Insurance sector eyes 12% growth rate next year
VGP - According to the Ministry of Finance’s report released on Wednesday, Việt Nam’s insurance market continues its stable growth this year, up 8.22% compared to 2007.
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In Việt Nam, there are 11 life insurance companies, 26 non-life insurance companies, one reinsurance enterprise and 10 insurance brokers. They own the total capital of nearly VND 18,000. |
The sector’s total revenue is estimated to be VND 26,082 billion, in which insurance fees and investment activities account for 78.1% and 21.9% respectively.
By the end of this year, the sector has reinvest VND 57,000 billion in the economy, VND 10,000 billion higher than last year.
Insurance companies have paid more than VND 6,400 for organizations and individuals.
Next year, the Ministry of Finance plans to develop a comprehensive insurance market to meet the economy’s demands and upgrade financial and business capacity of insurance companies in the context of international integration and competition.
The sector will sustain its growth rate of 12-13% per annum in the period of 2009-10. Life insurance targets to increases by 8-10% and non-life insurance 15-18%.
By Ngọc Vân
