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Vietnam’s insurance industry looks to further expansion

Insurance was one of the fastest-growing sectors of VN's economy in 2015 with premium income rising 21.4 percent to reach 68 trillion VND, while total assets grew by 21.7 percent to 201 trillion VND.
Vietnam’s insurance industry looks to further expansion ảnh 1Illustrative image (Source: Internet)

Hanoi (VNA) – Insurance was one of the fastest-growing sectors of Vietnam’s economy in 2015 with premium income rising 21.4 percent to reach 68 trillion VND (3 billion USD), while total assets grew by 21.7 percent to 201 trillion VND (8.9 billion USD), according to the Ministry of Finance.

The non-life segment led sales, accounting for more than 45 percent of the total and up 14 percent on 2014. Premium income in the life segment, meanwhile, rose by 29.5 percent, marking the segment’s fastest rate of growth in a decade.

The sharp rise in product sales has also significantly increased the capital available for reinvestment in the national economy.

According to the Insurance Association of Vietnam (IAV), the industry invested a combined 152.5 trillion VND (6.8 billion USD) in 2015, up 18 percent year-on-year. Insurers invested in long-term government bonds in particular, with 6 trillion VND (267.6 million USD) worth of 20-year bills purchased over the period.

In 2016, the industry looks to post double-digit expansion. Projections from the Insurance Association of Vietnam, released in December, put non-life growth at more than 18 percent in 2016, with the life segment tipped to expand by 25 percent.-VNA

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