CATEGORIES

© Copyright 2004; Hanoitimes - Economic and Urban Newspaper;

The tribune of Hanoi People’s Committee

Publication Permit: 29/GP-CBC

Editor - in - Chief: Nguyen Thanh Loi

Managing Editor: Ta Thu Giang

Email : thugiang@hanoitimes.vn

Head Office: 21 Huynh Thuc Khang Street, Dong Da District, Hanoi

Branch Office: 221 Tran Phu Street, Ha Dong District, Hanoi

WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Insurers in Vietnam see assets grow by 35% in 8 months
Nguyen Tung 12:34, 2018/09/09
The total premiums collected by insurance companies in the first eight months of 2018 stood at VND80.83 trillion (US$3.45 billion), up 38.81% year-on-year.
In the first eight months of 2018, total assets of insurance companies operating in Vietnam were reported at VND365.52 trillion (US$15.61 billion), up 35.16% year-on-year, according to the Ministry of Finance.
 
Illustrative photo.
Illustrative photo.
During the January - August period, insurance companies reinvested VND289 trillion (US$12.34 billion) into the economy, up 27.63% year-on-year.

The total premiums collected by insurance companies in the first eight months of 2018 stood at VND80.83 trillion (US$3.45 billion), up 38.81% year-on-year. 

In September, the MoF will continue finalizing the proposal of restructuring the securities and insurance market in the 2017 - 2020 period, while cooperating with international organizations to revise the insurance business law.

The MoF's Insurance Supervisory Authority (ISA) previously said it will step up efforts in restructuring the insurance market in the remaining months of the year towards transparency, safety and efficiency.

The ISA stated the Vietnam's insurance market maintained steady growth in the first six months of 2018. Specifically, total assets of companies in the industry stood at VND337 trillion (US$14.82 billion), up 27.33% year-on-year.

During the January - June period, a total of VND277.38 trillion (US$12.2 billion) was reinvested into the economy, up 27.47% year-on-year, while professional reserves jumped to VND218.3 trillion (US$9.6 billion), up 36.83%. 

Meanwhile, equity of insurers reached VND71.1 trillion (US$3.12 billion), up 27.87% year-on-year in the first six months. Additionally, the total premium collected by insurance companies stood at VND58.6 trillion (US$2.57 billion), up 24.35% year-on-year. Also in this period, companies paid VND16.32 trillion (US$718 million) in insurance benefits to customers, up 22.43% year-on-year. 

According to the Vietnam Insurance Association, up to 18 companies are active in Vietnam's life insurance market. Except for Bao Viet Life Insurance, which is a Vietnamese business, the remaining ones are joint ventures and wholly foreign-owned insurers, including the presence of the world's leading finance and insurance groups. 

In 2018, Vietnam's insurance market revenue is set to grow 22.38% year-on-year to reach VND129.2 trillion (US$5.68 billion). 

The market's revenue in 2017 reached VND105.6 trillion (US$4.64 billion), up 21.2% year-on-year, marking the fourth consecutive year with growth rate exceeding 20%. 
Comments
Other news
16:41, 2024/12/16
Hanoi seeks greater efficiency in e-commerce tax management
Hanoi's e-commerce tax administration is expected to be significantly tightened in the near future.
17:34, 2024/12/15
Hanoi's wet markets in decline amid changing consumer behaviors
Local consumers prefer shopping options that offer convenience and assurance of product origin.
11:10, 2024/12/15
Heavy fines for unhygienic street vendors in Hanoi
Higher fines for food safety violations in Hanoi are according to new resolution.