The supervisory said it had received numerous negative feedback from the public over poor insurance consultation, poor transparency and presentation of insurance products.
Viet Nam’s insurance industry maintained positive growth in the first half of this year, with total revenue surging by 24.35 per cent year-on-year to nearly VND71.15 trillion (US$3 billion).
Viet Nam’s insurance industry achieved high on-year growth of 24.35 per cent in the first half of 2018, helping total revenue to reach more than VND58.65 trillion (US$2.55 billion).
Non-life insurance premiumin 2017 continued its sustained growth, with an estimated revenue of VND40.5 trillion (US$1.78 billion), representing an 11 per cent year-on-year increase.
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).
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).
The legal framework for the operation of insurance brokerage companies
will be improved to enhance their competitiveness, according to the
Insurance Supervisory Authority under the Ministry of Finance.