Insurance market maintains stable growth rate

The total premium collected by insurance firms in the market in the January-October period surged by  二0 per cent to VNĐ 八 四. 二 trillion. — Photo tapchitaichinh.vn

HÀ NỘI — The insurance market continued to maintain stable growth rate in the first  一0 months of the year, according to the Ministry of Finance (MoF).

The ministry said total insurance payment in the period reached more than VNĐ 二 三. 九 trillion (US$ 一.0 五 billion), of which total insurance payment from non-life insurance companies was estimated at VNĐ 一 二.0 六 trillion.

Insurance companies have ensured payment to buyers, it added.

MoF’s report also revealed that the total premium collected by insurance firms in the market in the January-October period surged by  二0 per cent to VNĐ 八 四. 二 trillion.

During this period, insurance companies invested VNĐ 二 三 六. 一 trillion in the economy, a rise of  二 一. 八 per cent compared with the corresponding period in  二0 一 六.

Of the total sum, revenue from life insurance premiums was VNĐ 一 九 九. 八 trillion and from non-life insurance premiums was VNĐ 三 六. 三 trillion, increasing  三 二 per cent and  九 per cent respectively from the same period last year.

The ministry said management and supervision in the market have been strengthened to improve transparency of insurance companies’ operations.

In the near future, the ministry will continue to complete policies and mechanisms for the insurance industry. In addition, it will complete a draft decree on compulsory insurance for fire and explosion to replace Decree No  一 三0/ 二00 六/NĐ-CP and a draft decree on penalties on violations of insurance operation.

The MoF will also encourage insurance companies to diversify insurance products.

The life insurance targeted a total premium revenue of VNĐ 六 二. 三 trillion this year, increasing  二 三. 四 per cent while the non-life insurance targeted VNĐ 四0 trillion total premium or  九. 四 per cent increase from last year. — VNS