Also during this period, insurance benefit payments were estimated at VND27,468 billion, an increase of nearly 4.4% over the same period last year, demonstrating the important role of life insurance in providing timely support, minimizing the financial burden for customers facing risks and events in life.
In addition, the number of effective contracts reached more than 11.7 million, up 1.06% over the same period. Total assets of the whole industry reached VND910,829 billion, up 10.74%, with VND787,000 billion reinvested into the economy , up 10.25%. Equity and charter capital of enterprises both recorded stable growth rates of 5.33% and 1.32%, respectively.
According to Mr. Ngo Trung Dung - Deputy General Secretary of the Vietnam Insurance Association: these positive figures not only reflect the restructuring and adaptation efforts of businesses, but are also an optimistic signal for the recovery of confidence and stable growth of the entire industry in the current period when the country is changing strongly.
“Completing the legal framework for life insurance companies, such as restructuring products from July 1 with many benefits for participants or previously requiring recording of consultations when selling investment-linked insurance products, etc., helps strengthen people's trust in the insurance industry, especially life insurance,” said Mr. Dung.
According to Mr. Ngo Trung Dung, the entire insurance industry is entering a period of strong transformation to meet the new regulations in Decree 46/2023/ND-CP detailing the implementation of a number of articles of the Law on Insurance Business and Circular 67/2023/TT-BTC guiding a number of articles of the Law on Insurance Business.
“The adjustment according to Decree 46 is an important restructuring step of the entire industry to increase transparency and protect the rights of insurance participants, while clearly separating life insurance products and financial investments.
With this change, insurance companies have been actively implementing new product categories towards streamlining, transparency, ease of understanding and providing more practical protection for customers.
Separating risk benefits for each specific product will help insurance buyers proactively choose benefits according to their needs, while minimizing future disputes," Mr. Dung added.
In addition, for insurance contracts that have been issued and are still in effect before July 1, customers' rights will not be affected at all and insurance companies will still guarantee all rights and benefits as initially committed. Annually renewed supplementary insurance products are still allowed to be renewed according to regulations to provide sustainable protection for customers.
In addition to product portfolio innovation, the upturn in the life insurance market in the first half of 2025 also comes from businesses continuing to apply technology to improve customer experience, enhance consultant training, and upgrade and expand their office network.
In the technology sector, businesses are increasing investment and applying AI, OCR, chatbot, cloud computing solutions... to increase interaction with customers and shorten claim processing time.
Strengthening quality control of distribution channels and improving consultant training programs are also focused on by businesses.
Source: https://nhandan.vn/sau-thang-dau-nam-chi-tra-quyen-loi-bao-hiem-uoc-dat-27468-ty-dong-post893810.html
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