Vietnam records solid premium growth in 2010

Building on its record of
solid growth, Vietnam’s insurance market saw premium income
increase by 20.3% in 2010 to VND30.69tn ($1.57bn), according to the
Vietnam Business Forum.

The strongest growth pace was
recorded by the general insurance sector which increased premium
income by 24% in 2010 to VND13.69tn. Life insurance premium income
was reported at VND17tn, an increase of 16% compared with 2009 when
an almost identical increase of 15.9% was recorded.

According to consultancy
Towers Watson, UK insurer Prudential’s subsidiary Prudential
Vietnam ranked as the leading life insurer in the nine months of
2010 with a market share of 32%. It was followed by
state-controlled Bao Viet Life with a market share of
25%.

12 life insurers are active in Vietnam, with the latest
entry being Italian insurer Generali. Bao Viet Life is the only
truly Vietnamese-controlled life insurer.

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