Non-life Insurers Enjoy 20 per cent Growth in H1: Local Firms Dominate Market
The Vietnam Insurance Association said that the non-life insurance sector enjoyed a five-year high of 20 per cent growth in the first half of the year, with the domestic insurers dominating the market.
Domestic companies, led by Vietnam Insurance Corporation (Bao Viet), have weighed over the world giants, such as the French insurer Prevoir or the US players AIG, ACE Life and New York Life, to win 80 per cent of the domestic non-life insurance market.
In the first six months, the non-life insurers in Vietnam grossed total VND3.6 trillion in premium revenue, of which Bao Viet alone reaped VND1.1 trillion.
Some other local major non-life insurers also made high premiums, such as PetroVietnam Insurance Corp (PVI) with VND980 billion, Bao Minh Corp with VND825 billion, and Petrolimex Insurance Co with VND 335 billion.
However, experts warned that domestic players should work out strategies for market expansion immediately or risk losing their market share to foreign rivals when the nation removes all barriers under WTO commitments.
To date, Vietnam has 19 non-life insurance companies, including seven foreign ones. (VNA)
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