news Published on May 23, 2019

Insurance market keeps thriving in first months of 2019


Vietnam’s insurance industry maintained positive growth in the first four months of 2019, with total premiums surging by 17% year-on-year to VND 44.3 trillion (USD 1.9 billion), the Ministry of Finance reported.

Besides maintaining a high growth rate, the financial status of insurance firms also improved in the period with total assets rising by VND 21.4% to 401.9 trillion (USD 17.17 billion).

During the period, insurance companies re-invested VND 328.7 trillion (USD 14.04 billion) into the economy, marking a rise of 26.5% year-on-year.

Insurers also paid out VND 12.5 trillion (USD 534 million) to customers, surging 31.2% compared with the same period last year.

According to the Ministry of Finance’s Insurance Supervisory Authority (ISA), the insurance industry is targeting a growth rate of 20% this year.

Experts remain upbeat about the industry’s health in the coming years, forecasting that it will maintain an annual growth rate of 10-20%.

Many banks that cooperate with insurers to provide bancassurance products even expect an annual growth rate of up to 30-40%.

The ISA reported that the country has 64 insurance companies, including 30 non-life insurers, 18 life insurers, two reinsurance companies and 14 insurance brokerage companies.

There are up to 850 non-life insurance products and 450 life insurance products sold on the Vietnamese market.