The insurance market saw a total insured value reaching 11.7 quadrillion VND (526.5 billion USD) from 2011-2015 said an official during a press conference in Hanoi on March 29.

Of the sum, 10 quadrillion VND (450 billion USD) was paid by enterprises from different sectors, while 1 quadrillion VND (45 billion USD) was recorded in the life insurance sector and 700 trillion VND in heath insurance.

Phung Ngoc Khanh, head of the Finance Ministry’s Insurance Management and Supervision, said Vietnam is currently home to 61 insurance providers, including 29 non-life insurance firms, 17 life insurance enterprises, two re-insurance and 12 insurance broker companies.

Nearly 10 million people are covered by health insurance, and more than 18 million and 12 million are insured against aviation and railway accidents, respectively.

Khanh commented that the sector fulfilled goals set in the 2011-2015 insurance market development strategy. The total revenue was estimated at over 84.3 trillion VND (3.79 billion USD), or 2 percent of gross domestic product.

The total stand-by funding reserved for claim payouts topped 130.3 trillion VND (5.86 billion USD), up 2.36 times from 2010.

During the period, the sector contributed more than 4.97 trillion VND (223.65 million USD) to the State budget, with 2.57 trillion VND (115.74 million USD) sourced from life insurance providers and the remaining by non-life insurance businesses.

To develop the market from 2016-2020, Khanh suggested refining relevant legal regulations, diversifying products and agents, while strengthening international cooperation in the field.

VNA