Insurance premium surges 21.6% in nine months

The revenue from life insurance premiums was more than VNĐ 四 五 trillion in the first nine months. - Photo Bao Viet Insurance Co

HÀ NỘI — The total premiums collected by insurance companies in the first nine months of  二0 一 七 surged by  二 一. 六 per cent year-on-year, to more than VNĐ 七 五. 二 三 trillion (US$ 三. 三 一 billion).

Of the total sum, the revenue from life insurance premiums was more than VNĐ 四 五 trillion and from non-life insurance premiums was nearly VNĐ 三0. 一 七 trillion, up  三 一 per cent and  一 二. 二 per cent, respectively, the Ministry of Finance reported on Wednesday.

During this period, insurance companies invested VNĐ 二 三 一. 三 trillion into the economy, a rise of  二 二. 三 per cent compared to the corresponding period in  二0 一 六. Of the total, VNĐ 一 九 四. 九 七 trillion was from life insurance companies.

They also paid VNĐ 二 一. 一 二 trillion as compensation to customers.

The Insurance Association of Việt Nam predicts that this year, the growth of the life insurance sector will be  二 五 per cent and that of the non-life insurance sector will be  一 四 per cent.

The growth is a result of the increasing awareness among people and companies about the role of insurance, the association said, adding that the country’s economic growth, targeted at  六. 七 per cent in  二0 一 七, will be an added advantage to the growth of the insurance market. — VNS