be 25 percent andthat of the non-life insurance sector will be 14 percent. The growth is aresult of increased awareness among people and companies about the role ofinsurance, the association said.
The country’s economic growth, targetedat 6.7 per cent in 2017, will be an added advantage for the growth of theinsurance market.
Also, new Government policies, such aspublic property and natural disaster insurance, will send out a positivesignal, giving the market a further boost, the association said.-VNA
During this period, insurance companiesinvested 218.57 trillion VND (9.6 billion USD) into the economy, a rise of 20.2percent, compared to the corresponding period in 2016.
Insurance firms are not onlymaintaining a high, sustained growth rate, their financial status has improvedtoo, in the past seven months. Their total assets have grown by 15.8 percentyear on year to 267.64 trillion VND (11.8 billion USD), with life insurers accountingfor 197.3 trillion (8.7 billion USD).
The Insurance Association of Vietnampredicted that this year, the growth for life insurance will be 25 percent andthat of the non-life insurance sector will be 14 percent. The growth is aresult of increased awareness among people and companies about the role ofinsurance, the association said.
The country’s economic growth, targetedat 6.7 per cent in 2017, will be an added advantage for the growth of theinsurance market.
Also, new Government policies, such aspublic property and natural disaster insurance, will send out a positivesignal, giving the market a further boost, the association said.-VNA
VNA
