Vietnam: Premiums surge by 22% in first 8 months
Source: Asia Insurance Review | Oct 2017
Total premium collected by insurance companies in the first eight months of 2017 surged by 21.9% year on year to nearly VND65.56 trillion (US$2.9 billion).
Of the total, life insurance generated premiums of VND39.41 trillion, an increase of 33% over the corresponding period last year while nonlife insurance produced premiums of VND26.15 trillion, an increase of 11.5%, the Ministry of Finance’s Insurance Supervisory Authority said.
The Insurance Association of Vietnam predicts that this year, life insurance premiums will grow by 25% while nonlife growth will be 14%. The growth is expected on the back of increased awareness and the country’s economic growth. A