Insurance industry grows faster than forecasted

22-Aug-2019 Intellasia | Tri Thuc Tre | 6:02 AM Print This Post

The Vietnam government Portal quoted Bui Gia Anh, general Secretary of Vietnam Insurance Association, said that the insurance market from the beginning of 2019 continued to maintain its growth momentum.

Total assets of insurance enterprises were estimated at 423.423 trillion dong, up 19.01 percent compared to the same period last year. The investment insurance industry returned to the economy was estimated at 342.869 trillion dong, up 26.17 percent; Total insurance operation reserve was estimated at 263.996 trillion dong, up 16.08 percent over the same period.

Total insurance revenue was estimated at 71.147 trillion dong, up 24.35 percent; total equity capital was estimated at 91.456 trillion dong, up 28.8 percent; insurance benefit payment was estimated at 18.653 trillion dong, up 19.61 percent; brokerage fees were estimated at 4.215 trillion dong; Broker commission was estimated at 383 billion dong, up 4.2 percent.

Insurance industry also paid 10.318 trillion dong, up 30 percent over the same period. The number of new insurance contracts reached 1,222,000 contracts, an increase of 27 percent.

In terms of product revenue structure, products with the highest proportion included general affiliate insurance products (49.44 percent), mixed insurance products (31.58 percent).

In 2019, insurance industry set a target of 20 percent growth. Earlier, some insurance companies’ leaders also predicted that the growth rate this year was only at the planned level, which was 20 percent, slower than previous years. However, after nearly eight months, the industry had been growing faster than expected.

There are 64 insurance businesses, including 30 non-life insurance businesses, 18 life insurance businesses, two reinsurance businesses and 14 insurance brokers.

Recently, Vietnam Report Joint Stock Company (Vietnam Report) announced the list of Top 10 reputable insurance companies in 2019 based on Media Coding method, combined intensive research of key industries and high growth potentials such as Real estateConstruction, Banking, Pharmacy, FoodBeverage, Retail, Tourism, Logistics, etc.

Accordingly, the top 10 most reputable life insurance enterprises belonged to Bao Viet, Prudential, AIA, Dai-ichi Life, Manulife, Chubb Life, Sun Life, Hanwa Life, Cathay Life and Mirae Asset.

Top 10 non-life insurance businesses belonged to Bao Viet, PVI Insurance, Petrolimex Insurance, Post and Telecommunication Insurance (PTI), Bao Minh Insurance, BIDV Insurance (BIC), VietinBank Insurance, Military Bank Insurance (MIC), Liberty insurance and Vietnam National Aviation Insurance.

 


Category: Finance, Vietnam

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