Total insurance premiums in the first seven months of this year surged by 30.8 per cent year-on-year to VND69.5 trillion (US$2.95 billion), the Ministry of Finance reported.

Besides maintaining a high growth rate, the financial status of insurance firms also improved in the period with total assets rising by 29.7 per cent to VND356.5 trillion.

During the period, insurance companies re-invested VND283.9 trillion into the economy, marking a rise of 30.2 per cent year-on-year.

Insurers also paid out VND18.7 trillion to customers, up 15.2 per cent compared with the same period last year.

According to Bui Gia Anh, general secretary of the Viet Nam Insurance Association, Viet Nam’s life insurance market, which includes 18 insurers providing nearly 400 products, had maintained steady annual growth of more than 30 per cent in recent years. Insurance premium had increased by more than VND10 trillion yearly, reaching some VND66.23 trillion last year.

The sector’s target this year is to gain total revenue of VND129.24 trillion, up 22.38 per cent from 2017. The sector also plans to re-invest VND305.49 trillion into the economy and increase its total assets to VND370.81 trillion. – VNS