An overview of the 14th National Assembly’s seventh session (Photo: VNA) Hanoi (VNA) – The draft Law on amendments andsupplementations to a number of articles of the Law on Insurance Business wasput into discussion during the 14th National Assembly’s seventhsession on May 20.
The bill aims to create momentum for the expansion of theinsurance market, while increasing the insurance coverage and strengthening thesafety and stability of the market.
The Law on Insurance Business was adopted at the eighthsession of the 10th National Assembly and took effect from April 1,2001.
According to the Insurance Supervisory Authority under the Ministryof Finance, before the introduction of the law, only 15 businesses operated inthe insurance sector. However, the figure rose to 64 in 2018, including the subsidiaryof a foreign firm.
Total capital of the businesses increased by 29 percent peryear on average over the 2000-2018 period, reaching 81.55 trillion VND (3.5billion USD) in 2018. Total property of the market grew by 28.5 percent duringthe 2000-2018 period to reach 394.19 trillion VND (16.95 billion USD) in 2018.
In this period, insurance businesses paid over 246.58trillion VND (10.6 billion USD) in benefits to customers.
The authority reported that so far, the total number ofinsurance products in the market is nearly 1,300, including more than 450 lifeinsurance products.
Statistics from insurance firms showed that about 80 percentof infrastructure construction and major economic projects by the State havebeen covered by insurance companies.
Furthermore, the insurance sector had poured 321.16 trillionVND (13.8 billion USD) into the economy by 2018. Insurance firms have investednearly 89 trillion VND (3.82 billion USD) in government bonds.–VNA
VNA
