Insurance premiums surge in first half

Insurance premiums on the local market in this year’s first half soared 17.8 percent year-on-year to over 14 trillion dong, or some $720 million, with non-life insurance premiums making up more than 50 percent, according to a seminar on Monday.

The Bureau for Insurance Management and Supervision under the Ministry of Finance said at the seminar in Hanoi that non-life insurance premiums grew at a faster rate of 25.9 percent year-on-year to nearly 8 trillion dong. Meanwhile, life insurance premiums grew 10 percent year-on-year to slightly over 6 trillion dong.

The total insurance compensation in the first half amounted to VND3.98 trillion, with non-life insurance payouts totalling VND2.41 trillion and life insurance payments reaching VND1.56 trillion.

Head of the bureau Trinh Thanh Hoan predicted the market’s total premiums in the whole year at VND29 trillion, of which non-life revenues are expected at VND16.3 trillion and life insurance premiums the remainder.

The local market is now home to 50 insurance companies, comprising 28 non-life companies, 11 life insurers, 10 insurance brokers and one re-insurance company.

Tags: Vietnam insurance, Vietnam insurance industry, Vietnam insurance market

Posted by VBN on Aug 14 2010. Filed under Insurance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry