Vietnam’s non-life insurance and reinsurance companies are transferring a significant portion of their premiums to foreign reinsurers to ensure security, industry insiders said. In the first half of 2024, total insurance premium revenue was estimated at over VND109tr (USD4.7bn), down 3.8% from the same period last year. Non-life insurance market revenue reached over VND71tr in 2023, up about 3%. According to Nguyen Anh Tuan, chairman of Vietnam National Reinsurance Corporation (Vinare), about 40% of total premium revenue was from reinsurance, with VND22tr transferred abroad and only VND6tr reinsured domestically. Tuan noted that large-scale commercial insurance projects require foreign reinsurance due to their high value. He advised domestic companies to choose reputable foreign partners with strong credit ratings, as required by law for key national projects.