Insurance premium revenue increases again

According to the Ministry of Finance, total insurance premium revenue in the first two months of 2024 is estimated at VND33,900 billion, up 1.6% over the same period last year. Total assets of insurance companies as of the end of February are estimated at VND934,800 billion, up 11% over the same period in 2023. Enterprises reinvesting in the economy are estimated at VND780,700 billion, up 12.7% over the same period last year.

Insurance premium revenue in the first two months of 2024 grows again

Thus, insurance premium revenue began to grow again after a sharp decline in 2023. For the first time in 10 years of maintaining a positive growth rate, total insurance premium revenue in 2023 decreased by more than 8% compared to 2022, estimated at VND 227,596 billion. Of which, total new insurance premium revenue in the life insurance sector in 2023 is estimated at VND 140,038 billion, a sharp decrease of 44.5%.

According to the approved plan, in 2024, the Department of Insurance Management and Supervision will conduct specialized inspections and examinations of 14 insurance enterprises, an increase of 4 enterprises compared to 2023. Specifically, in the non-life insurance sector, 8 enterprises will be inspected and examined in compliance with legal regulations on civil liability insurance of motor vehicle owners.

In the life insurance sector, two businesses will be inspected for compliance with legal regulations in cooperation in selling life insurance through credit institutions, ensuring the rights of customers. In addition, four insurance brokerage businesses will also be inspected and examined this year. In addition, the management agency will strengthen the periodic assessment of insurance businesses, promptly detect violations to report to the Ministry of Finance for handling...

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