return icon

Non-life insurance sees rosy first-half performance

The non-life insurance segment recaptured momentum, reaching double-digit growth in premium revenue in the first half of this year.

The non-life insurance segment recaptured momentum, reaching double-digit growth in premium revenue in the first half of this year, with the indemnity rate also being forecast for an upsurge.

The latest statistics by Vietnam Insurance Association show that in the first half of this year, non-life insurers posted $1.44 billion in premium revenue, showing a 12.4 per cent jump on-year.

This means the non-life insurance segment has regained the double-digit growth that was seen in the pre-pandemic period, which is deemed quite impressive compared to the roughly 4 per cent growth of this segment last year.

Non-life insurance sees rosy first-half performance
Non-life insurers expect growth momentum to be maintained for the remainder of the year

Petrolimex Insurance Corporation (PJICO) raked in $81.6 million in premium revenue in the first six months this year, up 9.4 per cent on-year and equal to 51 per cent of the company’s full-year projection.

Significantly, the premiums of its major professional operations all surpassed half-year targets. For instance, maritime insurance premiums reached $16.8 million, equal to 66.7 per cent of the full-year plan and soaring by 36.7 per cent on-year. Those of fire, explosion, aviation, and mixed insurance touched $22.2 million, equal to 54.3 per cent of the full-year plan and showing a 16.6 per cent jump on-year.

Along with positive premium growth, PJICO reaped $6.55 million in pre-tax profit during the period, amounting to 60.3 per cent of its full-year plan.

Meanwhile, Post and Telecommunication Insurance Corporation eyed a 13 per cent jump in premium revenue to reach $148 million, equal to 55 per cent of its full-year plan.

Its two core products – motorised vehicle insurance and liabilities insurance – registered 13 per cent and 17 per cent growth respectively.

Bao Minh Insurance Corporation counted $123.1 million in total premium revenue, showing a 14.5 per cent jump on-year, and $7.45 million in pre-tax profit, equaling 50.4 per cent of its full-year plan and showing a slight increase on-year.

Several other firms have not yet announced their first-half business results but are expecting a more than 10 per cent hike in their premium revenue, with some even securing a 30 per cent jump on-year.

The Vietnam Insurance Association forecasts the growth in premium revenue of life insurers to be maintained for the rest of 2022, leveraging the continued rebound of production and business activities during the period and supportive policies.

For instance, Decree No.97/2021/ND-CP on compulsory fire and explosion insurance is expected to stimulate the purchase of such policies and Decree No.20/2022/ND-CP on compulsory insurance in construction investment activities that added a regulation for compulsory liability insurance for third parties should pave the way for revenue growth in liability insurance.

The indemnity rate, however, is also forecast to shoot up compared to the previous year.

According to the Investment Analysis and Consulting Centre under SSI Securities Corporation (SSI Research), the advantages associated with low indemnity rate as the insured had postponed their claims during the social distancing period could hardly repeat in 2022.

Claims are expected to return to normality or even stretch higher compared to the average level in some previous years.

Source: VIR


Ngoc Linh ginseng helps Central Highlands locals out of poverty

Growers in the Central Highlands provinces dreamed of escaping poverty when they planted Ngoc Linh ginseng which has made an economic contribution to improving local farmers’ living conditions.

Soc Trang’s Khmer pagoda features giant Buddha statue

With the long-standing bonds of the Kinh, Khmer, and Hoa ethnic groups, Soc Trang boasts a special cultural identity that makes it an outstanding spiritual destination for tourists and Buddhist followers from far and wide.

Smart-homes getting cheaper in Vietnam

In Vietnam, a smart-home installation package costs VND14-25 million.

Vietnamese nationals account largest proportion of Japan’s foreign worker population

Vietnamese nationals account for 25.4% of the total 1.82 million foreign workers who were working in Japan as of the end of October last year, according to the Japanese Ministry of Health, Labour and Welfare (MHLW).

Mekong Delta develops more OCOP products

The Cuu Long (Mekong) Delta’s 12 provinces and the city of Can Tho are developing more products under the country’s “One Commune-One Product” programme.

Major Vietnamese paintings worth millions of dollars at global auctions

2022 represented a successful year for the Vietnamese painting market as three more pieces were auctioned at more than US$1 million each, bringing the total number of valuable paintings to 19. Let’s take a closer look at some of them.

Vietnamese American singer brings Tet Holiday joy to disadvantaged children

In hope to bring the children who lost their parents because of Covid-19 a warm spring holiday, Vietnamese American singer Ha Phuong spent a day to enjoy Tet with them.

How will the economy fare in 2023?

Vietnam’s economy had a prosperous year in 2022 with GDP growth rate of 8.02 percent, a one-decade high.

Female Vietnamese badminton star Thuy Linh placed 50th in world rankings

Vietnamese badminton star Nguyen Thuy Linh has risen to 50th position in the world’s latest singles women rankings, according to the Badminton World Federation (BWF).

Phin Ho ‘shan tuyet’ tea –specialty of Ha Giang

Apart from stilt houses and seemingly endless terraced paddy fields, “shan tuyet” tea, a famous specialty of Phin Ho village, is one of the special things visitors cannot forget once setting foot in Tay Con Linh Mountain in Ha Giang.

Discovering art of making vegetarian dishes in Tay Ninh

Religions and beliefs have made considerable contributions to the culinary culture of Tay Ninh.

Hoi An, HCM City among world's top 25 trending destinations in 2023: TripAdvisor

Germany’s famous travel site has run an article highlighting the world’s top 25 trending destinations for 2023, including Vietnam’s Hoi An ancient city and Ho Chi Minh City, recently voted by readers of TripAdvisor.

Make-in-Vietnam sleeping machine developed by professor

FRENZ Brainband helps users have faster, tighter and deeper sleep. It can also be used for relaxing and enhancing concentration when working.

Paris Agreement: Lessons on independence, self-reliance, int’l solidarity

The signing of the Paris Agreement on ending the war and restoring peace in Vietnam on January 27, 1973, was a resounding victory of Vietnam’s revolutionary diplomacy in the Ho Chi Minh era.

PM: Lunar New Year comes with new energy

Prime Minister Pham Minh Chinh chaired a meeting of permanent Cabinet members in Hanoi on January 27, speaking of new energy of the nation following Tet (Lunar New Year), the biggest festival in Vietnam.