Insurance market sees growth despite COVID-19

Vietnam’s insurance market has experienced growth this year, while many other sectors are suffering a lot of negative impacts from the COVID-19 pandemic.

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According to the Ministry of Finance, total insurance premium revenue in 2020 is estimated at 7.86 billion USD, an increase of 15 percent compared to 2019. Total non-life insurance premium was 57.1 trillion VND and life insurance was 127.6 trillion VND.

Insurers have paid 48.2 trillion VND for customers, a surge of 11.4 percent year on year.

Meanwhile, insurance companies have reviewed and cut expenditures to improve operational efficiency, and increased charter capital to improve financial ability and expand distribution channels. In addition, they have promoted the development of health insurance and healthcare products.

 In addition, people’s demand for insurance products is increasing because their awareness of the importance and significance of life and health insurance has been raised significantly, according to the department./.

VNA