ANTD.VN - Insurance premium revenue in the first 7 months of the year decreased by 5.54% compared to the same period last year, showing that the insurance market continues to face difficulties.
According to the Ministry of Finance , in the first 7 months of the year, total insurance premium revenue was estimated at VND130,138 billion, down 5.54% compared to the same period last year. Previously, figures released in May and June also showed a decrease compared to the same period last year, with decreases of approximately 1.5% and 1.6%.
Despite a sharp decline compared to the same period last year, fee revenue in July still increased by more than VND83,000 billion compared to the previous month, significantly higher than the increase of nearly VND24,000 billion in June.
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In the first 7 months of the year, businesses also paid insurance benefits estimated at 41,068 billion VND (up 23.51% over the same period last year).
The Ministry of Finance said that by the end of July, the insurance market had total assets estimated at VND870,002 billion (up 11.77% over the same period last year), of which non-life insurance enterprises were estimated at VND118,871 billion and life insurance enterprises were estimated at VND751,131 billion.
Investment back into the economy is estimated at VND 727,964 billion (up 14.19% over the same period last year), of which non-life insurance enterprises are estimated at VND 65,557 billion; life insurance enterprises are estimated at VND 662,407 billion.
Total insurance reserves are estimated at VND570,916 billion (up 15.42% over the same period last year), of which non-life insurance enterprises are estimated at VND33,923 billion, and life insurance enterprises are estimated at VND536,993 billion.
Total equity is estimated at VND 181,951 billion (up 3.61% over the same period last year).
Regarding the reflection of violations in insurance business, the Ministry of Finance said that as of July 31, 2023, it had received and processed 213 petitions and reflections by phone and 479 petitions and reflections via email.
Previously, the Ministry of Finance also announced violations by 4 businesses selling insurance through banks.
Deputy Minister of Finance Nguyen Duc Chi said that the Ministry is implementing the inspection process, and after a short time will strictly handle the violations of the 4 insurance companies and continue to announce.
According to the 2023 plan, the Ministry of Finance will inspect 10 enterprises, including 5 insurance enterprises, 3 life insurance enterprises, and 2 non-life insurance enterprises.
In particular, focusing on the linkage in business activities between these enterprises and credit institutions, commercial banks and directing inspection contents according to the direction of the Government and the Resolution passed by the National Assembly .
The Deputy Minister said that the Ministry of Finance has coordinated with the State Bank to direct inspection and supervision so that the insurance market operates in accordance with the law, ensuring the legitimate and legal rights of individuals and organizations participating in insurance as well as insurance businesses.
At the end of July, the Prime Minister also requested the Ministry of Finance to preside over and coordinate with the State Bank of Vietnam and relevant agencies to urgently inspect, examine and supervise the provision of insurance services, the sale of insurance through banks and the operations of insurance companies to quickly identify and clarify whether there are signs of violations, fraudulent, deceptive or illegal acts, so as to have a basis for strict handling in accordance with the law and have timely and effective corrective solutions.
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