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Vietnam remains important life insurance market in Asia

  • May 21, 2023

HANOI (Xinhua): Vietnam remains a key life insurance market in Asia with nearly 14 million life insurance contracts as of the end of 2022, according to the Insurance Association of Vietnam.

The number of life insurance contracts in the country in 2022 increased by 5 per cent year on year and premiums rose by 12 per cent to over 178 trillion Vietnamese dong (US$7.6 billion), local newspaper Vietnam News reported on Wednesday (April 26), citing the association.

Of the contracts, 995,000 were through bancassurance, which accounted for 46 per cent of the premiums. Life insurance claims last year topped 44 trillion Vietnamese dongs ($1.9 billion), a 34 per cent increase, according to the association.

The life insurance market in Vietnam has 730,000 agents, according to Ngo Trung Dung, the association’s deputy general secretary.

Recently, insurance companies in Vietnam have been required to tighten the supervision of agencies and sales amid negative feedback from the public over poor transparency of insurance products.

The country’s Insurance Supervisory Authority demanded insurance agencies immediately take measures to provide clients with complete and accurate information and review the quality of their agents’ consultation and sales techniques, Vietnam News reported.

Dung said the association would work closely with insurers to provide veracious information to customers and improve the latter’s service quality, including enhancing agents’ training and consulting, sales and appraisal processes.

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