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Nov 2019

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Vietnam: Insurance industry thrives in 1H2019

Source: Asia Insurance Review | Aug 2019

Vietnam’s insurance industry surged by 24.4% in the first half of this year, with total revenue reaching nearly VND71.15tn ($3bn), the Ministry of Finance’s Insurance Supervisory Authority (ISA) has announced.
 
In the first six months of the year, insurers paid out VND18.65tn to customers, representing an increase of 19.6% compared with the corresponding period last year, reported Vietnam News Service citing the ISA.
 
ISA deputy director Ph?m Thu Phuong said besides maintaining a high growth rate, the financial status of insurance firms also improved in the period with total assets rising by 19% to VND423.42tn.
 
According to the ISA, the insurance industry is targeting a growth rate of 20% this year. To promote the development of the industry, the ISA will draft policies on microinsurance, compulsory insurance for civil liability of motor vehicle owners, disaster risk insurance and public property insurance, among several measures.
 
Vietnam has 64 insurance companies, including 30 non-life insurers, 18 life insurers, two reinsurance companies and 14 insurance brokerages.  A 
 
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