As of October , Vietnam’s insurance market included 85 active insurance companies comprising 31 non-life insurers, 19 life insurers, two reinsurance companies, 32 insurance brokers, and a single foreign non-life insurer branch, according to Vietnam’s Ministry of Finance. The market’s total premium revenue over the first 10 months of the year reached an estimated VND 184.2 trillion or US$7.42 billion, reflecting a slight decline of 0.3 percent from the same period in 2023. Within this, non-life insurance premiums grew significantly to VND 65 trillion or US$2.56 billion, a 12.6 percent increase, while life insurance premiums saw a decrease of 6.17 percent, totalling VND 119.2 trillion or US$4.7 billion.
Insurance benefit payments also saw a substantial rise, with an estimated VND 71.1 trillion or US$2.8 billion paid out, marking a 23.36 percent increase over the same period last year. The insurance sector has invested back in Vietnam’s economy to the tune of an estimated VND 841.2 trillion or US$33.1 billion in total investments, up 12.6 percent year-on-year. Additionally, total insurance reserves reached an estimated VND 657 trillion or US$25.9 billion, reflecting a year-on-year growth of 13.3 percent.
See also: Insurance in Vietnam: Industry Overview