Insurance market maintains high growth rate in Jan-Oct

Worker of an insurance security agency receives customers (Photo: VNA)

Hanoi (VNA) – Total premiums collected by Vietnam’s insurance security companies surged 20.4 percent year-on-year to 84.19 trillion VND (3.71 billion USD) in the first ten months of 2017, according to the Ministry of Finance.

During this period, insurance security companies invested 236.11 trillion VND (10.4 billion USD) into the economy, up 21.8 percent compared to the corresponding period in 2016.

Of the total, investment from life insurance companies was 199.78 trillion VND and from non-life insurance ones was 36.34 trillion VND.

Those companies also paid 23.9 trillion VND (1.05 billion USD) as benefits for the insured, with 12.06 billion VND from life insurers and 11.84 billion VND from the non-life insurance sector.

The Ministry of Finance said management of the insurance market and support for insurance security companies have been enhanced recently, aiming to create a more transparent environment.

The ministry also plans to complete draft decrees on agricultural insurance, micro-insurance, fire insurance, and sanctions against administrative violations in insurance and lottery businesses.-VNA