Owner’s equity in non-life insurance companies was estimated to amount to a total of VND26.280 trillion (US$1.14 billion) last year, a 4.8 per cent rise against the previous year, according to statistics released by the Ministry of Finance.
|Illustrative image (www.pjico.com.vn)
Vietnam Economic Times quoted newly released statistics by the Ministry of Finance (MoF) as showing there are 30 non-life insurance companies (NLICs), including one branch of a foreign NLIC, and two reinsurance companies, operating within Vietnam.
The non-life insurance market enjoyed stable growth throughout 2018, with total assets estimated at VND81.806 trillion (US$3.56 billion), up 8.5 per cent against the previous year.
The direct insurance revenues of NLICs were predicted at roughly VND45.694 trillion (US$1.99 billion) in 2018, rising by 9.9 per cent on year.
The original claim amount of NLICs last year was forecast at VND19.476 trillion (US$848.99 million), a year on year increase of 21.19 per cent.
Local NLICs continued to expand their business network during 2018 with 19 new branches, one transaction office, and another agency established.
Last year, the MoF provided four NLICs with approval to increase their chartered capital by a combined VND695 billion (US$30.29 million) while one reinsurance company was permitted to raise its chartered capital by VND60 billion (US$2.61 million).