Total insurance premiums in the first eight months of the year reached nearly VND80.84 trillion, up 38.81 percent. (Source: tinnhanhchungkhoan.vn) Hanoi (VNS/VNA) – Total assets of Vietnamese insurance companiesin the first eight months of the year surged sharply by 35.16 percentyear-on-year to nearly 365.52 trillion VND (15.55 billion USD), a report fromthe Ministry of Finance (MoF) showed.
During the period, the companies re-invested more than 289 trillion VND intothe economy, marking a rise of 27.63 percent year-on-year.
Total insurance premiums in the period reached nearly 80.84 trillion VND, up38.81 percent.
The MoF said that it would finalise a project on restructuring the insuranceand securities market in the 2017-20 period in the remaining months of theyear.
The ministry will also cooperate with international institutions to researchand revise the Law on Insurance besides finalising a draft decree onmicro-insurance to submit to the Government for approval.
The insurance sector targets total revenue of 129.24 trillion VND thisyear, up 22.38 percent from 2017. It also plans to re-invest 305.49 trillionVND into the economy and increase its total assets to 370.81 trillion VND.
According to experts, Vietnam’s insurance market has high potential as thenumber of participants remains low while incomes and awareness among localpeople are rising.
The insurance industry is also expected to benefit from the country’s projectedGDP growth of more than 6 percent annually over the next three years.-VNS/VNA
VNA
