The total premiums collected by insurance companies stood at VND69.5 trillion (US$2.96 billion) in the seven months through July, up 30.8% year-on-year, according to the Ministry of Finance.
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In the first seven months of 2018, total assets of insurance companies operating in Vietnam were reported at VND356.5 trillion (US$15.19 billion), up 29.7% year-on-year.
During the January - July period, insurance companies reinvested VND283.9 trillion (US$12.10 billion) into the economy, up 30.2% year-on-year.
Meanwhile, equity of insurers reached VND77 trillion (US$3.28 billion), up 39.5% year-on-year.
The Insurance Supervisory Authority (ISA) under the Ministry of Finance informed in July that it would step up efforts in restructuring the insurance market towards transparency, safety and efficiency in the remaining months of the 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%.
