Non-life Insurance industry has experienced positive growth during the first 8 months of year 2014

Quick reports of non-life insurance companies submitted to the Insurance Supervisory Authority (Ministry of Finance) show that, in the first 8 months of the year, total premium revenue of the sector reached nearly VND 18,000 billion, increased by 10% compared to the same period last year.

Leading in premium revenue are still familiar names: PVI Insurance, Bao Viet, Bao Minh, PJICO and PTI, though there are breakthrough or unstable performance of some companies. Bao Minh surprised by increasing revenue from underwriting premium by 16.85%, estimated at VND 1,720 billion. This is now the highest growth rate among the top 5 market leaders.

In terms of market share, PVI Insurance remains No. 1 after 8 months holding 23.97% (with estimated revenue of VND 4,234 billion). Bao Viet ranks second, with 19.45% market share (estimated revenue of VND 3,435 billion), the third position is Bao Minh (estimated revenue of VND 1,720 billion), following by PJICO (with VND 1.305 billion) and PTI with VND 973 billion. Next are Samsung Vina, BIC and MIC.

Notably, total loss amount of the sector in 8 months is estimated at VND 6,500 billion, with loss ratio of 36.8%, significantly reduced in comparison with the same period last year which was 42.4%.

Most of the companies in the top 5 have loss ratio under 37%, except for Bao Viet (48%). However, Bao Viet has made significant progress in control of loss ratio over the same period last year (56.28%).

Source: tinnhanhchungkhoan