The total premiums collected by insurance companies in Vietnam in the first nine months of 2017 surged by 21.6% year-on-year to more than VND75.23 trillion (US$3.31 billion).
Of the total, life insurance premiums stood at more than VND45 trillion while non-life insurance premiums reached nearly VND30.17 trillion, up 31% and 12.2% from the corresponding period last year, Vietnam News reported citing data from the Ministry of Finance.
During the eight-month period, insurance companies invested VND231.3 trillion into the economy, a rise of 22.3% compared to the corresponding period in 2016. Of the total, VND194.97 trillion was from life insurance companies.
The Insurance Association of Vi?t Nam predicts that this year, the growth rate in the life insurance sector will be 25% and that of the non-life insurance sector will be 14%.
The growth is a result of increased public awareness about the role of insurance, the association said, adding that the country’s economic growth, targeted at 6.7% in 2017, will be an added advantage for the insurance market.