HÀ NỘI — As of December 6, 2024, insurance companies in Việt Nam have advanced approximately VNĐ598 billion (US$24.1 million) in compensation, representing 5.63 per cent of the estimated VNĐ10.62 trillion in damages caused by natural disasters, according to the Insurance Supervisory Authority under the Ministry of Finance. 

Reports from 31 non-life insurance companies and 19 life insurance companies indicate that damages included 158 cases of human casualties, with an estimated loss of VNĐ25.6 billion.

For property and other non-life insurance categories, there were 14,587 incidents with estimated losses amounting to VNĐ10.59 trillion. The total amount of advanced compensation so far stands at VNĐ597.6 billion. 

In the non-life insurance sector, companies reported 14,638 damage cases with estimated losses of VNĐ11.56 trillion as of 6 December 2024. These include 51 cases in health insurance (VNĐ4.4 billion), 6,203 cases in property and technical insurance (VNĐ10.2 trillion), 7,794 cases in motor vehicle insurance (VNĐ185 billion) and 590 cases in other lines such as shipping and agricultural insurance (VNĐ174 billion). Total compensation advanced reached VNĐ580 billion. 

In the life insurance sector, 107 cases of death or injury were recorded within the scope of coverage, with an estimated total compensation of VNĐ21.29 billion. Of this, VNĐ17.7 billion has been advanced. 

During the first 11 months of 2024, the insurance sector’s total assets reached VNĐ986.5 trillion, a nearly 10 per cent increase year-on-year. Non-life insurance companies accounted for VNĐ133.3 trillion, while life insurance companies held VNĐ853.28 trillion. The total investment back into the economy amounted to VNĐ838.3 trillion, a 12.6 per cent year-on-year increase. 

Total insurance reserves were estimated at VNĐ664.4 trillion, with total equity reaching VNĐ205.3 trillion. Premium revenue for the first 11 months of the year was estimated at VNĐ204.1 trillion, with non-life insurance up 13 per cent while life insurance saw a decline of 5.5 per cent. 

Insurance payouts totalled VNĐ86.3 trillion during the same period, an increase of over 17 per cent year-on-year, reflecting the industry’s efforts to balance claims obligations while ensuring the benefits of policyholders. — VNS