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Life insurers bank on developing industry 22:06 | 03/06/2021 Life insurers are anticipating a rising middle-class population. Photo: Dung Minh Fresh data from the Vietnam Insurance Association (VIA) revealed that in the first quarter of 2021, the total insurance premium revenue reached more than VND14.9 trillion ($6.5 billion), up 6 per cent over the same period of last year. In terms of non-life insurance, reinsurance firm Swiss Re forecasted that this sector will reach a value of about VND70 trillion ($3.04 billion) in 2021, up 25 per cent compared to 2020. Yen Tran, analyst at KIS Securities commented on trends that have been prevalent for a couple of years. “The overall insurance penetration rate in Vietnam in 2019 was 60 basis points below the average rate in emerging markets and a distance from the 9.6 per cent in advanced markets,” Tran said. “Average insurance spending per capita was around $72 in Vietnam in 2019 versus an a

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