This is the sixth year in a row that the Vietnam insurance market has achieved a premium growth rate of over 20%. Total premiums collected by insurance companies in Vietnam in 2019 reached VND160.18 trillion (US$6.93 billion), up 20.5% year-on-year, marking the sixth year in a row that the Vietnam insurance market has achieved a premium growth rate of over 20%, according to the Insurance Supervisory Authority (ISA). Upon breaking down, life insurance premiums came at VND107.79 trillion (US$4.66 billion), and non-life insurance premiums reached VND52.38 trillion (US$2.26 billion) In 2019, total assets of insurance companies operating in Vietnam were estimated at VND454.37 trillion (US$19.66 billion), up 15.03% year-on-year. Of the total, assets of non-life insurers stood at VND89.44 trillion (US$3.87 billion) and life insurers of VND364.93 trillion (US$15.79 billion). The ISA forecast total assets of insurance companies in Vietnam to reach VND514.79 trillion (US$22.27 billion) in 2020, up 13.3% year-on-year, and VND433.06 trillion (US$18.74 billion) would be invested into the economy, up 15.01%. Additionally, total premiums collected by insurance companies in Vietnam in 2020 is set to hit VND188.73 trillion (US$8.16 billion), up 18.42% year-on-year. Ngoc Thuy Tech will make insurance sector more transparent: insider Bui Gia Anh, Secretary General… Read full this story
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