Specifically, life insurance premiums were 51,180 billion Vietnamese dong, up 32 percent on-year, while non-life insurance premiums stood at 33,006 billion Vietnamese dong, up roughly 9 percent.
In the 10-month period, insurance companies in Vietnam paid a total of 23,904 billion Vietnamese dong to insurance policy beneficiaries, including 12,060 billion Vietnamese dong by life insurers, and 11,844 billion Vietnamese dong by non-life insurers. This year, total life insurance premiums are predicted to surge 23.4 percent against last year to 62,294 billion Vietnamese dong, and non-life insurance premiums to increase 9.4 percent to 40,087 billion Vietnamese dong.
The Finance Ministry is finalizing a draft decree on compulsory fire and explosion insurance, and completing other draft legal documents on agriculture insurance and micro-insurance.
Micro-insurance is the protection of low-income earners against specific perils in exchange for regular premium payment proportionate to the likelihood and cost of the risks involved. (1 U.S. dollar equals to 22,712 Vietnamese dong)