Insurance sector to restructure for stronger growth
The insurance sector will focus on restructuring the market as well as
its businesses so as to maintain stability and sustainable development.
The insurance sector will focus on restructuring the market as well as
its businesses so as to maintain stability and sustainable development.
The industry expects to see a total premium of 43.711 trillion VND (2.082 billion USD) this year, a rise of 6.5 percent over last year, according to the Ministry of Finance’s Insurance Supervisory Authority (ISA).
Non-life insurance is hoping for a record growth rate of 5 percent, to reach 23.9 trillion VND while life insurance is aiming at 19.7 trillion VND, an increase of 9 percent year-on-year.
The total investment made by the insurance sector is projected at 7.3 trillion VND, up 10 percent over last year.
To meet these targets, several insurance firms have consented on becoming more professional and improving the quality of their services.
The Post and Telecommunications Insurance joint Stock Company (PTI) said that they will improve the quality of their key products.
The AIA Insurance Company will focus on developing agencies into a standard.
The Bao Minh Insurance Joint Stock Company said it wants to develop its distribution network, restructure its range of products and investments structure as well as improve the quality of services.
The sector experienced a lower rate of growth in the first half of this year because of economic difficulties.
Statistics from the ISA show that non-life insurance premiums in the first six month of this year stood at 11.8 trillion VND (562 million USD), up by only 2.2 percent over the same period last year.
Life insurance also struggled to maintain a growth rate of 13 percent, making just 9.1 trillion VND (434 million USD).
In total, insurance premiums experienced a growth rate of 6.86 percent over the same period last year, down from the growth rate of 2012 and 211, which came in at 17.8 percent and 22 percent respectively.-VNA
The industry expects to see a total premium of 43.711 trillion VND (2.082 billion USD) this year, a rise of 6.5 percent over last year, according to the Ministry of Finance’s Insurance Supervisory Authority (ISA).
Non-life insurance is hoping for a record growth rate of 5 percent, to reach 23.9 trillion VND while life insurance is aiming at 19.7 trillion VND, an increase of 9 percent year-on-year.
The total investment made by the insurance sector is projected at 7.3 trillion VND, up 10 percent over last year.
To meet these targets, several insurance firms have consented on becoming more professional and improving the quality of their services.
The Post and Telecommunications Insurance joint Stock Company (PTI) said that they will improve the quality of their key products.
The AIA Insurance Company will focus on developing agencies into a standard.
The Bao Minh Insurance Joint Stock Company said it wants to develop its distribution network, restructure its range of products and investments structure as well as improve the quality of services.
The sector experienced a lower rate of growth in the first half of this year because of economic difficulties.
Statistics from the ISA show that non-life insurance premiums in the first six month of this year stood at 11.8 trillion VND (562 million USD), up by only 2.2 percent over the same period last year.
Life insurance also struggled to maintain a growth rate of 13 percent, making just 9.1 trillion VND (434 million USD).
In total, insurance premiums experienced a growth rate of 6.86 percent over the same period last year, down from the growth rate of 2012 and 211, which came in at 17.8 percent and 22 percent respectively.-VNA
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