Vietnam Report reveals Top 10 insurance companies in Vietnam in 2023

The 10 most reputable life insurance companies in Vietnam in 2023

The 10 life insurance companies honoured in 2023, as identified by Vietnam Report, are as follows:

Bao Viet Life Insurance Corporation, Dai-Ichi Life Insurance Company of Vietnam, AIA (Vietnam) Life Insurance Co., Ltd., Prudential Vietnam Assurance Private Ltd., Chubb Life Insurance Vietnam Co., Ltd., Generali Vietnam Life Insurance Ltd., Hanwha Life Insurance Vietnam LLC, Cathay Life Insurance (Vietnam) LLC, MB Ageas Life Insurance Corporation, and Mirae Asset Prévoir Life Insurance Co., Ltd..

Notably, Manulife Vietnam, which ranked eigth in the Top 10 reputable life insurance companies for 2022, is absent from this year's list. In its place, Mirae Asset Prévoir Life Insurance Co., Ltd. has made its debut entry into the esteemed rankings.

The Top 10 non-life insurance companies in Vietnam in 2023

The Top 10 non-life insurance companies for 2023, according to Vietnam Report, include Bao Viet Insurance Corporation, PetroVietnam Insurance Joint Stock Corporation (PVI Insurance), Bao Minh Insurance Corporation, Vietnam Bank for Agriculture and Rural Development Insurance Joint Stock Corporation, Military Insurance Corporation, Petroleum Insurance JSC, Vietnam Investment and Development Insurance Joint Stock Corporation, Aviation Insurance Corporation, Agriculture Bank Insurance Joint Stock Corporation, and Saigon-Hanoi Insurance Joint Stock Corporation (BaoViet Insurance).

Among them, Bao Viet Insurance and PVI Insurance maintained their leading positions, while Bao Minh Insurance Corporation has made significant progress, rising from seventh to third in the rankings.

Vietnam Report evaluated the reputation of insurance companies objectively and independently, based on the assessment of companies' financial capacity, media coding analysis, and surveys conducted with relevant stakeholders in May and June 2023.

Looking back at 2022, a year marked by profound economic fluctuations, the insurance industry demonstrated relative stability despite a slower growth rate compared to previous years. The industry played a crucial role in safeguarding the economy against risks, and several key indicators within the insurance market reflected positive growth trends.

According to data from the Insurance Supervisory Authority, the overall insurance premium revenue in the market increased by 15.1 per cent compared to the previous year. Life insurance premium revenue rose by 15 per cent, while non-life insurance premium revenue witnessed a robust surge of 15.3 per cent, far surpassing the modest 4.3 per cent growth recorded in 2021. Health insurance, in particular, emerged as the largest product segment.

Entering the early stages of 2023, the insurance industry finds itself facing its own crisis, having helped customers navigate through difficult periods. Controversies surrounding the bancassurance distribution channel have eroded confidence in the life insurance market and the insurance industry as a whole, reaching its lowest levels for nearly 30 years.

The situation further escalated when another life insurance company faced allegations of vague and irresponsible customer advice, resulting in a sudden surge of negative sentiment towards the insurance sector.

Manulife Vietnam repays over $34 million in light of accusations Manulife Vietnam has received 6,060 complaints, resolving 3,553 and refunding over VND800 billion ($34.79 million) regarding allegations against it and SCB of insurance contract deception.

MoF urgently orders inspections at four life insurance companies The Ministry of Finance (MoF) has just assigned the Insurance Supervisory Authority the urgent task of conducting inspections at four insurance companies, namely Prudential Vietnam Life Insurance, MB Ageas Life Insurance, BIDV Metlife Life Insurance, and Sunlife Vietnam Life Insurance.

Woori Bank Vietnam partners with Samsung Vina Insurance to offer property insurance services Woori Bank Vietnam and Samsung Vina Insurance have forged a strategic alliance to enhance property insurance operations, offering more options to new insurance services for corporate clients while strengthening Woori Bank's competitive position.

Top 10 prestigious Vietnamese banks in 2023 revealed 2023 is seen by the banking industry as a challenging year as they have to continue to share resources and help cushion pressure on businesses amid slowing global economic growth.