Illustrative image (Source: Bao Viet) HCM City (VNA) – The life insurance sector pumpedover 215 trillion VND (9.34 billion USD) into the economy in the first half ofthis year, according to the Insurance Association of Vietnam (IAV).
Vietnam is now home to 18 life insurers with an annualrevenue growth of over 30 percent, providing insurance coverage for more than7.5 million clients. They pay in excess of 14 trillion VND in insuranceentitlements for clients each year and create jobs for nearly 10,000 workersand more than 600,000 agents.
The birth of the Law on Insurance Business on December 7,2000 has created a legal corridor for the insurance sector over the past years,said the IAV.
From 2011-2017, the sector’s reinvestment in the economyexpanded by 17.7 percent each year. In 2017 alone, investment made by insurers amountedto roughly 251 trillion VND, up 27 percent year-on-year.
Le Huong Ly, member of the IAV Executive Board, saidinsurers need to further popularise products and services to help clientschoose those meeting their demand.
She said one of the biggest barriers now is misappropriationof insurance entitlements and risky terms in contracts, along with the lack ofassessment of capability of insurance consultants, which now number around621,000.
Insurers called for issuing regulations on professionalismfor agents
Head of the permanent office of the Party CentralCommittee’s Commission on Education and Information in Ho Chi Minh City DangManh Trung said the government is in the process of developing a roadmap forthe development of the insurance sector with basic principles of fairness andbenefit sharing for parties concerned.
He underscored the need to establish a channel to provideofficial information and correct data about the sector, contributing toensuring social welfare for citizens.-VNA
Vietnam is now home to 18 life insurers with an annualrevenue growth of over 30 percent, providing insurance coverage for more than7.5 million clients. They pay in excess of 14 trillion VND in insuranceentitlements for clients each year and create jobs for nearly 10,000 workersand more than 600,000 agents.
The birth of the Law on Insurance Business on December 7,2000 has created a legal corridor for the insurance sector over the past years,said the IAV.
From 2011-2017, the sector’s reinvestment in the economyexpanded by 17.7 percent each year. In 2017 alone, investment made by insurers amountedto roughly 251 trillion VND, up 27 percent year-on-year.
Le Huong Ly, member of the IAV Executive Board, saidinsurers need to further popularise products and services to help clientschoose those meeting their demand.
She said one of the biggest barriers now is misappropriationof insurance entitlements and risky terms in contracts, along with the lack ofassessment of capability of insurance consultants, which now number around621,000.
Insurers called for issuing regulations on professionalismfor agents
Head of the permanent office of the Party CentralCommittee’s Commission on Education and Information in Ho Chi Minh City DangManh Trung said the government is in the process of developing a roadmap forthe development of the insurance sector with basic principles of fairness andbenefit sharing for parties concerned.
He underscored the need to establish a channel to provideofficial information and correct data about the sector, contributing toensuring social welfare for citizens.-VNA
VNA
