Vietnam Life Insurance Market Grows 25% in H1
Vietnam’s life insurance market recorded a strong growth in the first half of 2010, with revenues rising 25% from a year earlier, state media reported, citing statistics from the Vietnam Insurance Association.
Dai-ichi Life Vietnam was among the biggest gainers, with its six-month earnings of more than VND120 billion from new premium policies, up 48% on-year.
AIA Vietnam also saw solid growth in premiums, as did Prudential Vietnam which had revenues from new policies up 27% in H1 and its market share (by premiums) remained stable at 40%.
Jack Howell, CEO of Prudential Vietnam, said strong growth in the local insurance market reflects Vietnam’s development potential.
Phung Dac Loc, general secretary of the Vietnam Insurance Association, said insurance companies still have chance to expand in Vietnam where just 5% of its total population has life insurance.
Loc estimated that 30% of the country’s population can afford to take out insurance policies.
Vietnam now has 11 life insurance companies, with Bao Viet being the only home-grown life insurer.
Competition among life insurers is expected to become fiercer, especially future participations of some new foreign insurers late this year. (VNS)
Vietnamese
