According to the Vietnam Insurance Association (VIA), in the first five months of 2023, the total insurance premiums of the market reached VND91.535 trillion, a decrease of 2.9 percent compared with the same period 2022.
Of this, revenue from non-life insurance premiums was estimated at VND28.741 trillion, up 4.3 percent, while revenue from life insurance premiums was VND62.794 trillion, down 5.9 percent.
The number of new insurance policies in the first five months of the year was 860,740 (major products), a decrease of 27.5 percent compared with the same period last year.
The reason behind the decrease is that the investment-linked insurance accounted for 60.5 percent, down 31.2 percent compared with the same period last year.
Of this, universal life insurance products accounted for 43.9 percent, down 21.9 percent, while investment-linked products (ILP) accounted for 16.7 percent, down 47.5 percent.
Term life insurance accounted for 31.2 percent, down 14.8 percent compared with the same period last year, and endowment insurance products 0.8 percent, down 49.8 percent.
Other insurance products accounted for 7.5 percent, down 36.3 percent compared with the same period last year, of which health insurance accounted for 6.6 percent, pension insurance 0.06 percent, and whole life insurance 0.84 percent.
VIA reported that the number of valid contracts to May 31 was 13,526,744, up 1.8 percent compared with the same period last year. If classifying contracts by product, universal life insurance products accounted for the highest proportion (51.8 percent) and endowment Insurance products (23.2 percent).
The total insurance premiums of new insurance policies in the first five months of 2023 was estimated at VND12.867 trillion, a decrease of 34.2 percent compared with the first five months in 2022.
Of this, VND2.188 trillion belonged to Prudential, VND1.668 trillion to Manulife, VND1.66 trillion to Dai-ichi Life , VND1.630 trillion to Bao Viet Life Insurance, and VND1.032 trillion to AIA.
Total revenue of insurance premiums of the whole market was estimated at VND 62.794 trillion, down 5.9 compared with the same period last year. Of this, universal life insurance products accounted for 55.6 percent, while endowment insurance products 15.9 percent, ILP products accounted for 15.9 percent and by-products 10.9 percent.
The remaining insurance products accounted for 1.73 percent, of which whole life insurance products accounted for 0.3 percent, term life insurance 0.8 percent, and periodic payment insurance products 0.04 percent, retirement insurance 0.2 percent, health insurance 0.42 percent, and pure endowment insurance 0.0004 percent.
In the first 5 months in 2023, insurers paid VND 22.091 trillion in compensation, up 41.9 percent.
Luong Bang