Insurance market keeps thriving in first months of 2019

Besides maintaining a high growth rate, the financial status of insurance firms also improved in the period with total assets rising by VND 21.4% to 401.9 trillion (USD 17.17 billion).

During the period, insurance companies re-invested VND 328.7 trillion (USD 14.04 billion) into the economy, marking a rise of 26.5% year-on-year.

Insurers also paid out VND 12.5 trillion (USD 534 million) to customers, surging 31.2% compared with the same period last year.

According to the Ministry of Finance’s Insurance Supervisory Authority (ISA), the insurance industry is targeting a growth rate of 20% this year.

Experts remain upbeat about the industry’s health in the coming years, forecasting that it will maintain an annual growth rate of 10-20%.

Many banks that cooperate with insurers to provide bancassurance products even expect an annual growth rate of up to 30-40%.

The ISA reported that the country has 64 insurance companies, including 30 non-life insurers, 18 life insurers, two reinsurance companies and 14 insurance brokerage companies.

There are up to 850 non-life insurance products and 450 life insurance products sold on the Vietnamese market.