The insurance sector reported growth of 19% in premium income in the first five months of this year to VND38.7 trillion (US$1.7 billion), the Insurance Association of Vietnam (IAV) says.
Revenue from non-life insurance premiums was estimated at VND15.9 trillion, increasing by 9% year-on-year. Revenue from life insurance reached VND22.7 trillion, up by 30% year-on-year, reported the Vietnam News Agency citing Bui Gia Anh, IAV general secretary.
During the first five months, total insurance claim and benefit payments totalled VND10.9 trillion, of which non-life insurers paid VND5.4 trillion and life insurers VND5.5 trillion.
In comparison, in 2016, total premium income of the insurance sector reached VND87.5 trillion, an increase of 24% over 2015. Non-life insurance companies collected VND37 trillion, up by 15%, and life insurance companies earned VND50.4 trillion, a surge of 32%.