Insurance sector revenue grows 19%

A customer registers to use services at Bảo Việt Insurance in the northern province of Bắc Kạn. — VNA/VNS Photo Trần Việt

HÀ NỘI — The insurance sector reported growth of  一 九 per cent in premium income in the first five months of this year, topping VNĐ 三 八. 七 trillion (US$ 一. 七 billion), the Insurance Association of Việt Nam (IAV) said.

Of the estimate, revenue from non-life insurance premiums was estimated at VNĐ 一 五. 九 trillion, increasing  九 per cent year-on-year. Revenue from life insurance touched VNĐ 二 二. 七 trillion, up by  三0 per cent year-on-year, Bùi Gia Anh, IAV general secretary, told a meeting on Monday.

The total assets of insurers also rose  一 九. 五 per cent yearly to total over VNĐ 二 五0 trillion, of which the assets of non-life insurers reached VNĐ 六 六 trillion and the assets of life insurers hit more than VNĐ 一 九0 trillion.

According to Gia Anh, insurance enterprises accumulated nearly VNĐ 二0 九 trillion to reinvest in the market, up  二 一. 三 per cent over the same period in  二0 一 六. In particular, non-life insurers reinvested VNĐ 三 五. 一 trillion and life insurers reinvested  一 七 三. 八 trillion.

During the first five months, total insurance indemnity and benefit payments totalled VNĐ 一0. 九 trillion, of which non-life insurers indemnified VNĐ 五. 四 trillion and life insurers paid VNĐ 五. 五 trillion.

As of May  二0 一 七, insurance companies contributed to set up  五 六 transport infrastructure projects worth VNĐ 七 九 billion. These projects are being established to minimise traffic accidents in accident-prone areas.

In  二0 一 六, total premium income of the sector reached VNĐ 八 七. 五 trillion, up  二 四 per cent year-on-year, of which non-life insurance companies gained nearly VNĐ 三 七 trillion, up  一 五 per cent, and life insurance companies earned VNĐ 五0. 四 trillion, up  三 二 per cent. — VNS