The total premium collected by insurance companies in the first eight months of 2017 surged by 21.9 per cent year on year to nearly 65.56 trillion VND (2.89 billion USD).
Photo:  baohiem.vn)

Hanoi (VNA) - The total premium collected by insurance companies in the first eight months of 2017 surged by 21.9 percent year on year to nearly 65.56 trillion VND (2.89 billion USD).

Of the sum, the revenue from life insurance premiums was 39.41 trillion VND and from non-life insurance premiums was 26.15 trillion VND, up 33.12 percent and 11.5 percent, respectively, the Ministry of Finance’s Insurance Supervisory Authority (ISA) reported.

During this period, insurance companies invested 226.42 trillion VND in the economy, a rise of 21.5 percent, compared with the corresponding period in 2016.

They also paid 16.92 trillion VND as compensation for customers.

The Ministry of Finance said that it will continuously streamline draft decrees on agricultural insurance, micro-insurance, fire insurance, and sanctions against administrative violations in the field of insurance and lottery businesses for submission to competent authorities for signing in the remaining months of the year.

Besides this, the ministry will also share information and data used to manage social and health insurance to ensure the connection with commercial insurance.

The Insurance Association of Vietnam predicts that this year, the growth for life insurance will be 25 percent, and that of the non-life insurance sector will be 14 percent.

The growth is a result of the increased awareness among people and companies of the role of insurance, the association said, adding that the country’s economic growth, targeted at 6.7 percent in 2017, will be an added advantage for the growth of the insurance market.-VNA