According to general Statistical Office, the total market premium revenue in the second quarter (Q2) of 2019 is estimated to increase by 15 percent over the same period of last year. In particular, the life insurance premium revenue rose by 18 percent and the increase was nine percent for non-life insurance premium revenue.
Thus, the insurance market continues to maintain impressive growth momentum, after a long period of continuous growth during the previous four years. In 2018, the insurance premium revenue recorded a growth rate of 23 percent with total revenue of nearly 133 trillion dong (47 trillion dong for non-life insurance and above 86 trillion dong for life insurance).
In another development, Vietnam Report Joint Stock Company (Vietnam Report) has recently announced the Top 10 reputable insurance companies in 2019, based on Media Coding method (encoding newspaper data) on media, combining in-depth research on key industries with high growth potential such as real estate construction, banking, pharmacy, foodbeverage, retail, tourism, logistics, etc.
Accordingly, the top 10 reputable life insurance companies belonged to Bao Viet, Prudential, AIA, Dai-ichi Life, Manulife, Sun Life, Hanwha Life, Chubb Life, Cathay Life and Mirae Asset.
The top 10 reputable non-life insurance companies belonged to Bao Viet, PetroVietnam Insurance, Post and Telecommunication Insurance, Petrolimex Insurance, Bao Minh Insurance, BIDV Insurance, VietinBank Insurance, Military Insurance, Liberty and Vietnam National Aviation Insurance.
In 2019, the entire insurance industry is expected to grow by 20 percent. As the domestic economy is forecasted to develop stably in the next few years, the middle class will be expanded, income will increase, and the demand for health and asset protection will also increase. Thus, the growth is also predicted to be maintained.
