The insurance market grew 12.6 percent in the first half of this year compared to the same period last year despite the slow economic recovery, decreased interest rates and low credit growth, the Vietnam Economic News reported.
Deputy Director of the Insurance Supervisory Authority (ISA) under the Ministry of Finance Pham Dinh Trong was quoted as saying that the macroeconomic situation had an impact on the insurance market in the first months of this year. However, insurance businesses still posted good business performances. They earned premiums totaled 24.129 trillion VND in the first half of 2014 (up 12.6 percent from the same time in 2013), of which non-life premiums reached an estimated 13.077 trillion VND (up 7.3 percent) and life premiums came to 11.052 trillion VND (up 19.5 percent).
In the first half of this year, insurance companies paid an estimated 9.806 trillion VND in compensation, of which life insurance companies paid about 3.894 trillion VND and non-life insurance businesses paid 5.912 trillion VND. Insurance businesses invested in the economy an estimated 116.318 trillion VND, up 12.4 percent from the same period in 2013, of which life insurance companies invested about 93.137 trillion VND (up 16 percent) and non-life insurance companies invested about 23.181 trillion VND (up 0.05 percent).
Along with expanding retail services, selling products through the banks and launching new products, insurance businesses focused on business administration to control their risks. In the first half of this year, the insurance industry rapidly and timely assessed and paid in advance compensation to businesses affected by the disruption in Binh Duong, Dong Nai and Ha Tinh provinces.
Deputy Minister of Finance Tran Xuan Ha assessed that the quick claim settlement helped businesses stabilise trading and production activities, contributing significantly to the protection of reputation and image and improving the investment environment of Vietnam, while at the same time proving the significance of insurance for the economy as well as for each organisation or individual.
ISA Deputy Director Pham Dinh Trong said that in the first half of this year, ISA worked with relevant authorities to inspect a number of life and non-life insurance businesses including the AIA, Manulife, Dai-ichi, Hanwha Life, VASS, AAA and BSH.
ISA launched many programmes to maintain the stability and development of the insurance market. ISA Director Phung Ngoc Khanh said that management agencies will step up the inspection and supervision of insurers and insurance brokerage businesses and promote insurance business efficiency assessment.-VNA
Deputy Director of the Insurance Supervisory Authority (ISA) under the Ministry of Finance Pham Dinh Trong was quoted as saying that the macroeconomic situation had an impact on the insurance market in the first months of this year. However, insurance businesses still posted good business performances. They earned premiums totaled 24.129 trillion VND in the first half of 2014 (up 12.6 percent from the same time in 2013), of which non-life premiums reached an estimated 13.077 trillion VND (up 7.3 percent) and life premiums came to 11.052 trillion VND (up 19.5 percent).
In the first half of this year, insurance companies paid an estimated 9.806 trillion VND in compensation, of which life insurance companies paid about 3.894 trillion VND and non-life insurance businesses paid 5.912 trillion VND. Insurance businesses invested in the economy an estimated 116.318 trillion VND, up 12.4 percent from the same period in 2013, of which life insurance companies invested about 93.137 trillion VND (up 16 percent) and non-life insurance companies invested about 23.181 trillion VND (up 0.05 percent).
Along with expanding retail services, selling products through the banks and launching new products, insurance businesses focused on business administration to control their risks. In the first half of this year, the insurance industry rapidly and timely assessed and paid in advance compensation to businesses affected by the disruption in Binh Duong, Dong Nai and Ha Tinh provinces.
Deputy Minister of Finance Tran Xuan Ha assessed that the quick claim settlement helped businesses stabilise trading and production activities, contributing significantly to the protection of reputation and image and improving the investment environment of Vietnam, while at the same time proving the significance of insurance for the economy as well as for each organisation or individual.
ISA Deputy Director Pham Dinh Trong said that in the first half of this year, ISA worked with relevant authorities to inspect a number of life and non-life insurance businesses including the AIA, Manulife, Dai-ichi, Hanwha Life, VASS, AAA and BSH.
ISA launched many programmes to maintain the stability and development of the insurance market. ISA Director Phung Ngoc Khanh said that management agencies will step up the inspection and supervision of insurers and insurance brokerage businesses and promote insurance business efficiency assessment.-VNA
