Non-life insurance premiums spike in H1
Non-life insurance premiums rose sharply during the first half of the year, recording a year-on-year increase of 41 percent, according of the Ministry of Finance.
With the growth rate, the industry gained total premiums of nearly 5.5 trillion VND (333 million USD), the ministry said.
Of the total, Bao Viet Insurance made up 1.68 trillion VND (101 million USD), up 50 percent over the same period last year. PVI followed with 1.1 trillion VND, up 6.5 percent. Bao Minh and Pjico also contributed more than 1 trillion VND and 520 billion VND, an increase of 23.6 and 44 percent, respectively.
Vietnamese insurers have continued to dominate the domestic market over their foreign counterparts. Bao Viet currently accounts for 35 percent of the country’s total market share, and figures for Bao Minh, PVI and Pjico are 21,18 and 10.5 percent, respectively.
With such growth, PVI has achieved profits of more than 100.8 billion VND in the first six months of the year, while Bao Viet and Bao Minh reported profits of 60 billion VND and 72.7 billion VND, respectively.
Vietnam ’s life and non-life insurance segments are expected to continue their high annual rates of growth.
The Vietnam Insurance Association expected non-life insurance to achieve a growth rate of 30 percent in 2008.
Last year, the non-life insurance sector recorded the highest growth rate in the past five years, with total revenues of nearly 8.5 trillion (531.25 million USD) reported the association.
Vietnam currently has 23 insurers, including nine life insurance, one reinsurance, and eight brokerage companies. These firms have invested more than 40 trillion VND (2.5 billion USD) in the local economy.
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