The Insurance Association of Vietnam has announced that the country continues to be a vital market for life insurance in Asia. As of the end of 2022, nearly 14 million life insurance contracts were in effect in the country, an increase of 5% over the previous year. Premiums also increased by 12%, surpassing VND178tr (USD7.6bn). Approximately 46% of the premiums were from bancassurance, with 995,000 contracts. In addition, life insurance claims in 2022 amounted to VND44tr, up 34% from the previous year. The association aims to improve the quality of insurance services, including reviewing agent training and improving consulting, sales, and appraisal processes. It is also committed to handling customer complaints quickly, fairly, and transparently.
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