The insurance industry reported premiums of more than 23 trillion VND (1.1 billion USD) in the first eight months, according to the Ministry of Finance's Insurance and Supervision Department.

The non-life sector accounted for 13.54 trillion VND (646.6 million USD), a 26.6 percent year-on-year rise. Life insurance premiums were up 15 percent.

In July, their respective growth rates were 21 percent and 16 percent.

Life insurance companies sold 12 percent more policies year-on-year.

In the non-life sector, vehicle insurance accounted for the largest share of 4 trillion VND (192.3 million USD), or 31 percent. Property and damage insurance accounted for 26 percent, and health and accident insurance for 13 percent.

Non-life insurers paid almost 4.7 trillion VND (226 million USD) in claims settlements.

Phung Dac Loc, general secretary of the Vietnam Insurers Association, says development of insurance-related trades like brokerage, agency, insurance risk assessment, insurance inspection, and investigation will help the industry grow.

"Insurance companies will be able to outsource these activities and focus on their core business.

"If insurance detectives establish themselves, it will help prevent a lot of insurance fraud."

Meanwhile, the Ministry of Finance recently issued a warning about unfair competition between insurance companies, the increase in fraud, and tortuous settlement procedures as some of the problems that hindered the industry's growth./.