Vietnam insurance market set for growth in 2022
The total insurance premium revenue in Vietnam in 2021 is estimated to have increased by 15.59 per cent to VN$215 trillion in 2021, according to information from the Department of Insurance Management and Supervision
The Department, which is part of the Ministry of Finance, says that this growth was achieved despite the difficulties and challenges posed by the Covid-19 pandemic. Total insurance benefits payments are estimated at $49.6 trillion in 2021, an increase of 1.68 per cent over 2020, reported Vietnam Financial Times.
At the end of 2021, the total assets of the insurance market are estimated at $71 trillion, an increase of 23.86 per cent over 12 months previously. The total equity of insurance enterprises is estimated at $152.5 trillion on 31 December 2021, an increase of 19.34 per cent compared with the previous year.
Maintaining double-digit growth in 2022
In 2022, the Vietnamese insurance market is forecast to maintain double-digit growth. The insurance regulator says that total insurance premium revenue this year is predicted at $253.7 trillion, a surge of 18.04 per cent compared to 2021. Insurance benefits payments in 2022 are forecast at $58.3 trillion, up by 17.61 per cent over 2020.
As of 31 December 2021, there were 77 insurance entities operating in Vietnam, comprising of 31 non-life insurers, 19 life insurers, two reinsurers, 24 insurance brokerages and one branch of a foreign non-life insurer.
The Vietnamese economy expanded by 2.58 per cent in 2021, the General Statistics Office announced last week. Recovery is expected to accelerate from the pandemic in 2022 with momentum from the travel and tourism industries. The government has aimed to cap average inflation at four per cent in 2021 and 2022.