The market still has a lot of room for development.
The Vietnamese insurance market was established in 1993 and has made remarkable progress since many life and non-life insurance companies and insurance brokers were established; insurance products are more diverse, especially life insurance and health insurance; and insurance premium revenue has grown quite well.
In 2023 alone, in the context of the global economy in general and the domestic economy in particular facing many difficulties and challenges, the insurance market also encountered certain difficulties.
Illustration photo. (Source: DP)
However, with the Government's efforts to implement a series of policies on support, removing difficulties, restoring production, developing the economy in general and continuing to perfect insurance mechanisms and policies, the Vietnamese insurance market has still achieved remarkable results and is expected to continue to grow in the coming time.
In fact, over the past time, insurance has been proving its role in contributing to macroeconomic stability and social security, and the Vietnamese insurance market is also assessed to have much room for development.
As of November 30, 2023, the insurance market has 82 insurance enterprises (including 31 non-life insurance enterprises, 19 life insurance enterprises, 2 reinsurance enterprises and 29 insurance brokerage enterprises) and 1 branch of a foreign non-life insurance enterprise.
Total assets of the insurance market are estimated at VND913,336 billion, up 11.12% over the same period last year; Investment back into the economy is estimated at VND762,580 billion, up 12.78% over the same period last year.
Total equity is estimated at VND 190,227 billion, up 7.09% over the same period last year; Total insurance premium revenue is estimated at VND 227,596 billion, non-life insurance market increased by 2%, life insurance market decreased by about 12.5% over the same period in 2022; insurance benefit payment is estimated at VND 86,467 billion, up 31.1% over the same period last year.
In 2023, the Ministry of Finance has focused on building and perfecting the institution on insurance business activities. In 2023, the Ministry of Finance submitted to the Government for promulgation 3 Decrees detailing the Law on Insurance Business and presided over the promulgation of 1 Circular detailing the Law on Insurance Business and guiding Decrees, including: Decree No. 46/2023/ND-CP dated July 1, 2023 of the Government detailing the implementation of a number of articles of the Law on Insurance Business; Decree No. 21/2023/ND-CP dated May 5, 2023 of the Government regulating microinsurance; Decree 67/2023/ND-CP on compulsory civil liability insurance for motor vehicle owners; compulsory fire and explosion insurance, compulsory insurance in construction investment activities; Circular No. 67/2023/TT-BTC dated November 2, 2023 of the Minister of Finance detailing the implementation of a number of articles of the Law on Insurance Business, Decree No. 46/2023/ND-CP dated July 1, 2023 of the Government detailing the implementation of a number of articles of the Law on Insurance Business.
Law on Insurance Business No. 08/2022/QH15 and documents guiding the implementation of the Law have created a comprehensive basic legal corridor to promote the safe, stable and sustainable development of the insurance market in the coming time.
In the coming time, the Ministry of Finance will continue to review and perfect the legal framework for insurance business activities, ensuring compliance with the Party's guidelines and policies, the State's policies and enhancing transparency, creating favorable conditions for insurance companies and insurance buyers.
At the same time, continue to strengthen inspection, examination and supervision towards insurance management and supervision based on risk management; enhance information exchange and coordination with relevant agencies in developing and diversifying insurance products and new business methods, encourage research and development of insurance products for the elderly, insurance products integrating medical support services, health care for insurance participants, promote the development of agricultural insurance products; insurance products for risks of disasters, natural disasters, newly arising risks through the insurance risk fund mechanism; green insurance; insurance products on safety, network security and transactions in cyberspace.
Continue to strengthen international cooperation in the field of insurance
One of the important solutions proposed is to continue to strengthen international cooperation in the insurance sector. Over the past years, the process of financial cooperation in general and insurance in particular in the ASEAN region has achieved important results. The ASEAN Insurance Regulators Meeting (AIRM) and the ASEAN Insurance Council Meeting (AIC) are two central activities of insurance cooperation in the region. The goal of the Conference is to strengthen ASEAN cooperation in the insurance sector, develop and implement cooperation programs, exchange information and experiences; organize insurance training programs, etc.
This year, these Cooperation Conferences will be held in Vietnam from December 5-8, 2023. With the theme "Sustainability, Inclusion and Connectivity", the AIRM26 Conference and AIC49 Conference in Vietnam this year are expected by management agencies, Vietnamese insurance enterprises in particular, and the ASEAN region to promote and enhance the sustainability, inclusivity and resilience of the insurance market in each member country and the ASEAN insurance market. Thereby, contributing positively to the socio-economic development process of each member country and the entire region.
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