The average annual growth rate of Vietnam’s insurance industry for the five years from 2016 to 2020 was about 22%, with the non-life insurance market growing by 13% on average, the life insurance market showing average growth of 28%.
In 2015, the premium revenue of the whole insurance industry reached VND70,252bn, of which the non-life insurance market accounted for VND32,142bn while the life insurance market contributed VND38,110bn. In comparison, for the first 11 months of 2020, the insurance premium revenue of the whole industry was estimated at VND165,781bn, of which the non-life insurance sector accounted for an estimated VND54,154bn and the life insurance sector contributed about VND111,627bn, according to local media reports citing the Vietnam Insurance Association (VIA).
As of 31 December 2015, the total assets of the insurance industry reached VND202,558bn compared to VND542,757bn at 30 November 2020.
At present, there are 69 insurance companies operating in the industry, including 31 non-life insurers, one foreign branch, 18 life insurers, two reinsurers, and 17 insurance brokers. This means there are two more non-life insurers, one more life insurer, four more insurance brokers compared to 2015.
The VIA says that over the 2015-2020 period, it coordinated with other parties to organise many seminars, conduct practical surveys, synthesise analytical opinions and recommendations of insurers; send documents for consultations with relevant organisations on mechanisms and policies related to insurance business. Many recommendations of the association were taken note of by regulators who revised regulations and policies in accordance with the realities of insurance business.
In particular, the VIA helped to raise awareness about insurance, and organised media briefings on insurance as well as an annual press award for writing about the insurance industry. The association also organised training courses for insurance executives.