Society

11 percent of Vietnamese have life insurance

As of 2020, 11 percent of Vietnam’s population had taken out life insurance, heard a recent symposium in Ho Chi Minh City.
Hanoi (VNA) - As of 2020, 11 percent of Vietnam’s population hadtaken out life insurance, heard a recent symposium in Ho Chi Minh City.

According to Ngo Trung Dung, Deputy Secretary General of the InsuranceAssociation of Vietnam, the figure is set to rise to 15 percent by 2025.

Revenue from insurance premiums was 186.22 trillion VND (8 billion USD) in2020, up 16.5 percent year-on-year.

Of this, 130.55 trillion VND came from life insurance premiums, a rise of 22percent. 

Insurers paid out 47.03 trillion VND in claims during the year, Dung said.

He noted that the insurance sector is forecast to experience significant changeover the next decade, adding that given the fierce competition, insurance companiesshould embark on digital transformation./.
VNA
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