The country’s insurance sector has targeted a growth rate of 20 per cent this year, according to the Vietnam Insurance Association. (Photo: tbck.vn) Hanoi (VNS/VNA) – Vietnam’s insurance sector has targeted a growth rate of 20 percent this year, according to the Vietnam 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 423.4 trillion VND (18.2 billion USD), representing a 19 percent year-on-year increase. During the period, insurance companies re-invested nearly 342.8 trillion VND into the economy, marking a rise of 26 percent from the same period last year. The sector’s total revenue in the January-July period surged by 24 percent from the same period last year to 71.1 trillion VND. Insurance firms paid out 10.3 trillion VND to customers in the period, up 30 percent. The number of new insurance contracts reached 1.22 million, a 27 percent rise. Previously, leaders of some insurance companies… Read full this story
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