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In the first 10 months of 2023, the total premium revenue of the life insurance industry reached only VND 127,000 billion, a decrease of 10.93% compared to the same period in 2022. This is the first year in the 20-year history of the life insurance industry to record negative growth.
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VAC 2023 was attended by over 300 actuarial professionals. |
On November 23rd, the 2023 Insurance Pricing Conference (VAC2023) was held in Ho Chi Minh City with the theme "A New Era for the Insurance Industry". This is the largest annual conference of the Vietnamese insurance industry, and this year's conference was hosted by Prudential .
Ms. Ly Thi Thu Thuy, from the Insurance Supervision and Management Department of the Ministry of Finance , acknowledged that 2023 was a year of many difficulties, challenges, and significant changes for the insurance market, especially life insurance in Vietnam. This stemmed from a media crisis, leading to a crisis of confidence in life insurance products, which in turn affected the entire insurance industry.
Specifically, in the first 10 months of 2023, the total premium revenue of the life insurance industry reached only VND 127,000 billion, a decrease of 10.93% compared to the same period in 2022. "This is the first year in the 20-year history of the life insurance industry to record negative growth," Ms. Thu Thuy said, adding that VAC2023 is a forum for insurance companies to reflect and find solutions to move the industry into a new era.
VAC 2023 took place throughout the day on November 23rd with topics including the role of actuarial experts and the insurance industry in meeting customer needs; some technical solutions in insurance actuarial science; discussions on Bacassurance 2.0 (insurance-banking linkage channel); and a panel discussion on the application of ESG in life insurance…
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