Vietnam insurance sector enjoys solid growth in 2015

Insurance enterprises accumulated more than VND152.5 trillion (USD6.7 billion) to reinvest in 2015, up 18 percent against 2014, the Insurance Association of Viet Nam (IAV) said. 

IAV chairman Phan Kim Bang said in 2015, non-life insurers have invested VND36.4 trillion in the country's economy while life insurers have contributed VND116.1 trillion.

Many insurers have bought long-term government bonds, of which the 20-year government bonds alone reach VND6 trillion, he said to Viet Nam News. The life insurance sector reported growth of 29.5 percent in premium income, which topped VND36.6 trillion. This is the highest growth rate in life insurance during the last 10 years, Bang said.

Revenue from non-life insurance premium reached VND31.3 trillion, an increase of 14 percent. Insurance premium debts are also better controlled this year, he added.

Bang said the financial capacity of insurance companies has been increasing steadily. Total assets of the market players have increased 21.7 percent against last year, to over VND201 trillion, in which the non-life sector accounts for VND70 trillion and the life sector accounts for VND131 trillion.