VCN – Despite many difficulties caused by the impacts of the socio-economic situation, the insurance market in 2022 maintained growth with impressive results.
|The insurance market has 79 insurance businesses. Photo: Internet.
The market maintained growth
According to the latest report by the Ministry of Finance, as of December 12, 2022, the insurance market has 79 insurance companies with total assets estimated at VND 811,312 billion, up 14.51% year-on-year, including VND117,229 billion of non-insurance companies and VND694,083 billion of life insurance companies.
According to statistics, the total equity capital was estimated at VND162,814 billion, up 3.83% year-on-year, of which, the equity capital of non-life insurance companies was estimated at VND37,392 billion and the equity capital of life insurance companies was estimated at VND125,422 billion.
Total insurance premium revenue was estimated at VND 251,306 billion, up 15.09% year-on-year.
Also in 2022, insurance companies paid VND 64,018 billion as benefits for the insured, a year-on-year increase of 23.29%, of which, non-life insurance companies paid VND23,418 billion and life insurance companies VND40,600 billion. Total investment into the economy was estimated at VND656,423 billion, up 12.56% compared to 2021.
Regarding insurance reserves, the total insurance reserve in 2022 was estimated at VND526,559 billion, up 14.6% compared to 2021, of which, non-life insurance companies estimated at VND32,901 billion and life insurance companies estimated at VND493,658 billion.
According to the Ministry of Finance, in 2022, the legal framework has been improved to create a favorable legal corridor for the healthy and sustainable development of the insurance market, meeting bilateral and multilateral commitments on international integration.
In addition, online management and supervision and on-site inspection have been conducted.
Total insurance premium revenue is expected to rise by about 15% in 2023
In 2023, the Ministry of Finance aims to develop a safe and sustainable insurance market to meet the diverse insurance needs of organizations and individuals, and ensure social security, improve the competitiveness and operational efficiency of insurers, ensuring system safety and develop various insurance products.
The Ministry of Finance expects the average growth rate of total assets, total investment, and total revenue to be about 15% in 2023.
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For management and supervision, the Ministry of Finance will grant licenses to qualified investors to participate in the market; continue to carry out the online management and supervision of the market and on-site inspection; build and perfect the information technology system to serve the management and supervision; and conduct inspection of enterprises under the approved plan.
By Thuy Linh/ Huyen Trang