Insurance market keeps thriving in first months of 2019
Vietnam’s insurance industry maintained positive growth in the first four months of 2019, with total premiums surging by 17 percent year-on-year to 44.3 trillion VND (1.9 billion USD), the Ministry of Finance reported.
Insurers pay out 12.5 trillion VND to customers in the first four months of 2019 (Photo: VNA)
Hanoi (VNS/VNA) – Vietnam’s insuranceindustry maintained positive growth in the first four months of 2019, with totalpremiums surging by 17 percent year-on-year to 44.3 trillion VND (1.9 billionUSD), the Ministry of Finance reported.
Besides maintaining a high growth rate, thefinancial status of insurance firms also improved in the period with totalassets rising by 21.4 percent to 401.9 trillion VND (17.17 billion USD).
During the period, insurance companiesre-invested 328.7 trillion VND (14.04 billion USD) into the economy, marking arise of 26.5 percent year-on-year.
Insurers also paid out 12.5 trillion VND (534million USD) to customers, surging 31.2 percent compared with the same periodlast year.
According to the Ministry of Finance’s InsuranceSupervisory Authority (ISA), the insurance industry is targeting a growth rateof 20 percent this year.
Experts remain upbeat about the industry’shealth in the coming years, forecasting that it will maintain an annual growthrate of 10-20 percent.
Many banks that cooperate with insurers toprovide bancassurance products even expect an annual growth rate of up to 30-40percent.
The ISA reported that the country has 64insurance companies, including 30 non-life insurers, 18 life insurers, tworeinsurance companies and 14 insurance brokerage companies.
There are up to 850 non-life insurance productsand 450 life insurance products sold on the Vietnamese market.-VNS/VNA
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A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Insurers pay out 12.5 trillion VND to customers in the first four months of 2019 (Photo: VNA) 
