Vietnam’s life insurance market is forecast to grow by 15 per cent in 2023 against last year, according to the Ministry of Finance.

Demand for insurance in Vietnam is expected to increase as awareness among people and economic organizations on its role improves.

The Law on Insurance Business took effect from January, with a hope among insurers that new State policies will help promote the development of the country’s insurance market, the ministry said.

Figures from the Vietnam Association of Insurance showed that, in 2022, total insurance premium revenue in the entire insurance market reached more than VND178.3 trillion ($7.5 billion), a year-on-year rise of 12 per cent. The total number of insurance policies signed was over 13.9 million, up 5 per cent.