More than a million life insurance policies were distributed via the bancassurance channel in 2022, accounting for 46 per cent of all new premium revenue in the insurance industry, according to the Insurance Association of Vietnam (IAV).

Last year, the insurance sector recorded a total of over 13.9 million new policies, a year-on-year increase of 5 per cent. Total insurance premium turnover for the year was estimated at more than VND178.3 trillion ($7.52 billion), up 12 per cent compared to 2021.

Total insurance payments reached over VND44.1 trillion ($1.86 billion), up 34 per cent year-on-year.

Insurance companies’ investment into the economy stood at over VND592.8 trillion ($25 billion), an increase of 13.9 per cent against the previous year.

In the first quarter of 2023, their investment into the economy reached more than VND636.5 trillion ($26.8 billion), a year-on-year rise of 17 per cent.

However, analysts have warned that the life insurance market and the economy as a whole will face many difficulties and challenges in 2023 due to changes in domestic and foreign financial markets.

Total premium revenue in the first three months was estimated at over VND37.8 trillion ($1.59 billion), down 1.4 per cent year-on-year.