Vietnam: Insurance market sees revenues soar in 2016
Source: Asia Insurance Review | Jan 2017
Total premium revenues in Vietnam’s insurance market are estimated to have reached VND85.5 trillion (US$3.8 billion) in 2016, a 22% increase compared to 2015, said the Insurance Supervisory Authority (ISA).
Non-life insurance revenue was VND36.3 trillion, up by 14.7%, and life insurance revenue exceeded VND49.2 trillion, an increase of 28.4%.
Payouts in 2016 stood at VND26.7 trillion, down 1% from 2014 including life insurance payouts of VND14.2 trillion and non-life claim settlements of VND12.6 trillion.
Insurance insiders predict that the growth of the market in 2017 will be 20% this year, with total premiums exceeding VND100 trillion, reported Economic Times.