Vietnam: Insurance premiums up 20% in Jan-Apr to more than US$1 bln
Source: Asia Insurance Review | Jul 2016
The Vietnamese insurance market saw premium revenue rising by 20% for the January-April period, compared with the corresponding period last year. This growth was the highest in recent years, according to the Association of Vietnamese Insurers.
The premium revenue from January to April this year is estimated at around VND22.9 trillion (US$1 billion). According to data on the Finance Ministry’s website, total premiums stood at VND19.1 trillion (US$856 million )for the first four months of last year, up 20.75% over the same period of 2014, reported Vietnam Net.
Experts are optimistic about the growth prospect of the insurance market this year. They said that high GDP growth, foreign direct investments, exports, investment plans, infrastructure projects and free trade agreements will push up demand for asset, technology and goods insurance. In addition, the government is considering making some insurance cover compulsory.