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Vietnam’s Insurance Revenue up 24.4% in 7 Months


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.

Source Link: http://www.xinhuanet.com/english/2019-08/21/c_138326537.htm


About the author

Ezra Ondara

Ezra Ondara

Ezra Ondara is a freelance writer and journalist with a keen interest digital marketing, finance, real estate and insurance. He has a nose for news in these key areas and is determined to keep online readers and enthusiasts up to date with real stories as they happen from all around the globe. When he’s not poking his nose into the business world, he will be watching the Premier League over the weekend or out of town with his family.

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