Viet Nam News

HCM CITY – According to the insurance association of Việt Nam, the life insurance sector will grow by more than 25% this year.

Its interim president, Trần Vĩnh Đức, said: "The Vietnamese economy is expected to grow at a rate of between 6.8% and 7% in 2019.

"The demand for insurance, especially life insurance, will increase as more and more people and organizations start to become interested in insurance products. Thus, the market will continue to grow. "

In a report released on Wednesday, the association said last year that the life insurance market had generated well-paying revenue of nearly VN116 billion ($ 5 billion).

Of this amount, 88,000 billion dinars ($ 3.8 million) came from premium income, an increase of 33 per cent, and the 28 trillion won ($ 1.2 million) came from investments for account, an increase of 30%, said the association.

"Insurers' financial capacity for life has improved: total assets increased by 25%, to reach 302 billion vN [$13.2 billion]Said .c.

The total provision made by companies last year was nearly 220,000 billion VN ($ 9.6 billion), up 30%, he said.

Life insurers settled claims of more than 18.6 trillion VN ($ 815 million) in 2018, up 17%, he said.

The industry is making a significant contribution to the economy by supplementing its long-term investments last year by 276 trillion won ($ 12.1 billion), an increase of 33%.

Deputy Finance Minister Hunh Quang Hải, Vice Minister of Finance, emphasized at the ceremony of the 25th anniversary of Vietnam and the 19th anniversary of the Vietnam Insurance Association (IAV) in Hà Nội , to improve the situation of the sector. financial capacity and develop new insurance products.

He asked the IAV and the Ministry of Finance to contribute to the drafting of a bill on the insurance sector. – VNS