Vietnam’s insurance industry earned over 71.1 trillion Vietnamese dong ($3.1 billion) in premium revenue in the first seven months of 2019, surpassing approximately 24.4% against the same period in 2018, according to the Insurance Association of Vietnam on Wednesday.
As of July 2019, the number of insurance contracts increased by 27 % to 1.22 million. Vietnam’s insurance companies paid out 10.2 trillion Vietnamese dong ($448.6 million) to customers, up 30% on-year, and their combined assets increased by 19% to 423.4 trillion Vietnamese dong (($18.4 billion).
During the seventh-month period, the country’s insurers re-invested almost 342.9 trillion Vietnamese dong ($14.9 billion) into the economy, posting an increase of 26%. The sector is aiming a growth rate of 20% in premium revenue this year, according to the association.
The South East Asian country has 64 life insurance firms, 18 non-life insurers, two reinsurance companies, 14 insurance brokers and 779,600 insurance agents, reported the association.
Last year, Vietnam’s insurance sector collected total premium of more than 133.6 trillion Vietnamese dong ($5.8 billion), surging 23.97% against 2017, according to the nation’s Ministry of Finance.