Insurance premium surges nearly 22 percent in eight months
The total premium collected by insurance companies in the first eight months of 2017 surged by 21.9 percent year on year to nearly 65.56 trillion VND (2.89 billion USD).
The total premium collected by insurance companies in the first eight months of 2017 surged by 21.9 per cent year on year to nearly 65.56 trillion VND (2.89 billion USD). Photo: baohiem.vn)
Hanoi (VNA) - The total premium collected by insurance companiesin the first eight months of 2017 surged by 21.9 percent year on year to nearly65.56 trillion VND (2.89 billion USD).
Of the sum, the revenue from life insurance premiums was 39.41 trillion VND andfrom non-life insurance premiums was 26.15 trillion VND, up 33.12 percent and11.5 percent, respectively, the Ministry of Finance’s Insurance SupervisoryAuthority (ISA) reported.
During this period, insurance companies invested 226.42 trillion VND in theeconomy, a rise of 21.5 percent, compared with the corresponding period in2016.
They also paid 16.92 trillion VND as compensation for customers.
The Ministry of Finance said that it will continuously streamline draft decreeson agricultural insurance, micro-insurance, fire insurance, and sanctionsagainst administrative violations in the field of insurance and lotterybusinesses for submission to competent authorities for signing in the remainingmonths of the year.
Besides this, the ministry will also share information and data used to managesocial and health insurance to ensure the connection with commercial insurance.
The Insurance Association of Vietnam predicts that this year, the growth forlife insurance will be 25 percent, and that of the non-life insurance sectorwill be 14 percent.
The growth is a result of the increased awareness among people and companies ofthe role of insurance, the association said, adding that the country’s economicgrowth, targeted at 6.7 percent in 2017, will be an added advantage for thegrowth of the insurance market.-VNA
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The total premium collected by insurance companies in the first eight months of 2017 surged by 21.9 per cent year on year to nearly 65.56 trillion VND (2.89 billion USD). 
