Ministry of Finance aims to develop the insurance market
The Ministry of Finance (MoF) aims to implement many solutions to achieve the goal of comprehensively developing a safe and sustainable insurance market and meeting the diverse insurance needs of organisations and individuals and ensuring social security this year.
Customers at a Bao Viet Life branch. (Source: VNA)
Hanoi (VNS/VNA) - The Ministry of Finance (MoF) aims to implementmany solutions to achieve the goal of comprehensively developing a safe andsustainable insurance market and meeting the diverse insurance needs oforganisations and individuals and ensuring social security this year.
Accordingly, for market development and improvement of insurance services, theMinistry of Finance said that the average growth rate of total assets, totalinvestment, and total revenue was expected to increase by about 15% this year.
In addition, the Ministry shall grant licences to qualified investors toparticipate in the market; continue to manage and monitor the market by meansof remote monitoring and on-site inspection; at the same time, build andperfect an information technology system serving market management andsupervision; and carrying out inspection and examination of enterprises inaccordance with the approved plan.
The Vietnamese insurance market currently has 79 insurance businesses; of whichthere are 31 non-life insurance enterprises, one branch of non-life insuranceenterprises abroad; 19 life insurance businesses, two reinsurance businesses,and 26 insurance brokerage businesses.
The total assets of insurance businesses are estimated at 811.3 trillion VND (34.4billion USD), a year-on-year growth of 14.5%.
Total equity is estimated at 162.8 trillion VND, up 3.83%. Total insurance premiumrevenue is estimated at 251.3 trillion VND, up 15.09%.
The Ministry of Finance said that the institutional improvement would continueto be focused on to gradually create a favourable legal corridor for thehealthy and sustainable development of the insurance market and meet bilateraland multilateral commitments on international integration.
In addition, the inspection and examination of enterprises are carried out inaccordance with the order and procedures from the formulation of inspection andexamination plans to the organisation and deployment of inspection andexamination delegations.
The Ministry of Finance said that management and supervision activities wereenhanced and standardised in accordance with management and supervisionstandards issued by the International Association of Insurance Supervisors./.
The country’s total insurance premium revenue in 2022 is estimated at 253.7 trillion VND (111.1 million USD), up 18.04 percent compared to 2021, according to the Department of the Insurance Supervisory Authority.
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Customers at a Bao Viet Life branch. (Source: VNA) 
