The insurance market grew 12.6 percent in the first half of this yearcompared to the same period last year despite the slow economicrecovery, decreased interest rates and low credit growth, the VietnamEconomic News reported.
Deputy Director of the InsuranceSupervisory Authority (ISA) under the Ministry of Finance Pham DinhTrong was quoted as saying that the macroeconomic situation had animpact on the insurance market in the first months of this year.However, insurance businesses still posted good business performances.They earned premiums totaled 24.129 trillion VND in the first half of2014 (up 12.6 percent from the same time in 2013), of which non-lifepremiums reached an estimated 13.077 trillion VND (up 7.3 percent) andlife premiums came to 11.052 trillion VND (up 19.5 percent).
Inthe first half of this year, insurance companies paid an estimated 9.806trillion VND in compensation, of which life insurance companies paidabout 3.894 trillion VND and non-life insurance businesses paid 5.912trillion VND. Insurance businesses invested in the economy an estimated116.318 trillion VND, up 12.4 percent from the same period in 2013, ofwhich life insurance companies invested about 93.137 trillion VND (up 16percent) and non-life insurance companies invested about 23.181trillion VND (up 0.05 percent).
Along with expanding retailservices, selling products through the banks and launching new products,insurance businesses focused on business administration to controltheir risks. In the first half of this year, the insurance industryrapidly and timely assessed and paid in advance compensation tobusinesses affected by the disruption in Binh Duong, Dong Nai and HaTinh provinces.
Deputy Minister of Finance Tran Xuan Ha assessedthat the quick claim settlement helped businesses stabilise trading andproduction activities, contributing significantly to the protection ofreputation and image and improving the investment environment ofVietnam, while at the same time proving the significance of insurancefor the economy as well as for each organisation or individual.
ISADeputy Director Pham Dinh Trong said that in the first half of thisyear, ISA worked with relevant authorities to inspect a number of lifeand non-life insurance businesses including the AIA, Manulife, Dai-ichi,Hanwha Life, VASS, AAA and BSH.
ISA launched many programmes tomaintain the stability and development of the insurance market. ISADirector Phung Ngoc Khanh said that management agencies will step up theinspection and supervision of insurers and insurance brokeragebusinesses and promote insurance business efficiency assessment.-VNA
Deputy Director of the InsuranceSupervisory Authority (ISA) under the Ministry of Finance Pham DinhTrong was quoted as saying that the macroeconomic situation had animpact on the insurance market in the first months of this year.However, insurance businesses still posted good business performances.They earned premiums totaled 24.129 trillion VND in the first half of2014 (up 12.6 percent from the same time in 2013), of which non-lifepremiums reached an estimated 13.077 trillion VND (up 7.3 percent) andlife premiums came to 11.052 trillion VND (up 19.5 percent).
Inthe first half of this year, insurance companies paid an estimated 9.806trillion VND in compensation, of which life insurance companies paidabout 3.894 trillion VND and non-life insurance businesses paid 5.912trillion VND. Insurance businesses invested in the economy an estimated116.318 trillion VND, up 12.4 percent from the same period in 2013, ofwhich life insurance companies invested about 93.137 trillion VND (up 16percent) and non-life insurance companies invested about 23.181trillion VND (up 0.05 percent).
Along with expanding retailservices, selling products through the banks and launching new products,insurance businesses focused on business administration to controltheir risks. In the first half of this year, the insurance industryrapidly and timely assessed and paid in advance compensation tobusinesses affected by the disruption in Binh Duong, Dong Nai and HaTinh provinces.
Deputy Minister of Finance Tran Xuan Ha assessedthat the quick claim settlement helped businesses stabilise trading andproduction activities, contributing significantly to the protection ofreputation and image and improving the investment environment ofVietnam, while at the same time proving the significance of insurancefor the economy as well as for each organisation or individual.
ISADeputy Director Pham Dinh Trong said that in the first half of thisyear, ISA worked with relevant authorities to inspect a number of lifeand non-life insurance businesses including the AIA, Manulife, Dai-ichi,Hanwha Life, VASS, AAA and BSH.
ISA launched many programmes tomaintain the stability and development of the insurance market. ISADirector Phung Ngoc Khanh said that management agencies will step up theinspection and supervision of insurers and insurance brokeragebusinesses and promote insurance business efficiency assessment.-VNA
