The total premium collected by insurance companies in the first eight months of 2017 surged by 21.9 per cent year on year to nearly VND65.56 trillion (US$2.89 billion).

Of the total sum, the revenue from life insurance premiums was VND39.41 trillion and from non-life insurance premiums was VND26.15 trillion, up 33.12 per cent and 11.5 per cent, respectively, the Ministry of Finance’s Insurance Supervisory Authority (ISA) reported.

During this period, insurance companies invested VND226.42 trillion into the economy, a rise of 21.5 per cent, compared with the corresponding period in 2016.

They also paid VND16.92 trillion as compensation for customers.

The Ministry of Finance said that it will continuously streamline draft decrees on agricultural insurance, micro-insurance, fire insurance, and sanctions against administrative violations in the field of insurance and lottery businesses for submission to competent authorities for signing in the remaining months of the year.

Besides this, the ministry will also share information and data used to manage social and health insurance to ensure the connection with commercial insurance.

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 the increased 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 for the growth of the insurance market. — VNS