The total premium collected by insurance companies in the first seven months of 2017 surged by 20.9 per cent year on year to VND57 trillion (US$2.5 billion).

Of the total sum, the Ministry of Finance’s Insurance Supervisory Authority (ISA) reported, revenue from life insurance premiums was VND34.4 trillion and from non-life insurance premiums VND22.7 trillion, up 31.4 per cent and 10.44 per cent, respectively.

During this period, insurance companies invested VND218.57 trillion into the economy, a rise of 20.2 per cent, compared to the corresponding period in 2016.

Insurance firms are not only maintaining a high, sustained growth rate, their financial status has improved too, in the past seven months. Their total assets have grown by 15.8 per cent year on year to VND267.64 trillion, with life insurers accounting for VND197.3 trillion.

The Insurance Association of Viet Nam predicts that this year, the growth for life insurance will be 25 per cent and that of the non-life insurance sector will be 14 per cent. The growth is a result of increased awareness among people and companies about the role of insurance, the association said.

The country’s economic growth, targeted at 6.7 per cent in 2017, will be an added advantage for the growth of the insurance market.

Also, new Government policies, such as public property and natural disaster insurance, will send out a positive signal, giving the market a further boost, the association said. — VNS