H1 insurance premium up 22 pct in Vietnam

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Insurance premium collections rose 22 percent in the first six months from a year ago to VND17.4 trillion (US$842 million) despite economic challenges, according to the Insurance Supervisory Department.

Even though the insurance market has bucked the downward trend quite well, the premium growth in the first half is low compared to an increase of 41.34 percent during the same period last year, the Dau Tu Chung Khoan newspaper cited a report of the supervisory department as saying.

Premiums in the life insurance sector alone rose 15.93 percent, slightly higher than a 14.39 percent growth a year ago. Prudential, Cathay and Great Eastern in particular posted high numbers, the report said.

The industry is targeting total premium collections of VND35.3 trillion this year, up 19 percent from 2010. Some industry insiders said the remaining months would be tough for businesses due to ongoing inflation pressures and economic difficulties.

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