Insured value hits US$526.5 billion in 2011-2015
The insurance market saw a total insured value reaching VND11.7 quadrillion (US$526.5 billion) from 2011-2015 said an official during a press conference in Hanoi on March 29.
Of the sum, VND10 quadrillion (US$450 billion) was paid by enterprises from different sectors, while VND1 quadrillion (US$45 billion) was recorded in the life insurance sector and VND700 trillion in heath insurance.
Phung Ngoc Khanh, head of the Finance Ministry’s Insurance Management and Supervision, said Vietnam is currently home to 61 insurance providers, including 29 non-life insurance firms, 17 life insurance enterprises, two re-insurance and 12 insurance broker companies. |
Khanh commented that the sector fulfilled goals set in the 2011-2015 insurance market development strategy. The total revenue was estimated at over VND84.3 trillion (US$3.79 billion), or 2% of gross domestic product.
The total stand-by funding reserved for claim payouts topped VND130.3 trillion (US$5.86 billion), up 2.36 times from 2010.
During the period, the sector contributed more than VND4.97 trillion (US$223.65 million) to the State budget, with VND2.57 trillion (US$115.74 million) sourced from life insurance providers and the remaining by non-life insurance businesses.
To develop the market from 2016-2020, Khanh suggested refining relevant legal regulations, diversifying products and agents, while strengthening international cooperation in the field.
