13:47 (GMT +7) - Tuesday 21/11/2017

Banking & Finance

Insurance premiums exceed $2bn in 1H

Released at: 17:30, 17/07/2017

Insurance premiums exceed $2bn in 1H

Illustrative image (Source: enternews.vn)

Total premiums up 20% y-o-y in first half with payouts reaching $585 million.

by Van Dao

Total premiums in Vietnam’s insurance sector during the first half of this year have been estimated at over VND47 trillion ($2.07 billion).

Addressing a review of tasks over the last six months, Ms. Pham Thu Phuong, Deputy Director of the Insurance Management and Supervision Department at the Ministry of Finance, noted that the sector maintained high and stable growth in the first half and that the financial capacity of insurers continues to improve.

Figures reveal that total premiums of VND47.17 trillion ($2.07 billion) were an increase of 20.77 per cent year-on-year and that payouts totaled VND13.33 trillion ($585.2 million).

Life insurance companies also successfully bid for more than VND15 trillion ($660 million) worth of government bonds with terms ranging from 15 to 30 years.

According to Ms. Phuong, mechanisms and policies in the insurance sector have been further improved, introduced in a timely manner, and been associated with the reform of administrative procedures, gradually increasing transparency, improving services, and creating the conditions for the sector to develop healthily, safely, and effectively.

Insurance management and supervision continued to be strengthened, incorporating remote monitoring. Authorities also guide and support insurance companies, to ensure compliance with the law and create a more transparent and healthy business environment.

Insurance companies have also invested in developing new products, expanding networks, and improving service quality to bolster their competitive strength and boost sales.

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