“Life Insurance Industry on the Rise: Restoring Customer Confidence and Aiming for Higher Growth”
At the seminar, “The Stories Behind Insurance Contracts,” hosted by Tuoi Tre Newspaper and the Vietnam Insurance Association on August 7th in Ho Chi Minh City, Mr. Ngo Trung Dung, Vice Secretary-General of the Vietnam Insurance Association, revealed that the life insurance industry’s revenue for the first half of the year exceeded VND 67 trillion. New business premiums reached nearly VND 12 trillion, an increase of 8.5%, while the number of new policies surpassed 896,000, reflecting a significant 22.3% rise compared to the same period last year. These encouraging figures indicate a restoration of customer confidence in life insurance products.
However, Mr. Dung cautioned that achieving double-digit growth this year might be challenging. Since July 1st, insurance companies have had to adjust their products to comply with new regulations, which requires time for both businesses and customers to adapt. As a result, the market might experience a slowdown or even a slight decline in the final months of the year. Nonetheless, this temporary setback sets the stage for a potential breakthrough in the coming year.
The new insurance products are designed to benefit customers with lower fees and more transparent and understandable benefits. These improvements enable individuals to make informed choices that align with their needs.
Mr. Ngo Trung Dung, Vice Secretary-General of the Vietnam Insurance Association, speaks at the seminar.
Mr. Dung also acknowledged that despite being present in Vietnam for over two decades, the life insurance industry has not met expectations in terms of growth. As of the end of 2024, the country had approximately 11.8 million life insurance policies, a modest 1% increase from the previous year, covering just under 11% of the population. This lags behind regional peers such as the Philippines (38%), Malaysia (50%), Singapore (80%), and the US (90%).
He conceded that the industry has faced a crisis of confidence with its customers. However, the Association and insurance companies have worked diligently to address these issues, and initial results show positive changes, fostering optimism for the future.
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