Society

Plan targets 15 percent of population with life insurance by 2025

A plan approved by Prime Minister Nguyen Xuan Phuc targets that 11 percent of Vietnam’s population will have bought life insurance by 2020, and the rate will reach 15 percent by 2025.
Plan targets 15 percent of population with life insurance by 2025 ảnh 1A plan has been approved with a view to developing a safe, sustainable and effective insurance market (Photo: VNA)

Hanoi (VNA) – A plan approved by Prime MinisterNguyen Xuan Phuc targets that 11 percent of Vietnam’s population will havebought life insurance by 2020, and the rate will reach 15 percent by 2025.

The plan aims to develop a safe, sustainable andeffective insurance market able to meet demand and ensure socialsecurity. 

It also looks to help insurance businesses havestrong financial capacity, meet international standards and be competitivedomestically and regionally.

It targets average annual growth of the market’stotal assets, investment capital, operation reserves, owners’ capital andrevenue at 20 percent by 2020 and 15 percent between 2021 and 2025.

Meanwhile, the average premium income is aimedto account for a maximum of 3 percent of gross domestic product by 2020 and 3.5percent by 2025.

Under the plan, insurance products will bediversified to meet the different needs of organisations and individuals.

Among market restructuring solutions, insurerswill have to enhance information transparency and insurance distributionchannels will be professionalised and modernised to facilitate clients’ access.

An information system will also be built tosystematise all data of the sector, thus improving management and controllingrisks, according to the plan.-VNA
VNA
#Vietnam's insurance market #insurance businesses in Vietnam #insurance market restructuring #insurance products #insurance distribution channels #life insurance #updated Vietnam news #Vietnamplus #Vietnam News Agency
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