The Vietnam Report JSC has announced the list of the top 10 most prestigious life and non-life insurance companies in Viet Nam in 2023.

The 10 most prestigious life insurance companies include Bao Viet Insurance, Dai-Ichi Vietnam, AIA Vietnam, Prudential Vietnam, Chubb Vietnam, Generali Vietnam, Hanwha Life Vietnam, Cathay Vietnam, MB Ageas and Mirae Asset Prevoir.

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

Vietnam Report made assessments independently on the grounds of their financial capacity and media reputation, and a survey of relevant organisations and individuals conducted in May – June this year.

According to Vietnam Report General Director Vu Dang Vinh, insurance premium revenue in the first five months of 2023 was estimated at nearly VND93.2 trillion (roughly US$4 billion), down nearly 1.5 per cent over the same period last year. Many insurers admit that this is a difficult period for the insurance market.

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

They believed that difficulties facing the sector would last for only a short time, and the potential of the market would remain great.

Up to 72.7 per cent of the respondents in the survey by Vietnam Report said that strong technological development and application of technology in all stages of the insurance industry’s value chain represent the greatest opportunity to promote recovery of the industry. — VNS