Overview of insurance market

Overview of insurance market 19/07/2021 03:00:00 1885

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FY 2014

FY 2015

FY 2016

FY 2017

FY 2018

FY 2019

FY 2020

1. Market Structure

 

 

 

    

Number of Enterprises

61

61

63

64

65

67

71

- Non - Life Insurers

30

30

30

30

31

31

32

- Life Insurers

17

17

18

18

18

18

18

- Professional Reinsurers

2

2

2

2

2

2

2

- Insurance Brokers

12

12

13

14

14

16

19

2. Financial Capacity

       

- Total Asset (VND bil.)

171,607

202,378

248,247

316,487

395,215

462,964

573,225

- Accumulated Technical Reserves (VND bil.)

95,222

119,897

146,524

189,029

241,710

291,713

364,793

3. Investments (VND bil.)

127,061

160,258

198,150

249,134

324,262

378,504

468,563

4. Premiums (VND bil.)

67,479

84,498

103,208

131,106

160,586

185,400

220,705

- Insurance premiums

55,877

70,162

87,364

107,709

133,146

160,184

185,960

+ Non-life Business

27,522

31,891

36,866

41,594

46,970

53,366

56,669

+ Life Business

28,355

38,271

50,497

66,115

86,176

106,819

129,291

- Investment Income

11,603

14,336

15,845

23,396

27,440

25,216

34,745

- Insurance Penetration (%)

1.71

2.02

2.29

2.62

2.85

3.07

3.55

+ Non-Life Business

0.70

0.76

0.82

0.83

0.83

0.88

0.91

+ Life Business

0.72

0.91

1.12

1.32

1.53

1.77

2.08

+ Investment Income

0.29

0.34

0.35

0.47

0.49

0.42

0.56

- Insurance Density
(VND’ 000)

744

922

942

1,150

1,406

1,660

1,906

5. Contribution to socio-economic stabilization

38,589

48,339

52,542

74,950

91,653

93,596

122,196

- Claim payments and Insurance payouts (VND bil.)

21,788

23,571

25,609

31,889

39,260

43,761

48,768

- Technical Reserves(VND bil.)

16,801

24,767

26,933

43,061

52,393

49,836

73,428

6. Employment (employees and agents)

439,173

584,719

603,089

773,541

929,562

1,068,151

1,102,297

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