The non-life insurance sector has seen a flurry of merger and acquisition (M&A) deals over the past two years, partly reflecting the attractiveness and keen competition of the market, which still has room for growth.
Accelerating the digital transformation process not only helps insurance businesses transform during the COVID-19 pandemic but also is considered the foundation for growth in the economic recovery.
Over the past year, the economic situation has changed a lot due to the pandemic, which has affected non-life insurance revenue, but many businesses still achieved high profits.
The Vietnam Report Joint Stock Company on July 9 announced Vietnam's top 10 prestigious life and non-life insurance companies in Vietnam in 2021 as well as assessments on the Vietnamese insurance market.
The insurance industry is forecast to continue gaining double-digit growth this year thanks to new bancassurance contracts signed late last year and the recovery of the economy.
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.
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 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.
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.
The total premium collected by insurance companies in the first eight months of 2017 surged by 21.9 percent year on year to nearly 65.56 trillion VND (2.89 billion USD).
The insurance sector reported growth of 19 percent in premium income in the first five months of this year, topping 38.7 trillion VND (1.7 billion USD), the Insurance Association of Vietnam said.
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