Vietnam’s insurance industry looks to further expansion
Insurance was one of the fastest-growing sectors of VN's economy in 2015 with premium income rising 21.4 percent to reach 68 trillion VND, while total assets grew by 21.7 percent to 201 trillion VND.
Hanoi (VNA) – Insurance was one of the fastest-growing sectors of Vietnam’s economy in 2015 with premium income rising 21.4 percent to reach 68 trillion VND (3 billion USD)☂, while total assets grew by 21.7 percent to 201 trillion VND (8.9 billion USD), according to the Ministry of Finance.
The non-life segment led sales, accounting for more than 45 percent of the total and up 14 percent on 2014. Premium income in the life segment, meanwhile, rose by 29.5 percent, marking the segment’s fastest rate of growth in a decade.
The sharp rise in product sales has also significantly increased the capital available for reinvestment in the national economy.
According to the Insurance Association of Vietnam (IAV), the industry invested a combined 152.5 trillion VND (6.8 billion USD) in 2015, up 18 percent year-on-year. Insurers invested in long-term government bonds in particular, with 6 trillion VND (267.6 million USD) worth of 20-year bills purchased over the period.
In 2016, the industry looks to post double-digit expansion. Projections from the Insurance Association of Vietnam, released in December, put non-life growth at more than 18 percent in 2016, with the life segment tipped to expand by 25 percent.-VNA
Vietnam's life insurance segment is expected to exceed its annual target of 15 percent with 19-21 percent growth in the previous three quarters, a senior industry official says.
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The strategic product, managed and operated by the Vietnam News Agency Digital Media Centre (VNA Media), is an official channel for popularising the Party and State’s information and documents as well as delivering mainstream and trustworthy news to both domestic and international audiences through various kinds of multimedia formats.
Since President Ho Chi Minh founded Thanh Nien (Young People) newspaper in 1925, the Vietnamese revolutionary press has become the voice of the people. During the resistance war against the colonialists, journalists took great personal risks to inspire patriotism and the will of rising up against foreign invaders.
The total investment exceeded 319 billion VND (12.2 million USD), including over 261 billion VND from the state budget and 57.5 billion VND mobilised from businesses, organisations, and individuals.
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Illustrative image (Source: Internet)
