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Vietnam’s insurance revenue falls 4.3% in Q1 2024



In the first quarter of 2024, Vietnam’s insurance premium revenue declined by 4.3% to VND53.29tr (USD2.11bn), marking the fourth consecutive quarter of decreases, the General Statistics Office reported. The life insurance sector saw a 10.9% drop to VND33.74tr, while the non-life insurance sector increased by 9.8% to VND19.55tr. Despite the overall decline, the non-life sector maintained steady growth. Insurance benefit payouts rose by 20.5% to VND20.98tr, and insurance investments in the economy grew by 10.4% to nearly VND779.12tr. Total assets of insurance companies reached VND932.87tr, up 10.2%. Following a crisis that shook consumer trust in 2023, regulatory actions and market reassessments are ongoing to restore integrity and ensure sustainable development in the sector.

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