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The total premiums collected by insurance companies in the first eight months of 2018 stood at VND80.83 trillion (US$3.45 billion), up 38.81% year-on-year.
In September, the MoF will continue finalizing the proposal of restructuring the securities and insurance market in the 2017 - 2020 period, while cooperating with international organizations to revise the insurance business law.
The MoF's Insurance Supervisory Authority (ISA) previously said it will step up efforts in restructuring the insurance market in the remaining months of the year towards transparency, safety and efficiency.
The ISA stated the Vietnam's insurance market maintained steady growth in the first six months of 2018. Specifically, total assets of companies in the industry stood at VND337 trillion (US$14.82 billion), up 27.33% year-on-year.
During the January - June period, a total of VND277.38 trillion (US$12.2 billion) was reinvested into the economy, up 27.47% year-on-year, while professional reserves jumped to VND218.3 trillion (US$9.6 billion), up 36.83%.
Meanwhile, equity of insurers reached VND71.1 trillion (US$3.12 billion), up 27.87% year-on-year in the first six months. Additionally, the total premium collected by insurance companies stood at VND58.6 trillion (US$2.57 billion), up 24.35% year-on-year. Also in this period, companies paid VND16.32 trillion (US$718 million) in insurance benefits to customers, up 22.43% year-on-year.
According to the Vietnam Insurance Association, up to 18 companies are active in Vietnam's life insurance market. Except for Bao Viet Life Insurance, which is a Vietnamese business, the remaining ones are joint ventures and wholly foreign-owned insurers, including the presence of the world's leading finance and insurance groups.
In 2018, Vietnam's insurance market revenue is set to grow 22.38% year-on-year to reach VND129.2 trillion (US$5.68 billion).
The market's revenue in 2017 reached VND105.6 trillion (US$4.64 billion), up 21.2% year-on-year, marking the fourth consecutive year with growth rate exceeding 20%.
