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In the first 10 months of 2023, the total premium revenue of the life insurance industry reached only 127,000 billion VND, down 10.93% over the same period in 2022. This is the first year in the 20-year history of the life insurance industry to record negative growth.
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VAC 2023 has the participation of more than 300 insurance actuaries |
On November 23, the 2023 Insurance Pricing Conference (VAC2023) took place in Ho Chi Minh City with the theme "New Era of the Insurance Industry". This is the largest annual conference of the Vietnamese insurance industry and this year's conference is hosted by Prudential.
Ms. Ly Thi Thu Thuy, Insurance Supervision and Management Department, Ministry of Finance, acknowledged that 2023 is a year of many difficulties, challenges and significant changes for the insurance market, especially life insurance in Vietnam. Originating from the media crisis, leading to a crisis of trust in life insurance products, thereby affecting the entire insurance industry.
Specifically, in the first 10 months of 2023, the total premium revenue of the life insurance industry only reached VND 127,000 billion, down 10.93% compared to the same period in 2022. "This is the first year in the 20-year history of the development of the life insurance industry to record negative growth," said Ms. Thu Thuy, adding that VAC2023 is a place for insurance companies to look together and find solutions to bring the insurance industry to a new page.
VAC 2023 takes place all day on November 23 with topics on the role of actuaries and the insurance industry in meeting customer needs; some technical solutions in insurance pricing; discussing Bacassurance 2.0 (insurance-banking linkage channel) and a panel discussion on ESG application in life insurance...
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