At US$3.7 billion, Vietnam’s total insurance premiums have grown 20% year-on-year, according to the Finance Ministry’s Insurance Supervisory Administration.
Life insurance premiums reached 51,180 billion Vietnamese dong, up 32% from 2016, while non-life insurance premiums stood at 33,006 billion Vietnamese dong, rising by nearly 9%.
This year, total life insurance premiums are predicted to surge 23.4 percent against last year to 62,294 billion Vietnamese dong, and non-life insurance premiums to increase 9.4 percent to 40,087 billion Vietnamese dong.
The Finance Ministry is in the process of completing a decree that would make fire and explosion insurance compulsory, as well as drafting additional documents on agriculture insurance and micro-insurance.
The re/insurance industry in Vietnam is growing along with the country’s surging economy, which is one of the fastest growing in the world, with a 6% GDP growth rate since 1990, Vietnam will likely increasingly come to rely on re/insurance to protect its economic and social development.
