Information from the Ministry of Finance said that as of November 30, the Vietnamese insurance market had 82 insurance businesses (including 31 non-life insurance businesses, 19 life insurance businesses, 2 reinsurance enterprises, and 29 insurance brokerage enterprises) and 01 branches of a foreign non-life insurance enterprise.
Total assets of the insurance market are estimated to reach nearly 913,340 billion VND, up 11% over the same period in 2022. Accordingly, the entire industry has invested back into the economy at an estimated 762,580 billion VND, up 13% over the same period. period. Total equity is estimated at 190,230 billion VND, an increase of 7%.
The total insurance premium revenue of the entire industry is estimated at 227,600 billion VND, the non-life insurance market increased by 2%, and the life insurance market decreased by about 12.5%. The total value of insurance benefit payments is estimated at VND 86,470 billion, an increase of 31% over the same period last year.
In 2023, the Ministry of Finance said it had focused on building and perfecting institutions for insurance business activities. In 2023, the Ministry of Finance submitted to the Government for promulgation 03 Decrees detailing the Law on Insurance Business and presided over the promulgation of 01 Circular detailing the Law on Insurance Business and guiding Decrees.
On that basis, the Law on Insurance Business No. 08/2022/QH15 and documents guiding the implementation of the Law have created a complete basic legal corridor to promote the safe, stable, and sustainable development of the insurance market.
In the coming time, the Ministry of Finance said it will continue to review and complete the legal framework on insurance business activities, ensuring compliance with the Party's guidelines and policies, the State's policies, and increasing and enhancing transparency, creating favorable conditions for insurance businesses and insurance buyers.
The Ministry of Finance will strengthen the inspection, examination, and supervision of insurance management and supervision based on risk management. In addition, the Ministry will increase information exchange and coordination with relevant agencies in developing and diversifying insurance products and new business methods (such as encouraging research and development of new products). insurance for the elderly, insurance products that integrate medical support services, health care for insured participants and promote the development of agricultural insurance products and insurance products for disaster risks, natural disasters, new risks arising through the insurance risk fund mechanism, green insurance, insurance products on safety, cybersecurity and transactions in cyberspace).