Illustrative image (Source: tinnhanhchungkhoan.vn) Hanoi (VNA) - The insurance market in Vietnam is poised forrobust growth in 2017, bolstered by the anticipated improved economic outlook,along with the Government’s policies of promoting the services market.
Phung Ngoc Khanh, Director of the Ministry of Finance’sDepartment of the Insurance Supervisory Authority, said in an interviewwith Thoi bao Kinh Te Viet Nam (Vietnam Economic Time) thatthe Vietnamese economy was forecast to continue to post high economic growth,at around 6.5 percent, in 2017.
In addition, the Government planned to focus resources onboosting the services market, including the insurance market.
According to Khanh, there is much room for growth in theinsurance market, such as in insurance products for agricultural production anddiseases, while demand for insurance products continues rising amid thecountry’s rapid international integration, coupled with improved awarenessabout the role of insurance.
The insurance market is on track towards double-digit growththis year, expected at more than 20 percent, and forecasts are optimistic for2017.
According to Phan Kim Bang, president of the Vietnam InsuranceAssociation, insurance companies expect that the Government’s policies tocreate a framework for the development of new products, such as insurance forpublic assets and diseases, will be issued soon.
“The insurance market is poised for strong growth. Next year,the growth rates are expected at more than 25 percent for life insurance and 14percent for non-life insurance."
The department’s statistics showed that the total revenue of theinsurance market was estimated at 101,767 trillion VND (4.5 billion USD) in2016, of which, insurance premiums totalled more than 86 trillion VND,representing a rise of 22.74 percent over the same period last year.
Premiums for non-life insurance totalled 36.37 trillion VND in2016, increasing by 14.69 percent over the previous year, while life insuranceincreasing by 34.26 percent to reach 69.7 trillion VND.
Total assets of insurers also increased by 18.2 percent, totalling239.4 trillion VND.
However, experts said that the shortage of quality humanresources, such as actuarial services, remained a challenge to the developmentof the insurance market. – VNA
Phung Ngoc Khanh, Director of the Ministry of Finance’sDepartment of the Insurance Supervisory Authority, said in an interviewwith Thoi bao Kinh Te Viet Nam (Vietnam Economic Time) thatthe Vietnamese economy was forecast to continue to post high economic growth,at around 6.5 percent, in 2017.
In addition, the Government planned to focus resources onboosting the services market, including the insurance market.
According to Khanh, there is much room for growth in theinsurance market, such as in insurance products for agricultural production anddiseases, while demand for insurance products continues rising amid thecountry’s rapid international integration, coupled with improved awarenessabout the role of insurance.
The insurance market is on track towards double-digit growththis year, expected at more than 20 percent, and forecasts are optimistic for2017.
According to Phan Kim Bang, president of the Vietnam InsuranceAssociation, insurance companies expect that the Government’s policies tocreate a framework for the development of new products, such as insurance forpublic assets and diseases, will be issued soon.
“The insurance market is poised for strong growth. Next year,the growth rates are expected at more than 25 percent for life insurance and 14percent for non-life insurance."
The department’s statistics showed that the total revenue of theinsurance market was estimated at 101,767 trillion VND (4.5 billion USD) in2016, of which, insurance premiums totalled more than 86 trillion VND,representing a rise of 22.74 percent over the same period last year.
Premiums for non-life insurance totalled 36.37 trillion VND in2016, increasing by 14.69 percent over the previous year, while life insuranceincreasing by 34.26 percent to reach 69.7 trillion VND.
Total assets of insurers also increased by 18.2 percent, totalling239.4 trillion VND.
However, experts said that the shortage of quality humanresources, such as actuarial services, remained a challenge to the developmentof the insurance market. – VNA
