Total premium revenue in the Vietnamese insurance market was estimated at VND83,084bn ($3.57bn) for the first six months of this year, an increase of 15.02% over the same period in 2019, according to an update from the Insurance Administration and Supervision Department which is under the Ministry of Finance.
Non-life insurance premium was estimated at VND27,131bn in 1H2020, up by 7.61%; while life insurance premium revenue was estimated at VND55,953bn, increasing by 19%.
On the whole, the reports show that the COVID-19 pandemic had a negative impact on insurance business, especially the life insurance sector. For comparison purposes, total premium revenue surged by 24.35% year-on-year in 1H2019.
The Insurance Administration and Supervision Department has said that due to the impact of the COVID-19 pandemic, the growth of the market is expected to slow to 17.24% this year, compared to premium growth of 20.54% in 2019.
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