The insurance sector reported growth of 19 per cent in premium income in the first five months of this year, topping VND38.7 trillion (US$1.7 billion), the Insurance Association of Viet Nam (IAV) said.

Of the estimate, revenue from non-life insurance premiums was estimated at VND15.9 trillion, increasing 9 per cent year-on-year. Revenue from life insurance touched VND22.7 trillion, up by 30 per cent year-on-year, Bui Gia Anh, IAV general secretary, told a meeting on Monday.

The total assets of insurers also rose 19.5 per cent yearly to total over VND250 trillion, of which the assets of non-life insurers reached VND66 trillion and the assets of life insurers hit more than VND190 trillion.

According to Gia Anh, insurance enterprises accumulated nearly VND209 trillion to reinvest in the market, up 21.3 per cent over the same period in 2016. In particular, non-life insurers reinvested VND35.1 trillion and life insurers reinvested 173.8 trillion.

During the first five months, total insurance indemnity and benefit payments totalled VND10.9 trillion, of which non-life insurers indemnified VND5.4 trillion and life insurers paid VND5.5 trillion.

As of May 2017, insurance companies contributed to set up 56 transport infrastructure projects worth VND79 billion. These projects are being established to minimise traffic accidents in accident-prone areas.

In 2016, total premium income of the sector reached VND87.5 trillion, up 24 per cent year-on-year, of which non-life insurance companies gained nearly VND37 trillion, up 15 per cent, and life insurance companies earned VND50.4 trillion, up 32 per cent. — VNS