Insurance premiums surge 21% in Jan-July period

However, Association of Vietnam Insurers (AVI) general secretary Phung Dac Loc predicted earlier this year that the insurance sector had the potential for expanding further. He forecast that non-life insurance premiums would increase by about 28 percent to VND27.5 trillion (US$1.3 billion), while life insurance premiums were expected to grow by 18 percent to VND18.9 trillion (US$900 million). The director of the Ministry of Finance's Insurance Supervisory Authority, Trinh Thanh Hoan, also predicted that total premiums could reach VND43 trillion (US$2 billion) in 2012. Hoan cautioned, however, that companies needed to adapt to the competitive market, and he advised insurers to focus on attracting high-quality human resources, developing new products, expanding distribution networks and concentrating on micro insurance products. A.M. Best expected difficult economic conditions over the next few years to create a challenging environment but anticipated that insurers would access the stock market and increase fund raising in the second half of the year to support business expansion.... [read more]

Last year saw the insurance sector attaining total revenues of some VND102 trillion, including insurance premiums of roughly VND86.05 trillion (up 22.74%) and incomes of VND15.7 trillion from investment activities, according to Pham Thu Phuong, deputy head of the Insurance Supervisory Authority under the Ministry of Finance. Notably, life insurance premiums shot up 30.5%, a record high in years, and non-life insurance premiums climbed 12.5%. The Finance Ministry estimated that insurers invested VND186.57 trillion in the economy last year, a 16% pickup from a year earlier, with 75% of the amount for long-term investment. They also paid out VND25.87 trillion to the insured. Insurers’ total assets neared VND240 trillion, up 18%, and their equity reached a combined VND53 trillion, increasing 15%. Businesses set aside about VND145 trillion for risk provisions, a 24% rise. The insurance market’s growth momentum is expected to continue into this year, firms said. Nguyen Quang Hung, deputy general director of Bao Viet Insurance Corporation, said given bright macro-economic prospects, the insurance market is forecast to achieve double-digit growth in 2017. Paul Nguyen, chief executive officer (CEO) of Manulife Vietnam, said this year would see a strong development of potential products like voluntary pension insurance, health insurance and investment-linked insurance. Insurers would expand operations in the country with a young population and an Internet penetration rate of over 44%. This enables firms to look for customers digitally. Insurance coverage in Vietnam now represents some 2% of gross domestic product (GDP), lower the average of 3.55% in ASEAN,…... [read more]

VietNamNet Bridge – Vietnam’s insurance market registered robust growth last year with the life insurance segment gaining the strongest growth in 10 years, insurers and management agencies said. The inauguration of Bao Viet Life Bac Nghe An Insurance Company last Saturday. Vietnam’s insurance market registered robust growth last year - Last year saw the insurance sector attaining total revenues of some VND102 trillion, including insurance premiums of roughly VND86.05 trillion (up 22.74%) and incomes of VND15.7 trillion from investment activities, according to Pham Thu Phuong, deputy head of the Insurance Supervisory Authority under the Ministry of Finance. Notably, life insurance premiums shot up 30.5%, a record high in years, and non-life insurance premiums climbed 12.5%. The Finance Ministry estimated that insurers invested VND186.57 trillion in the economy last year, a 16% pickup from a year earlier, with 75% of the amount for long-term investment. They also paid out VND25.87 trillion to the insured. Insurers’ total assets neared VND240 trillion, up 18%, and their equity reached a combined VND53 trillion, increasing 15%. Businesses set aside about VND145 trillion for risk provisions, a 24% rise. The insurance market’s growth momentum is expected to continue into this year, firms said. Nguyen Quang Hung, deputy general director of Bao Viet Insurance Corporation, said given bright macro-economic prospects, the insurance market is forecast to achieve double-digit growth in 2017. Paul Nguyen, chief executive officer (CEO) of Manulife Vietnam, said this year would see a strong development of potential products like voluntary pension insurance, health insurance…... [read more]

Insurance market posts robust growth Duc Nam The inauguration of Bao Viet Life Bac Nghe An Insurance Company last Saturday. Vietnam’s insurance market registered robust growth last year - PHOTO: BAO VIET INSURANCE CORPORATION HCMC – Vietnam’s insurance market registered robust growth last year with the life insurance segment gaining the strongest growth in 10 years, insurers and management agencies said. Last year saw the insurance sector attaining total revenues of some VND102 trillion, including insurance premiums of roughly VND86.05 trillion (up 22.74%) and incomes of VND15.7 trillion from investment activities, according to Pham Thu Phuong, deputy head of the Insurance Supervisory Authority under the Ministry of Finance. Notably, life insurance premiums shot up 30.5%, a record high in years, and non-life insurance premiums climbed 12.5%. The Finance Ministry estimated that insurers invested VND186.57 trillion in the economy last year, a 16% pickup from a year earlier, with 75% of the amount for long-term investment. They also paid out VND25.87 trillion to the insured. Insurers’ total assets neared VND240 trillion, up 18%, and their equity reached a combined VND53 trillion, increasing 15%. Businesses set aside about VND145 trillion for risk provisions, a 24% rise. The insurance market’s growth momentum is expected to continue into this year, firms said. Nguyen Quang Hung, deputy general director of Bao Viet Insurance Corporation, said given bright macro-economic prospects, the insurance market is forecast to achieve double-digit growth in 2017. Paul Nguyen, chief executive officer (CEO) of Manulife Vietnam, said this year would see a…... [read more]

Hanoi (VNA) - Bao Viet Group, listed on the HCM Stock Exchange as BVH, has become the first finance and insurance company in Vietnam to earn revenues of 1 billion USD. Initial figures in 2016 indicate Bao Viet Group insurer’s total revenues reached 24 trillion VND (1.07 billion USD), fulfilling its goal for the entire year. BVH is hovering at some 60,000 VND per share, up from 50,000 VND per share at the beginning of this year. BVH reached the year’s record high in October when its shares traded at 70,000 VND. Statistics from the Insurance Supervisory Authority showed that Bao Viet held a 28.7 percent market share in life insurance in the first half of this year, ranking first by market share. In non-life insurance, Bao Viet held a 16.8 percent market share, coming after PVI. Last year, Bao Viet Group earned revenues of nearly 20.8 trillion VND, increasing by 9.1 percent over the previous year. Equitised in 2007, Bao Viet Group set a goal of becoming the leading company, in both life and non-life insurance markets by 2020, as well as in fund management. The group now has some 170 branches nationwide.-VNA... [read more]

Initial figures in 2016 indicate Bao Viet Group insurer’s total revenues reached VND24 trillion (US$1.07 billion), fulfilling its goal for the entire year. BVH is hovering at some VND60,000 per share, up from VND50,000 per share at the beginning of this year. BVH reached the year’s record high in October when its shares traded at VND70,000. Statistics from the Insurance Supervisory Authority showed that Bao Viet held a 28.7% market share in life insurance in the first half of this year, ranking first by market share. In non-life insurance, Bao Viet held a 16.8% market share, coming after PVI. Last year, Bao Viet Group earned revenues of nearly VND20.8 trillion, increasing by 9.1% over the previous year. Equitised in 2007, Bao Viet Group set a goal of becoming the leading company, in both life and non-life insurance markets by 2020, as well as in fund management. The group now has some 170 branches nationwide.... [read more]

Viet Nam News HÀ NỘI - Bảo Việt Group, listed on the HCM Stock Exchange as BVH, has become the first finance and insurance company in Việt Nam to earn revenues of US$1 billion. Initial figures in 2016 indicate Bảo Việt Group insurer's total revenues reached VNĐ24 trillion (US$1.07 billion), fulfilling its goal for the entire year. BVH is hovering at some VNĐ60,000 per share, up from VNĐ50,000 per share at the beginning of this year. BVH reached the year's record high in October when its shares traded at VNĐ70,000. Statistics from the Insurance Supervisory Authority showed that Bảo Việt held a 28.7 per cent market share in life insurance in the first half of this year, ranking first by market share. In non-life insurance, Bảo Việt held a 16.8 per cent market share, coming after PVI. Last year, Bảo Việt Group earned revenues of nearly VNĐ20.8 trillion, increasing by 9.1 per cent over the previous year. Privatised in 2007, Bảo Việt Group set a goal of becoming the leading company, in both life and non-life insurance markets by 2020, as well as in fund management. The group now has some 170 branches nationwide. - VNS... [read more]

Viet Nam News HÀ NỘI - The insurance market in Việt Nam is poised for robust growth in 2017, bolstered by the anticipated improved economic outlook, along with the Government's policies of promoting the services market. Phùng Ngọc Khánh, Director of the Ministry of Finance's Department of the Insurance Supervisory Authority, said in an interview with Thời báo Kinh Tế Việt Nam (Việt Nam Economic Time) that the Vietnamese economy was forecast to continue to post high economic growth, at around 6.5 per cent, in 2017. In addition, the Government planned to focus resources on boosting the services market, including the insurance market. Acording to Khánh, there is much room for growth in the insurance market, such as in insurance products for agricultural production and diseases, while demand for insurance products continues rising amid the country's rapid international integration, coupled with improved awareness about the role of insurance. The insurance market is on track towards double-digit growth this year, expected at more than 20 per cent, and forecasts are optimistic for 2017. According to Phan Kim Bằng, president of the Việt Nam Insurance Association, insurance companies expect that the Government's policies to create a framework for the development of new products, such as insurance for public 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 per cent for life insurance and 14 per cent for non-life insurance." The department's statistics showed that the…... [read more]

Total premium revenues in Vietnam’s insurance market reached VND85.5 trillion ($3.83 billion) in 2016, a 22 per cent increase compared to 2015, according to the Insurance Supervisory Authority (ISA) under the Ministry of Finance (MoF). As estimated, in 2016 insurance companies invested back into the economy VND185.8 trillion ($8.3 billion), up 16 per cent compared to last year. Life insurance companies invested VND151.32 trillion ($6.78 billion), while non-life insurance companies invested VND34.5 trillion ($1.54 billion). Payouts in 2016 stood at VND26.7 trillion ($1.2 billion), down 1 per cent from last year including life insurance payouts of VND14.2 trillion ($635.2 million) and non-life insurance payouts of VND12.6 trillion ($563.7 million). Total assets were estimated at VND239.19 trillion ($10.7 billion), up 18 per cent compared to 2015, including non-life insurance assets of VND67.6 trillion ($3 billion) and life insurance assets of VND171.61 trillion ($7.7 billion). Total operational reserves were estimated at VND144.56 trillion ($6.48 billion) in 2016, up 21 per cent year-on-year, including non-life insurance reserves of VND18.96 trillion ($850 million) and life insurance reserves of VND125.6 trillion ($5.6 billion). To gain the results in 2016, Mr. Ngo Trung Dung, Deputy General Secretary of Insurance Association of Vietnam said that the insurers have made efforts to launch solutions enhancing the quality and services to customers. The quality of consultants in both non-life and life insurance companies has improved and, the awareness of local people about insurance is increasing. Insurance insiders predict that the growth of the insurance market in 2017 will be…... [read more]

Insurance market monopoly to be removed in coming years By Ngoc Lan - The Saigon Times Daily HANOI – Monopoly will be scrapped from insurance business within the next three years as highlighted in a development strategy for Vietnam’s insurance market in the 2011-2020 period. The insurance market development strategy issued last week partially reflects the Government’s goal of restructuring the financial and insurance sectors. According to the strategy, to enhance the security, sustainability and efficiency of the market and its ability to meet increasingly diverse demands for insurance, the priority solution will be to make the system safer from now to 2015. The strategy points out the top objective of restructuring insurance companies is to coordinate with authorities of other financial services to create long-term financial investment tools for insurance firms and monitor insurers under financial and banking groups. The fragmentation of the market must be eliminated first, according to the strategy. Regulations guaranteeing fairness and transparency in insurance services should be completed as stated by the 2010 amended Insurance Law. The strategy demands compliance with the principles of bidding and competition in the insurance sector. Administrative interventions in insurance transactions will be strictly supervised and treated. The diversification and reduction of stakes held by State groups and corporations in insurance firms will be boosted to prevent monopoly in insurance business. The insurance market is envisaged accounting for 2-3% of gross domestic product (GDP) by 2015 and 3-4% by 2020. There are currently 43 insurance firms in the country,…... [read more]




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