The life insurance industry in Vietnam is forecast to expand at over 25% this year, according to the Insurance Association of Vietnam (IAV).
IAV acting chairman, Tran Vinh Duc, said, “The Vietnamese economy is expected to grow at a rate of between 6.8% and 7% in 2019. Demand for insurance, particularly life insurance, will increase as more and more people and organisations started caring about insurance products. Thus, the market will keep growing.”
The association said that last year the life insurance market performed well, earning revenues of nearly VND116trn ($5bn), reported Vietnam News Agency. Of this, VND88trn was from premium income, an increase of 33%, and the remaining VND28trn was from investments, a 30% increase.
“Life insurers’ financial capacity improved with total assets rising 25% to VND302trn,” Mr Duc said.
Life insurers settled claims of more than VND18.6trn in 2018, up by 17%.