Business

Insurance sector posts 24-percent rise in revenue

The insurance sector recorded more than 133.65 trillion VND (5.76 billion USD) in revenue from premiums in 2018, up 23.97 percent from a year earlier, according to the Ministry of Finance’s Insurance Supervisory Authority.
Insurance sector posts 24-percent rise in revenue ảnh 1The insurance sector earned over 133.65 trillion VND (5.76 billion USD) in revenue from premiums in 2018 (Photo: Bao Viet insurance company)

Hanoi (VNA) – The insurance sector recorded morethan 133.65 trillion VND (5.76 billion USD) in revenue from premiums in 2018,up 23.97 percent from a year earlier, according to the Ministry of Finance’sInsurance Supervisory Authority.

Of the figure, non-life insurance companiesearned 45.69 trillion VND while life insurance ones gained 87.96 trillion VND.

The insurance sector added some 319.61 trillionVND into the economy in 2018, up 29.53 percent year on year.

There are 64 insurance businesses in Vietnam atpresent, including 30 non-life insurance companies, 18 life insurancecompanies, two reinsurance companies, 14 insurance intermediary companies andone branch of a foreign non-life insurance firm.

The Insurance Supervisory Authority said in2019, the Finance Ministry will continue perfecting draft revisions to the Lawon Insurance Business to promote transparency, safety and efficiency of the insurancemarket, align domestic insurance activities with international practices, andmeet insurance demand of all economic sectors and people.-VNA
VNA
#Insurance Supervisory Authority #Vietnam's insurance market #non-life insurance companies #life insurance companies #insurance businesses in Vietnam #Law on Insurance Business #updated Vietnam news #Vietnamplus #Vietnam News Agency
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