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Insurance sector aims for 12 percent expansion next year
Vietnam ’s insurance sector has set a target of attaining an average growth rate of between 12 and 13 percent during 2009, with additional goals of 8-10 percent for life insurance and 15-18 percent for other forms of insurance, according to the Ministry of Finance.
The ministry also plans to develop a comprehensive insurance market to meet increasing domestic demand for insurance services, improve the financial and business capacities of insurers and satisfy competitive and international integration requirements.
It will make amendments to the existing Insurance Business Law and formulate a strategy to develop the Vietnamese insurance market during the 2010-2020 period.
This year, Vietnam ’s insurance sector expects to attain a growth rate of 8.22 percent compared to last year, with total revenues exceeding 26 trillion VND.
Vietnam now has a total of 11 life insurance agencies and 26 non-life insurers, one reinsurance company and 10 brokers, with total assets of close to 18 trillion VND. There are approximately 800 separate insurance products currently available on the market.
VNA
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