The insurance market grew by more than 25 percent in the first nine months, according to the Association of Vietnamese Insurers.
The non-life insurance sector reported growth of 25.97 percent in premium income, which topped 12.417 trillion VND (621 million USD).
Motor vehicles represented the largest segment, with 3.885 trillion VND, up almost a fifth over the same period in 2009.
Health and personal accident insurance followed with almost 1.7 trillion VND, up 28.74 percent, ahead of construction and installation with 1.43 trillion VND (28.3 percent).
Though still a small segment with 6.1 billion VND, agricultural insurance achieved the highest growth of 520 percent.
Credit insurance was 148 percent up at 14 billion VND, while fire and explosion cover rose 77 percent to 254 billion VND.
Bao Viet was the largest player with premium incomes of more than 3 trillion VND, followed by PetroVietnam Insurance Company with 2.85 trillion VND, and Bao Minh with over 1.5 trillion VND.
Smaller companies achieved higher growth rates – MSIG's premium income rose by 297 percent, Groupama's by 205 percent, and ACE's by 153 percent.
Claim settlements were worth 4.248 trillion VND during the period. The association said there will be a sharp rise in the fourth quarter due to the recent floods in the central region.
Thai Van Cach, deputy general director of the Vien Dong Assurance Company, said preliminary estimates put the damage caused by two storms in October in the provinces of Nghe An, Ha Tinh, Quang Binh, and Quang Tri at 8.5 trillion VND.
They killed 165 people and injured 117 others, damaged around 440 houses, and killed livestock.
"Only half of the 165 people killed were insured, meaning a total payout of around 3 billion VND. Auto losses were less than 5 billion VND and most of the damaged roads were not insured," he said.
Clearly, insurance companies have yet to tap the market's potential.
Cach said if insurance companies manage to persuade importers to switch to FOB (free on board) mode from the current CIF (cost, insurance and freight), Vitenamese insurers will benefit since under the current practice the exporters pay the insurance in their home country.
The life insurance sector reported premium incomes of 9.767 trillion VND, a 25 percent rise year on year.
Prudential topped the industry with more than 3.8 trillion VND , up 12.9 percent.
New contracts accounted for 2.478 trillion VND of the premiums paid, a 35 percent increase.
Bao Viet collected 2.944 trillion VND (27.4 percent) and Manulife was in third place with over 1 trillion VND (53.4 percent).
The companies collected premiums on 4.143 million contracts, 4 percent higher than a year earlier./.
The non-life insurance sector reported growth of 25.97 percent in premium income, which topped 12.417 trillion VND (621 million USD).
Motor vehicles represented the largest segment, with 3.885 trillion VND, up almost a fifth over the same period in 2009.
Health and personal accident insurance followed with almost 1.7 trillion VND, up 28.74 percent, ahead of construction and installation with 1.43 trillion VND (28.3 percent).
Though still a small segment with 6.1 billion VND, agricultural insurance achieved the highest growth of 520 percent.
Credit insurance was 148 percent up at 14 billion VND, while fire and explosion cover rose 77 percent to 254 billion VND.
Bao Viet was the largest player with premium incomes of more than 3 trillion VND, followed by PetroVietnam Insurance Company with 2.85 trillion VND, and Bao Minh with over 1.5 trillion VND.
Smaller companies achieved higher growth rates – MSIG's premium income rose by 297 percent, Groupama's by 205 percent, and ACE's by 153 percent.
Claim settlements were worth 4.248 trillion VND during the period. The association said there will be a sharp rise in the fourth quarter due to the recent floods in the central region.
Thai Van Cach, deputy general director of the Vien Dong Assurance Company, said preliminary estimates put the damage caused by two storms in October in the provinces of Nghe An, Ha Tinh, Quang Binh, and Quang Tri at 8.5 trillion VND.
They killed 165 people and injured 117 others, damaged around 440 houses, and killed livestock.
"Only half of the 165 people killed were insured, meaning a total payout of around 3 billion VND. Auto losses were less than 5 billion VND and most of the damaged roads were not insured," he said.
Clearly, insurance companies have yet to tap the market's potential.
Cach said if insurance companies manage to persuade importers to switch to FOB (free on board) mode from the current CIF (cost, insurance and freight), Vitenamese insurers will benefit since under the current practice the exporters pay the insurance in their home country.
The life insurance sector reported premium incomes of 9.767 trillion VND, a 25 percent rise year on year.
Prudential topped the industry with more than 3.8 trillion VND , up 12.9 percent.
New contracts accounted for 2.478 trillion VND of the premiums paid, a 35 percent increase.
Bao Viet collected 2.944 trillion VND (27.4 percent) and Manulife was in third place with over 1 trillion VND (53.4 percent).
The companies collected premiums on 4.143 million contracts, 4 percent higher than a year earlier./.
