A difficult year, insurance premium revenue decreased by 4.43%

12/27/2023 14:15 Nhat Linh Print article

ANTD.VN - Total insurance premium revenue decreased by 4.43% compared to the same period last year, estimated at VND211,187 billion. Meanwhile, insurance benefit payments increased by 32.52%, estimated at VND81,162 billion.

According to data from the Ministry of Finance , as of November 30, 2023, the insurance market has 82 insurance businesses. Of which, there are 31 non-life insurance businesses, 01 branch of a foreign non-life insurance business; 19 life insurance businesses, 02 reinsurance businesses, 29 insurance brokerage businesses.

In 2023, the total assets of insurance companies are estimated to reach VND 908,380 billion (an increase of 11.71% over the same period in 2022). Of which, non-life insurance companies are estimated to reach VND 126,809 billion, and life insurance companies are estimated to reach VND 781,571 billion.

Total equity is estimated at VND 189,927 billion, up 7.56% over the same period last year.

Doanh thu phí bảo hiểm sụt giảm trong năm 2023

Insurance premium revenue to decline in 2023

However, total insurance premium revenue decreased by 4.43% over the same period, estimated at VND211,187 billion. Of which, insurance premium revenue in the non-life insurance sector is estimated at VND71,149 billion, and in the life insurance sector is estimated at VND140,038 billion.

According to the Ministry of Finance, insurance premium revenue will decrease in 2023, mainly due to economic difficulties and shortcomings in sales consulting, especially in the insurance sales channel through banks, which has caused disputes in the process of concluding and implementing insurance contracts in recent times, which has undermined trust and affected people's decisions to buy insurance.

Meanwhile, insurance benefit payments increased by 32.52%, estimated at VND81,162 billion. Of which, non-life insurance companies estimated at VND23,814 billion, life insurance companies estimated at VND57,348 billion.

Investment back into the economy is estimated at VND 757,652 billion (up 12.56% over the same period last year). Total insurance reserves are estimated at VND 593,474 billion (up 14.25% over the same period last year).

Regarding insurance brokerage activities, in 2023, the total insurance premiums arranged through insurance brokers are estimated to reach VND 16,824 billion, an increase of 0.4% over the same period last year (of which original insurance premiums arranged through brokers are estimated to reach VND 9,338 billion, reinsurance premiums arranged through brokers are estimated to reach VND 7,486 billion).

Original insurance brokerage commission is estimated at VND894 billion (up 1.1% over the same period last year), reinsurance brokerage commission is estimated at VND265 billion (up 10.7% over the same period last year).

The Ministry of Finance expects that in 2024, the total assets of non-life insurance enterprises will increase by 7.27%; life insurance enterprises will increase by 10.4% compared to 2023.

Total insurance premium revenue is estimated at VND 243,472 billion (up 7.19% over the same period last year), of which insurance premium revenue in the non-life insurance sector is estimated at VND 79,687 billion (up 12% over the same period last year), and life insurance sector is estimated at VND 163,785 billion (up 5.0% over the same period last year).

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