The country’s insurance sector has targeted a growth rate of 20 per cent this year, according to the Viet Nam Insurance Association. — Photo tbck.vn The country’s insurance sector has targeted a growth rate of 20 per cent this year, according to the Viet Nam Insurance Association. Bui Gia Anh, the association’s general secretary, said the insurance market had maintained its strong growth so far this year. The mechanisms and policies in the insurance industry were nearly complete while businesses had secured their financial security to become more competitive and effective, Anh said. The total assets of insurance companies in the first seven months of the year were estimated at VND423.4 trillion (US$18.2 billion), representing a 19 per cent year-on-year increase. During the period, insurance companies re-invested nearly VND342.8 trillion into the economy, marking a rise of 26 per cent from the same period last year. The sector’s total revenue in the January-July period surged by 24 per cent from the same period last year to VND71.1 trillion. Insurance firms paid out VND10.3 trillion to customers in the period, up 30 per cent. The number of new insurance contracts reached 1.22 million, a 27 per cent rise. Previously, leaders of… Read full this story
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