Strong growth in the sale of insurance products

Published on May 24, 2013

The Ministry of Finance expects to see strong growth in the sale of insurance products over the next few years

Announcing at the 36th Asean Working Committee on Finance Service Liberation in Vientiane, The Ministry of Finance expects to see strong growth in the sale of insurance products over the next few years thanks to the government’s policy to open up the financial sector.

Speaking at the two day meeting where attended by representatives from Brunei, Cambodia, Laos, Myanmar, Malaysia, Indonesia, the Philippines, Indonesia, Thailand and Vietnam, The Ministry of Finance’s International Cooperation Department Deputy Director General, Boualit Khounsy stated that, Laos expected to establish five more insurance companies between now and 2015. He said, the finance ministry will continue to facilitate the investment and operation of insurance companies in Laos so that people can access services such as life insurance, natural disaster insurance, and agriculture insurance.

The finance ministry also says the remarkable increase in the number of insurance companies will not only enable people to buy more insurance but the growth of insurance premiums will enable these companies to invest in other businesses, which will further contribute to socio-economic development.

The 36th Asean Working Committee on Finance Service Liberation discussed regional plans to open up the financial sector, including banking and insurance.