Insurance industry maintains high growth
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| Staff at PetroVietnam Insurance Corporation (PVI) consult with a client. The insurance industry maintained relatively high growth in the first eight months of the year, with premiums totalling $1.19 billion. — VNS Photo |
HA NOI (VNS)— The insurance industry maintained relatively high growth in the first eight months of the year, with premiums totalling VND25 trillion (US$1.19 billion), according to the Ministry of Finance's Insurance Supervisory Authority.
Non-life insurance premiums accounted for about VND15 trillion ($714 million), an increase of 13 per cent over the same period last year, while life premiums totalled VND10 trillion ($476 million), representing a 12-per-cent increase.
PetroVietnam Insurance Corporation (PVI), which grabbed a market share of 24 per cent during the period, took the lead with premiums of VND3.5 trillion ($166 million), an increase of 11 per cent year-on-year.
Bao Viet Insurance followed with a market share of 22.5 per cent and premiums of VND3.36 trillion ($160 million), while Bao Minh Insurance reported premiums of VND1.38 trillion ($65.7 million), PJICO had premiums of VND1.2 trillion ($57 million) and Post and Telecommunications Insurance (PTI) VND1.1 trillion ($52 million).
The Insurance Supervisory Authority said several insurance companies had premium growth rates of over 50 per cent over the same period last year, including Cathay, Samsung Vina and ACE, while Aviation Company, Phu Hung Assurance Co, Vietinbank Insurance Co and AAA Life Insurance Co all saw declines in premiums.
The life insurance market exploited during the period, with 600,000 new contracts representing premiums of VND2.8 trillion ($133 million), an increase of 11 per cent over last year.
Prudential topped the life insurance market with highest premiums of VND772 billion ($37.6 million), following by Bao Viet Life, Manulife, Daiichi, ACE and AIA.
Insurance Supervisory Authority director Trinh Thanh Hoan predicted that the industry would try to maintain growth rates in the second half of the year while improving financial capacity and meeting requirements of international integration and competitiveness.
The insurance industry has targeted to achieve total premiums this year of VND42.5 trillion, including VND24.6 trillion ($1.17 billion) in non-life premiums and VND18 trillion ($857 million) in life insurance premiums. — VNS