Insurance companies expect growth to return after a downturn in 2023

Vietnam Report Joint Stock Company has just announced the list of top 10 prestigious insurance companies in 2024. Accordingly, the top 10 life insurance companies include: Bao Viet, Prudential , Dai-ichi, Manulife, AIA, Generali, Chubb, FWD, Hanwha Life, and Cathay Life. Notably, Manulife insurance company has returned to the rankings after a series of improvements to make insurance transparent and improve service quality.

In the non-life insurance sector, the leader is PVI Insurance Corporation. Followed by companies such as Bao Viet Insurance Corporation, Bao Minh Joint Stock Corporation, Vietnam Joint Stock Commercial Bank for Industry and Trade Insurance Corporation...

Insurance companies expect growth to return in 2024

The Top 10 prestigious insurance companies are built on 3 main criteria: financial capacity shown in the most recent financial report; media reputation is assessed by the Media Coding method - encoding articles about the business on influential media channels; survey of research subjects and related parties is updated up to May.

Despite many difficulties, businesses are showing their utmost efforts, constantly improving processes, applying modern technology, promoting high-quality human resource training, creating a solid foundation for the development of the industry. According to the survey results of experts and insurance businesses by Vietnam Report in the period of May-June, 45.5% of businesses expect the insurance industry to grow from 5-10% in 2024.

Previously, at the end of 2023, according to Vietnam Report's synthesis, the revenue from providing insurance services of life insurance companies decreased compared to 2022 with a decrease of about 20,300 billion VND; the number of new exploitation contracts in the life insurance sector reached 1,915,623 contracts (main product), down 43.8% compared to 2022 and investment-linked insurance products decreased by 41.4%. In addition, the total revenue from new exploitation insurance premiums in the whole market in 2023 also recorded a decrease of 44.5%...

Source: https://thanhnien.vn/doanh-nghiep-bao-hiem-ky-vong-tang-truong-tro-lai-sau-khi-di-lui-trong-nam-2023-185240615080809883.htm