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Top 10 prestigious insurance firms in 2023 announced

The Vietnam Report JSC on June 23 announced the list of the top 10 most prestigious life and non-life insurance companies in Vietnam in 2023.
Top 10 prestigious insurance firms in 2023 announced ảnh 1The list of the top 10 most prestigious life and non-life insurance companies in Vietnam in 2023(Photo: https://markettimes.vn/)
Hanoi (VNA) - The Vietnam Report JSCon June 23 announced the list of the top 10 most prestigious life and non-lifeinsurance companies in Vietnam in 2023.

The 10 most prestigious lifeinsurance companies include Bao Viet Insurance, Dai-Ichi Vietnam, AIA Vietnam, Prudential Vietnam, Chubb Vietnam, Generali Vietnam, HanwhaLife Vietnam, Cathay Vietnam, MB Ageas and Mirae Asset Prévoir.

Meanwhile, the top 10 non-life insurance companies in 2023are Bao Viet Insurance, PVI Insurance, Bao Minh Joint Stock Corporation, VietinBankInsurance Company, Military Insurance Corporation (MIC), Petrolimex Joint StockInsurance Company (PJICO), BIDV Insurance Corporation, Aviation Insurance JSC, AgricultureBank Insurance Joint Stock Corporation, and Saigon-Hanoi Insurance Corporation.

Vietnam Report made assessments independently on the foundation of their financial capacity and mediareputation, and a survey of relevant organisations and individuals conducted inMay – June this year.

According to Vietnam Report General Director Vu Dang Vinh, insurance premiumrevenue in the first five months of 2023 was estimated at nearly 93.2 trillionVND (3.96 billion USD), down nearly 1.5% over the same period last year. Many insurers admit thatthis is a difficult period for the insurance market.

Experts held that after economic fluctuations and disruptions inthe global supply chain due to the COVID-19 pandemic, the Law on InsuranceBusiness (amended), which took effect on January 1, 2023, is expected to be a doseof “vaccine” to make the insurance market more transparent.

They believed that difficulties facing thesector will last for only a short time, and the potential of the market remainsgreat.

Up to 72.7% of the respondents in the survey by Vietnam Report said that strongtechnological development and application of technology in all stages of theinsurance industry’s value chain represent the greatest opportunity to promote recoveryof the industry./.
VNA
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