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Insurance premiums rise
The insurance industry reported premiums of more than VND23 trillion (US$1.1 billion) in the first eight months, according to the Ministry of Finance's Insurance and Supervision Department.
The non-life sector accounted for VND13.54 trillion ($646.6 million), a 26.6 per cent rise year-on-year. Life insurance premiums were up 15 per cent.
In July, their respective growth rates were 21 per cent and 16 per cent.
Life insurance companies sold 12 per cent more policies year-on-year.
In the non-life sector, vehicle insurance accounted for the largest share of VND4 trillion ($192.3 million), or 31 per cent. Property and damage insurance accounted for 26 per cent, and health and accident insurance for 13 per cent.
Non-life insurers paid almost VND4.7 trillion ($226 million) in claims settlements.
Phung Dac Loc, general secretary of the Viet Nam Insurers Association, says development of insurance-related trades like brokerage, agency, insurance risk assessment, insurance inspection, and investigation will help the industry grow.
"Insurance companies will be able to outsource these activities and focus on their core business.
"If insurance detectives establish themselves, it will help prevent a lot of insurance fraud."
Meanwhile, the Ministry of Finance recently issued a warning about unfair competition between insurance companies, the increase in fraud, and tortuous settlement procedures as some of the problems that hindered the industry's growth.
Thuy Anh
vietnamnews
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