The Government wanted 15 per cent of the total population to have taken out life insurance, with the average premium as per GDP ratio at 3.5 per cent by 2025.
The exploitation of new insurance premium revenue in Việt Nam has decreased sharply over the past few years, which has caused the parent companies to not prioritise investing in their Vietnamese insurance subsidiaries as in the past.
PVI, the leading player in Việt Nam’s non-life insurance market, is on track to reach a total revenue of VNĐ20 trillion (US$787.4 million) by the end of 2024, with ambitious plans to become a billion-dollar company on the stock market.
As of December 6, 2024, insurance companies in Việt Nam have advanced approximately VNĐ598 billion (US$24.1 million) in compensation, representing 5.63 per cent of the estimated VNĐ10.62 trillion in damages caused by natural disasters, according to the Insurance Supervisory Authority,...
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