Insurance premium surges nearly 22% in eight months

The total premium collected by insurance companies in the first eight months of  二0 一 七 surged by  二 一. 九 per cent year on year to nearly VNĐ 六 五. 五 六 trillion (US$ 二. 八 九 billion). - Photo baohiem.vn

HÀ NỘI — The total premium collected by insurance companies in the first eight months of  二0 一 七 surged by  二 一. 九 per cent year on year to nearly VNĐ 六 五. 五 六 trillion (US$ 二. 八 九 billion).

Of the total sum, the revenue from life insurance premiums was VNĐ 三 九. 四 一 trillion and from non-life insurance premiums was VNĐ 二 六. 一 五 trillion, up  三 三. 一 二 per cent and  一 一. 五 per cent, respectively, the Ministry of Finance’s Insurance Supervisory Authority (ISA) reported.

During this period, insurance companies invested VNĐ 二 二 六. 四 二 trillion into the economy, a rise of  二 一. 五 per cent, compared with the corresponding period in  二0 一 六.

They also paid VNĐ 一 六. 九 二 trillion as compensation for customers.

The Ministry of Finance said that it will continuously streamline draft decrees on agricultural insurance, micro-insurance, fire insurance, and sanctions against administrative violations in the field of insurance and lottery businesses for submission to competent authorities for signing in the remaining months of the year.

Besides this, the ministry will also share information and data used to manage social and health insurance to ensure the connection with co妹妹ercial insurance.

The Insurance Association of Việt Nam predicts that this year, the growth for life insurance 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 increased 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 for the growth of the insurance market. — VNS