Ngo Trung Dung, Deputy General Secretary of the Insurance Association of Vietnam, speaks at the event (Photo: VNA)
Hanoi (VNS/VNA) - Vietnam remains a key life insurancemarket in Asia, the Insurance Association of Vietnam told a meeting in Ho Chi MinhCity on April 24.
It reported that there were nearly 14 million life insurancecontracts as of the end of 2022, a 5% increase from the previous year.
But premiums rose by 12% to over 178 trillion VND (7.6 billion USD).
Of the contracts, 995,000 were through bancassurance, whichaccounted for 46% of the premiums.
Life insurance claims last year topped 44 trillion VND (1.9billion USD), a 34% increase.
"The life insurance industry plays an important role in Vietnam'seconomy, providing long-term protection to individuals and families,” Ngo TrungDung, the association’s deputy general secretary, said.
“The general difficulties of the economy and people's questionsabout life insurance recently do cause some anxiety,” he said.
He promised that the association would work closely with insurersto provide veracious information to customers and improve the latter’s servicequality.
One of the solutions the two are planning is to review agents’training to improve quality, Dung said.
The consulting, sales and appraisal processes would continue to beimproved, he said.
“Our goal is to ensure that customers have full access to the bestinsurance products and services with clear, transparent insurance contracts thatmeet their needs.”
The life insurance market has 730,000 agents, Dung revealed.
Last year, over 3,000 were fined and had their certificateswithdrawn, taking the number in the last three years to 9,000, he said.
The association and insurers were also committed to handlingcustomers’ complaints quickly, fairly and transparently, he added./.
The non-life insurance sector has seen a flurry of merger and acquisition (M&A) deals over the past two years, partly reflecting the attractiveness and keen competition of the market, which still has room for growth.
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A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
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Ngo Trung Dung, Deputy General Secretary of the Insurance Association of Vietnam, speaks at the event (Photo: VNA) 
