The revenue from life insurance premiums was more than VND45 trillion in the first nine months. — Photo Bao Viet Insurance Co
The total premiums collected by insurance companies in the first nine months of 2017 surged by 21.6 per cent year-on-year, to more than VND75.23 trillion (US$3.31 billion).
Of the total sum, the revenue from life insurance premiums was more than VND45 trillion and from non-life insurance premiums was nearly VND30.17 trillion, up 31 per cent and 12.2 per cent, respectively, the Ministry of Finance reported on Wednesday.
During this period, insurance companies invested VND231.3 trillion into the economy, a rise of 22.3 per cent compared to the corresponding period in 2016. Of the total, VND194.97 trillion was from life insurance companies.
They also paid VND21.12 trillion as compensation to customers.
The Insurance Association of Viet Nam predicts that this year, the growth of the life insurance sector will be 25 per cent and that of the non-life insurance sector will be 14 per cent.
The growth is a result of the increasing awareness among people and companies about the role of insurance, the association said, adding that the country’s economic growth, targeted at 6.7 per cent in 2017, will be an added advantage to the growth of the insurance market. — VNS