Vietnam: Insurance premiums jump in 2018
Source: Asia Insurance Review | Feb 2019
Total revenue in Vietnam’s insurance industry is estimated to have reached VND133tn ($5.7bn) in 2018, about 25% higher than in 2017 and exceeding the industry’s annual target of VND129.24tn set early last year, according to the Insurance Association of Vietnam (IAV).
Of the total, life insurers are estimated to have contributed VND87tn in revenue, up 33.8% y-o-y, while non-life insurers would make up VND45tn, an increase of 12%.
Total assets in the insurance industry are estimated to have surged by 21% to VND384tn at 31 December 2018, compared to a year ago. Of this, VND302tn is estimated to be from life insurers.
To maintain the industry’s high growth, deputy finance minister Huynh Quang Hai said that IAV, in conjunction with other relevant agencies, must raise awareness about insurance.
IAV also needs to promote closer cooperation among insurers so that businesses can join hands to build the industry’s databases, which will improve the quality of their services, thereby raising their financial capability and competitiveness, Mr Hai said.
New insurance law
Mr Hai also told insurers to work with IAV and the Ministry of Finance to develop a new insurance business law to contribute to the development of the local insurance market.
Vietnam currently has 64 insurance companies, including 30 non-life insurers, 18 life insurers, two reinsurers and 14 insurance brokerage companies. A