Vietnam’s insurance industry maintained positive growth in the first four months of 2019, with total premiums surging by 17 percent year-on-year to 44.3 trillion VND (1.9 billion USD), the Ministry of Finance reported.
Bao Viet Group posted nearly 8.1 trillion VND (348.2 million) in insurance revenue in the first quarter of 2019, a year-on-year increase of 19 percent.
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.
The insurance sector recorded more than 133.65 trillion VND (5.76 billion USD) in revenue from premiums in 2018, up 23.97 percent from a year earlier, according to the Ministry of Finance’s Insurance Supervisory Authority.
Petrolimex Insurance Corporation (PJICO), a top 5 non-life insurance company in Vietnam, has signed a cooperation agreement with the Republic of Korea’s Woori Bank.
The National Fund for Vietnamese Children (NFVC) and AIA Vietnam Life Insurance Company Limited on December 7 handed over 100 bikes, gifts and 20 free life insurance contracts to 120 underprivileged students in Ho Chi Minh City as part of the “Life Journey” programme.
Helmets and first aid kit bags were presented to high school students in Hanoi on October 15, part of a traffic safety project funded by Global Civic Sharing – a non-governmental organisation from the Republic of Korea.
The National Fund for Vietnamese Children (NFVC) on September 19 teamed up with AIA Life Insurance Company in Vietnam to present 70 bicycles, gifts, and five life insurance contracts each worth 20 million VND to 75 poor students in the central province of Khanh Hoa.
The life insurance sector pumped over 215 trillion VND (9.34 billion USD) into the economy in the first half of this year, according to the Insurance Association of Vietnam (IAV).
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), coded VCB on the Ho Chi Minh Stock Exchange, plans to invite bids from insurers for exclusive rights to distribute life insurance products through its network.
Prime Minister Nguyen Xuan Phuc wished the Italian life insurance group Generali success in doing business in Vietnam during his reception in Hanoi for the group’s Director General Philippe Donnet.
The government is developing a scheme for reforming Vietnam’s social insurance policy aiming to establish a multi-tiered social security system, said Deputy PM Vuong Dinh Hue.
The participation of foreign investors in Vietnam’s insurance market will develop the market while enriching domestic insurers with experience and governance.
Non-life insurance premium in 2017 continued its sustained growth, with an estimated revenue of 40.5 trillion VND (1.78 billion USD), representing an 11 per cent year-on-year increase.
Prudential Plc announced that it had reached an agreement to sell 100 percent of its Prudential Vietnam Finance Company (PVFC) to Shinhan Card Co Ltd at a cost of 151 million USD.
The insurance market has maintained a high growth rate of 21.2 percent in 2017, gaining revenue of 105.61 trillion VND (4.65 billion USD), a senior finance ministry official has said.
Total premiums collected by Vietnam’s insurance security companies surged 20.4 percent year-on-year to 84.19 trillion VND (3.71 billion USD) in the first ten months of 2017, according to the Ministry of Finance.
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