Insurance market to be restructured
VGP – PM Nguyen Xuan Phuc has recently ratified a project on restructuring the stock and insurance markets by 2020 with a vision towards 2025.
The project set specific goals for the domestic insurance market especially 20% growth rate of total revenue by 2020 and 15% in the 2021-2025 period.
By 2020, life insurance coverage would account for 11% of population. By 2025, the rate will increase by 15%. Average GDP premium revenues of insurance would be 3% by 2020 and 3.5% by 2025.
Insurance products would be more and more diversified and meet different demands of organizations and individuals.
The project targets to raise information transparency of the insurance market; develop distribution channels; perfect database of the insurance sector; improve operational efficiency of life insurance enterprises./.
By Khanh Phuong