AmCham Hanoi to support Vietnam's insurance industry

February 24, 2022 | 14:14

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Approximately 850 non-life insurance products and 450 life insurance products are now available on Vietnam’s market, as estimated by the American Chamber of Commerce in Hanoi (AmCham Hanoi) at the recent Vietnam Business Forum 2022.

AmCham Hanoi to support Vietnam's insurance industry

It is estimated that around 10 million individuals in Vietnam were covered by some type of life insurance by the end of 2020, with approximately 4 million people covered by short-term medical and health insurance.

AmCham Hanoi believed that the lingering pandemic has increased the urgency with which this gap must be addressed.

“AmCham Hanoi has taken an active role in the formulation of the Law on Insurance Business, and we look forward to continuing to collaborate with the Ministry of Finance to further grow the insurance business in the country,” said the organisation’s representative.

Vietnam’s total insurance premium revenues in 2022 are estimated at around $111.1 million, up 18.04 per cent compared to 2021, according to data compiled by the Department of the Insurance Supervisory Authority.

The country currently boasts 76 insurance businesses, of which there are 31 non-life insurers, 19 life insurers, two reinsurance businesses, 24 insurance intermediate firms, and a branch of a foreign non-life insurer.

By Trung Duong

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