Vietnam Insurance Association (VIA) on December 12 made its 15 year anniversary of traditional day in Hanoi. According to VIA, Vietnam’s insurance sector officially started operation in December 18, 1993 under the Decree No 100/1993/ND-CP issued by the prime minister.
From the sole insurer namely Bao Viet, so far, the country has 28 non-life insurance firms, 11 life insurance companies and 10 insurance brokers. For the whole year, Vietnam’s insurance industry targets to earn 21.314 trillion dong in premium, accounting for 2.22% of the gross domestic product (GDP), and 450 billion dong in tax payment
The total compensation for damages in 2008 could be over three trillion dong.
Insurers’ investment growth rate has increased continuously from 300 billion dong in 1993 to 50.896 trillion dong in 2008.