Non-life insurance revenue estimated at nearly VND36 trillion by the end of August

06-Oct-2020 Intellasia | Da utu Chung khoan | 6:02 AM Print This Post

Statistics of the Vietnam Insurance Association showed that by the end of August 2020, the revenue of non-life insurance market was estimated at 35.979 trillion dong, up by about six percent; the compensation was about 12.478 trillion dong; and compensation rate was about 34.68 percent (not including the claim reserve).

Motor vehicle insurance still contributed the biggest proportion of revenue with 11.137 trillion dong, accounting for 31 percent of the total market revenue, up by six percent; the compensation was 5.172 trillion dong and compensation rate was 46%. In which, the revenue of compulsory insurance for motor vehicle owners reached 3.041 trillion dong, accounting for eight percent, up by 21%, and compensation rate was 17%. The revenue of voluntary motor vehicle insurance was 8.095 trillion dong, up by one percent over the same period of last year, accounting for 23%, and compensation was 4.659 trillion dong.

Health insurance ranked the second with revenue of 10.693 trillion dong, accounting for 30%, up by four percent; compensation was 3.381 trillion dong, and compensation rate was 32 percent (not including claim reserve).

Loss of assets insurance ranked the third with revenue was 4.896 trillion dong, accounting for 14%, up by nine percent; compensation was 1.194 trillion dong, and compensation rate was 24 percent (not including claim reserve).

Fire and explosion insurance recorded a revenue of 4.426 trillion dong, accounting for 12%, up by 16%; compensation was 1.128 trillion dong and compensation rate was 24 percent (not including claim reserve). The revenue of compulsory fire and explosion insurance was 3.364 trillion dong, accounting for nine percent, up by 23%, and compensation was 603 billion dong. Meanwhile, the voluntary fire and explosion insurance revenue was 1.062 trillion dong, accounting for three percent, and compensation was 524 billion dong.

Cargo insurance reached a revenue of 1.489 trillion dong, accounting for four percent, down by 12%; compensation was 354 billion dong and compensation rate was 24 percent (not including claim reserve).

The revenue of hull and ship-owners liability insurance was 1.391 trillion dong, accounting for four percent, up by six percent; compensation was 604 billion dong and compensation rate was 43 percent (not including claim reserve).

The revenues of other insurance operations included 724 billion dong of liability insurance, down by two percent; 432 billion dong of aviation insurance, up by 16%; 579 billion dong of credit and financial risk insurance, up by 48%; 161 billion dong of business loss insurance, up by 20%; 25 billion dong of agricultural insurance, down by 29%; and 21 billion dong of guarantee insurance, up by two percent compared to the same period of last year.

 


Category: Finance, Vietnam

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