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How is Vietnamese life insurance developing?

Vietnam remains a key life insurance market in Asia, VIETNAMPLUS reports citing the Insurance Association of Vietnam.
How is Vietnamese life insurance developing?

As of end of 2022, almost 14 million life insurance contracts were concluded, which was 5% more than a year earlier. The insurers' premiums increased by 12% and exceeded USD 7.6 billion. The volume of payments amounted to 1.9 billion dollars.

Insurers reported that 46% of premiums were collected by the sale of policies through banks.

“The life insurance industry plays an important role in Vietnamese economy by providing long-term security to families, - said Ngo Trung Dung, deputy chairman of the association. - The general economic difficulties and people's questions about life insurance are really causing some concern lately, so our association will be focusing on training agents.”

According to Dung, there are 730,000 agents in the life insurance market.

Source: https://en.vietnamplus.vn/vietnam-an-important-life-insurance-market-in-asia/252152.vnp

Photos are from open sources.

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