Home Viet Nam Human Rights » home » News » political-social » Vietnam targets 15 percent of population with life insurance by 2025

Vietnam targets 15 percent of population with life insurance by 2025

7/3/19

A plan approved by Prime Minister Nguyen Xuan Phuc targets that 11 percent of Vietnam’s population will have bought life insurance by 2020, and the rate will reach 15 percent by 2025.

The plan aims to develop a safe, sustainable and effective insurance market able to meet demand and ensure social security. 

It also looks to help insurance businesses have strong financial capacity, meet international standards and be competitive domestically and regionally.

It targets average annual growth of the market’s total assets, investment capital, operation reserves, owners’ capital and revenue at 20 percent by 2020 and 15 percent between 2021 and 2025.

Meanwhile, the average premium income is aimed to account for a maximum of 3 percent of gross domestic product by 2020 and 3.5 percent by 2025.

Under the plan, insurance products will be diversified to meet the different needs of organisations and individuals.

Among market restructuring solutions, insurers will have to enhance information transparency and insurance distribution channels will be professionalised and modernised to facilitate clients’ access.

An information system will also be built to systematise all data of the sector, thus improving management and controlling risks, according to the plan./.
Chia sẻ bài viết ^^
Other post

All comments [ 5 ]


Red Star 7/3/19 20:25

The Vietnamese economy is expected to grow at a rate of between 6.8 percent and 7 percent in 2019. Demand for insurance, particularly life insurance, will increase as more and more people and organisations started caring about insurance products. Thus, the market will keep growing.

yobro yobro 7/3/19 20:26

Life insurers’ financial capacity improved with total assets rising 25 percent to 302 trillion VND (13 billion USD).

For A Peace World 7/3/19 20:31

The industry is making a great contribution to the economy, supplementing long-term investment in the economy last year by 276 trillion VND (11.9 billion USD), a 33 percent increase.

Socialist Society 7/3/19 20:31

There are 64 insurance businesses in Vietnam at present, including 30 non-life insurance companies, 18 life insurance companies, two reinsurance companies, 14 insurance intermediary companies and one branch of a foreign non-life insurance firm.

Voice of people 7/3/19 20:32

in 2019, the Finance Ministry will continue perfecting draft revisions to the Law on Insurance Business to promote transparency, safety and efficiency of the insurance market, align domestic insurance activities with international practices, and meet insurance demand of all economic sectors and people.

Your comments