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Vietnam: Insurance mart grows at fastest pace in 10 years in 1H

Source: Asia Insurance Review | Nov 2016

Vietnam’s insurance market reported premium growth of 25.9% in the first half of this year, representing the fastest increase in the last 10 years.

   The data from the Insurance Supervisory Authority (ISA) show that the industry registered total revenue of VND38.6 trillion (US$1.7 billion) in 1H2016, reported Vietnam News.

   Meanwhile, the authorities are pushing for the use of IT in the insurance sector to promote growth and governance. According to the ISA, IT systems used by domestic insurers have generally failed to meet international standards.
Under the 2016-2020 development strategy for the insurance industry, IT is one of the basic solutions for the development of the local insurance market.
 
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