Domestic insurance market expects double digit growth in 2022

Transactions at Bao Viet Insurance Company. (Photo courtesy of the firm)

Hanoi (VNS/VNA) - The country’s total insurance premium revenue in 2022 is estimated at 253.7 trillion VND (111.1 million USD), up 18.04 percent compared to 2021, according to the Department of the Insurance Supervisory Authority.

“All of the important targets in the insurance market this year are forecast to achieve double digit growth despite of challenges,” the department said.

Total insurance payments are estimated at 58.2 trillion VND, representing 17.6 percent year-on-year increase.

This year, the department will continue to coordinate in completing the draft amended Law on Insurance Business to submit to the National Assembly for approval in May.

At the same time, it will create decrees and circulars guiding the law while continuing to complete the development strategy on Vietnam's insurance market for 2021-30 to submit to the Government.

In addition, it will continue to strengthen the assessment of insurance businesses periodically, promptly detect violations to report to the Ministry of Finance for handling.

It will also implement the project "Information system for management and supervision of insurance business activities" and enhance effectiveness, transparency and sustainability in the market.

The department said that last year Vietnam’s insurance market achieved impressive results despite the COVID-19 pandemic’s impacts on the country.

In 2021, total insurance premium revenue was 214.9 trillion VND, representing 16 percent year-on-year increase. Insurers paid 49.5 trillion VND, up 1.68 percent.

By the end of 2021, the total assets of the insurance market reached 71 trillion VND, an increase of 23.86 percent over 2020. Of which, the total assets of non-life insurance companies were estimated at 104.6 trillion VND, and those of life insurance companies at 605.3 trillion VND.

Insurance enterprises' investment into the economy stood at 577 trillion VND, an increase of 22.24 percent from the previous year. Total insurance provision in 2021 was up 25 percent to 455.6 trillion VND.

The country has 76 insurance businesses, of which there are 31 non-life insurers, 19 life insurers, two reinsurance businesses, 24 insurance intermediate firms and a branch of a foreign non-life insurer./.

VNA