TCDN - The insurance market is facing certain difficulties due to strict regulations on insurance contracts from sales channels through banks. In the first 9 months of 2023, total insurance premium revenue is estimated to reach 165.6 trillion VND (down 6.9% compared to the same period in 2022), of which life insurance decreased, and non-life insurance increased.
According to the General Statistics Office, the insurance market is facing certain difficulties due to strict regulations on insurance contracts from sales channels through banks. Insurance premium revenue for the entire market in the first 9 months of 2023 decreased compared to the same period last year. The Vietnamese stock market last month recorded positive signs of recovery due to the impact of the international and domestic situation, with market liquidity improving significantly.
Specifically, total insurance premium revenue in the third quarter of 2023 is estimated to reach 52.9 trillion VND (down 10.4% compared to the same period in 2022).
In the first 9 months of 2023, total insurance premium revenue is estimated to reach 165.6 trillion VND (down 6.9% compared to the same period in 2022), of which: Non-life insurance sector premium revenue is estimated to reach 52.2 trillion VND (up 2.6% over the same period in 2022), the life insurance sector is estimated to reach 113.4 trillion VND (down 10.7% over the same period in 2022).
Insurance benefit payments are estimated to reach 57.1 trillion VND (up 30.2% over the same period in 2022). The total amount of investment returned to the economy is estimated at 746.7 billion VND (up 15.4% over the same period in 2022).
Total insurance market assets are estimated to reach 890.5 billion VND (up 14.4% over the same period in 2022). Total insurance reserves increased by 12.9% over the same period in 2022.
The Vietnam Insurance Association said that by the end of June 2023, the total insurance premium revenue and market share of insurance businesses in the market are specifically as follows: Bao Viet Life (16,036 billion VND and 20,000 VND). 6%), Manulife (13,357 billion VND and 17.2%), Prudential (12,842 billion VND and 16.5%), Dai-ichi Life (9,737 billion VND and 12.5%), AIA (7,874 billion VND and 10.5% .1%), FWD (2,611 billion VND and 3.4%), Sun Life (2,361 billion VND and 3.03%), MB Ageas (2,357 billion VND and 3.03%), Generali (2,122 billion VND and 2 .7%), Chubb Life (VND 2,092 billion and 2.7%), Hanwha Life (VND 1,908 billion and 2.5%), Cathay Life (VND 1,408 billion and 1.8%), MVI (VND 1,133 billion and 1.46%), BIDV Metlife (792 billion VND and 1.02%), insurance companies: FWD Assurance, Mirae Asset Prevoir, Phu Hung Life, Fubon Life, Shinhan Life (1,199 billion VND and 1.5% ).
According to the assessment of the General Statistics Office, although life insurance premium revenue is decreasing, non-life insurance premium revenue is tending to increase because non-life insurance businesses are making great efforts to apply transformation. digital technology in the business field as well as promoting cooperation with potential partners to expand the market, help optimize business processes, meet the increasingly diverse needs of customers, and expect to overcome the current difficult times and maintain sustainable revenue growth.
The Vietnam insurance market development strategy to 2030 sets a specific goal that the insurance industry's revenue will grow at an average rate of 15%/year in the period 2021 - 2025, and by 2025, the scale will reach 3% - 3.3% of GDP; Average growth in the period 2026 - 2030 is 10%/year, by 2030 the scale will reach 3.3% - 3.5%.
By 2025, 15% of the population will participate in life insurance; By 2030, 18% of the population will participate in life insurance.
The average growth rate of total assets, total investment, total professional reserves, and total equity increases by an average of 15%/year in the period 2021 - 2025 and 10%/year in the period 2026 - 2030. The growth rate of revenue from providing insurance products in the online environment will reach an average of 10%/year in the period 2023 - 2030.
The average insurance premium per capita will reach 3 million VND in 2025, and 5 million VND in 2030.
(Tap chi Tai Chinh Doanh Nghiep)