Customers at a Bao Viet Life branch. — VNA/VNS Photo Tran Viet
The Ministry of Finance (MoF) aims to implement many solutions to achieve the goal of comprehensively developing a safe and sustainable insurance market and meeting the diverse insurance needs of organisations and individuals and ensuring social security this year.
Accordingly, for market development and improvement of insurance services, the Ministry of Finance said that the average growth rate of total assets, total investment, and total revenue was expected to increase by about 15 per cent this year.
In addition, the Ministry shall grant licences to qualified investors to participate in the market; continue to manage and monitor the market by means of remote monitoring and on-site inspection; at the same time, build and perfect an information technology system serving market management and supervision; and carrying out inspection and examination of enterprises in accordance with the approved plan.
The Vietnamese insurance market currently has 79 insurance businesses; of which there are 31 non-life insurance enterprises, one branch of non-life insurance enterprises abroad; 19 life insurance businesses, two reinsurance businesses, and 26 insurance brokerage businesses.
The total assets of insurance businesses are estimated at VND811.3 trillion (US$34.4 billion), a year-on-year growth of 14.5 per cent.
Total equity is estimated at VND162.8 trillion, up 3.83 per cent. Total insurance premium revenue is estimated at VND251.3 trillion, up 15.09 per cent.
The Ministry of Finance said that the institutional improvement would continue to be focused on to gradually create a favourable legal corridor for the healthy and sustainable development of the insurance market and meet bilateral and multilateral commitments on international integration.
In addition, the inspection and examination of enterprises are carried out in accordance with the order and procedures from the formulation of inspection and examination plans to the organisation and deployment of inspection and examination delegations.
The Ministry of Finance said that management and supervision activities were enhanced and standardised in accordance with management and supervision standards issued by the International Association of Insurance Supervisors. — VNS