Hanoi (VNA) - As of 2020, 11 percent of Vietnam’s population hadtaken out life insurance, heard a recent symposium in Ho Chi Minh City.
According to Ngo Trung Dung, Deputy Secretary General of the InsuranceAssociation of Vietnam, the figure is set to rise to 15 percent by 2025.
Revenue from insurance premiums was 186.22 trillion VND (8 billion USD) in2020, up 16.5 percent year-on-year.
Of this, 130.55 trillion VND came from life insurance premiums, a rise of 22percent.
Insurers paid out 47.03 trillion VND in claims during the year, Dung said.
He noted that the insurance sector is forecast to experience significant changeover the next decade, adding that given the fierce competition, insurance companiesshould embark on digital transformation./.
Insurance market expected to grow 20 percent
Vietnam’s insurance market is expected to achieve a growth rate of more than 20 percent this year, according to Vietnam Report (VNR).