The life insurance market in the first half of the year saw revenuegains of about 25 percent over the same period last year, according topreliminary statistics from the Vietnam Insurance Association.
Among the biggest gainers was Dai-ichi Life Vietnam , which reportedearnings of more than 120 billion VND (6.3 million USD) from newpremium policies in the first six months of the year, up 48 percentagainst the same period in 2009.
Other insurancecompanies also reported strong growth in the first half of the year. ACELife said new premium policies were up 40 percent, while Korea LifeVietnam said it saw premiums rise nearly 80 percent in the secondquarter.
AIA Vietnam also saw solid growth in premiums, asdid Prudential Vietnam, which said its market share by premiums rose 27percent in the first six months. It now has a market share (by premiumrevenue) of 40 percent.
Jack Howell, Prudential Vietnam'sCEO, said strong growth in the local insurance market was an indicationof Vietnam 's development potential.
Meanwhile, PhungDac Loc, general secretary of the Vietnam Insurance Association, saidthere was still room for growth in the local insurance market.
At the moment, just 5 percent of the Vietnamese population has lifeinsurance. It is estimated that 30 percent of the country's populationcan afford to take out insurance policies.
There are currently 11 life insurance companies in the country. Only Bao Viet is home-grown.
Nguyen Quang Tung, general director of the Vietnam Investment andDevelopment Bank's insurance company, said his firm plans to expand itslife insurance business by forming joint ventures with foreign partners./.
Among the biggest gainers was Dai-ichi Life Vietnam , which reportedearnings of more than 120 billion VND (6.3 million USD) from newpremium policies in the first six months of the year, up 48 percentagainst the same period in 2009.
Other insurancecompanies also reported strong growth in the first half of the year. ACELife said new premium policies were up 40 percent, while Korea LifeVietnam said it saw premiums rise nearly 80 percent in the secondquarter.
AIA Vietnam also saw solid growth in premiums, asdid Prudential Vietnam, which said its market share by premiums rose 27percent in the first six months. It now has a market share (by premiumrevenue) of 40 percent.
Jack Howell, Prudential Vietnam'sCEO, said strong growth in the local insurance market was an indicationof Vietnam 's development potential.
Meanwhile, PhungDac Loc, general secretary of the Vietnam Insurance Association, saidthere was still room for growth in the local insurance market.
At the moment, just 5 percent of the Vietnamese population has lifeinsurance. It is estimated that 30 percent of the country's populationcan afford to take out insurance policies.
There are currently 11 life insurance companies in the country. Only Bao Viet is home-grown.
Nguyen Quang Tung, general director of the Vietnam Investment andDevelopment Bank's insurance company, said his firm plans to expand itslife insurance business by forming joint ventures with foreign partners./.
