Many Vietnamese citizens likely to grow old without any savings or retirement plan due to low income and lack of access to elderly care.
The National Assembly last week passed the Law on Insurance Business (Amended) with 469 or 94.2% of delegates voting in favour. The revised law will enter into effect on 1 January 2023.
New-business life insurance premium revenue in the first four months of this year reached about VND15tn ($646m), down about 8% compared to the corresponding period in 2021, according to data from the Insurance Association of Vietnam (IAV).
Howden, a UK-headquartered international insurance broker, has received the insurance regulator IRDAI's approval to raise its shareholding in Howden Insurance Brokers India (Howden India) from 49% to 100%.
Banks in Vietnam are generating high fee incomes from bancassurance, and experts in the financial sector expect the channel to be continue to be the main driver of the banks' service income growth.
Vietnam's non-life insurance market with a total premium of nearly VND60tn ($2.6bn) in 2021 is expected to be more active in 2022, given the increased interest in the sector.
A survey of SME businesses in South and Southeast Asia has highlighted a gap in their current protection levels and the risks they currently face.
Vietnam National Reinsurance Corporation (VINARE) is expected to continue delivering strong operating performance, which could be supported by the company's underwriting discipline and improved pricing conditions in several lines of business, says AM Best.
Insurance premium revenue in Vietnam is expected to return to a high-growth momentum in 2022 after the last two years when business was affected by the COVID-19 pandemic.
Manulife led the life insurance sector in Vietnam in 2021 in terms of first-year premiums, bagging just over $500m.