The Finance Ministry is finalising a draft decree on compulsory fire and explosion insurance, and completing other draft legal documents on agriculture insurance and microinsurance.
The completion of the regulations would have taken more than two years since Minister of Finance Dinh Tien Dung announced in May 2015 that his Ministry would introduce regulations for microinsurance and other kinds of insurance.
Meanwhile, the total premiums collected by insurers in Vietnam stood at VND84,186 billion (US$ 3.7 billion) in the first 10 months of this year, up 20.4% over the corresponding period last year, the Insurance Supervisory Authority under the Finance Ministry has announced. Premiums from life insurance stood at VND51,180 billion, increasing by 32% year-on-year, while non-life insurance premiums stood at VND33,006 billion, up by 9%.
In the 10-month period, insurance companies in Vietnam paid a total of VND23,904 billion in compensation, comprising VND12,060 billion by life insurers, and VND11,844 billion by non-life insurers.
For the whole of this year, total life insurance premiums are predicted to surge by 23.4% to VND61,294 billion.