The insurance sector recorded more than 133.65 trillion VND (5.76 billion USD) in revenue from premiums in 2018, up 23.97 percent from a year earlier, according to the Ministry of Finance’s Insurance Supervisory Authority.

 

Of the figure, non-life insurance companies earned 45.69 trillion VND while life insurance ones gained 87.96 trillion VND.

 

The insurance sector added some 319.61 trillion VND into the economy in 2018, up 29.53 percent year on year.

 

There are 64 insurance businesses in Vietnam at present, including 30 non-life insurance companies, 18 life insurance companies, two reinsurance companies, 14 insurance intermediary companies and one branch of a foreign non-life insurance firm.

 

The Insurance Supervisory Authority said in 2019, the Finance Ministry will continue perfecting draft revisions to the Law on Insurance Business to promote transparency, safety and efficiency of the insurance market, align domestic insurance activities with international practices, and meet insurance demand of all economic sectors and people.-VNA