Non-life insurance revenue reached 8.24 trillion VND (429.21 millionUSD) in the first six months of this year, according to the Associationof Vietnamese Insurers.
The increase represents a 28 percent rise over the first half of last year.
All types of insurance saw growth in the first half of the year, withfire and explosion coverage reaching 723 billion VND (37.65 millionUSD), up 125 percent over the same period last year. Agriculturalinsurance followed with a surge of 109 percent and constructioninsurance increased by 68 percent.
PetroVietnamInsurance Joint Stock Corp earned the most in non-life insurancepremiums during the period with 1.97 billion VND (102.86 million USD) inrevenue, followed by Bao Viet Insurance Corp, Bao Minh Insurance Corp,Petrolimex Joint Stock Insurance Co (PJICO) and Post-TelecommunicationJoint Stock Insurance Co (PTI).
In addition to insurance, the insurers also offered many other products and services in the first half of the year.
BIDV Insurance Co (BIC) promoted its bancassurance products inco-operation with the Bank for Investment and Development of Vietnam(BIDV) with nearly 30 billion VND (1.56 million USD) in revenue in thefirst six months of this year, making up 14 percent of the company'stotal revenue.
Pham Quang Tung, BIC's generaldirector, said that "diversifying products and expanding our networkwith other banks is expected to help us develop bancassurance products."
In a phone interview, Phung Dac Loc, secretarygeneral of the Association of Vietnamese Insurers said: "Strengtheningour products also creates faith among our customers. Focusing onpotential markets as well as developing product distribution channelsthrough banks and post helps us save money and raise the effects of ourtrade activities."
Loc predicted that life andnon-life insurance revenues would rise to 20 percent and 33 percentrespectively in the final six months of the year.
The Ministry of Finance has recently given its approval in principle totwo new companies, both from Taiwan : Cathay Insurance Vietnam and thelife insurance firm Fubon Vietnam . The Cathay and Fubon brandswill begin to offer both life and non-life insurance services to add totheir services./.
The increase represents a 28 percent rise over the first half of last year.
All types of insurance saw growth in the first half of the year, withfire and explosion coverage reaching 723 billion VND (37.65 millionUSD), up 125 percent over the same period last year. Agriculturalinsurance followed with a surge of 109 percent and constructioninsurance increased by 68 percent.
PetroVietnamInsurance Joint Stock Corp earned the most in non-life insurancepremiums during the period with 1.97 billion VND (102.86 million USD) inrevenue, followed by Bao Viet Insurance Corp, Bao Minh Insurance Corp,Petrolimex Joint Stock Insurance Co (PJICO) and Post-TelecommunicationJoint Stock Insurance Co (PTI).
In addition to insurance, the insurers also offered many other products and services in the first half of the year.
BIDV Insurance Co (BIC) promoted its bancassurance products inco-operation with the Bank for Investment and Development of Vietnam(BIDV) with nearly 30 billion VND (1.56 million USD) in revenue in thefirst six months of this year, making up 14 percent of the company'stotal revenue.
Pham Quang Tung, BIC's generaldirector, said that "diversifying products and expanding our networkwith other banks is expected to help us develop bancassurance products."
In a phone interview, Phung Dac Loc, secretarygeneral of the Association of Vietnamese Insurers said: "Strengtheningour products also creates faith among our customers. Focusing onpotential markets as well as developing product distribution channelsthrough banks and post helps us save money and raise the effects of ourtrade activities."
Loc predicted that life andnon-life insurance revenues would rise to 20 percent and 33 percentrespectively in the final six months of the year.
The Ministry of Finance has recently given its approval in principle totwo new companies, both from Taiwan : Cathay Insurance Vietnam and thelife insurance firm Fubon Vietnam . The Cathay and Fubon brandswill begin to offer both life and non-life insurance services to add totheir services./.
