The total insurance premium revenue in Vietnam in 2021 is estimated to have increased by 15.59% to VND215tn ($9.4bn) in 2021, according to information from the Department of Insurance Management and Supervision which is part of the Ministry of Finance.
The department says that this growth was achieved despite the difficulties and challenges posed by the COVID-19 pandemic.
In 2022, the Vietnamese insurance market is forecast to maintain double-digit growth. The insurance regulator says that total insurance premium revenue this year is predicted at VND253.7tn, a surge of 18.04% compared to 2021. Insurance benefits payments in 2022 are forecast at VND58.3tn, up by 17.61% over 2020.
As of 31 December 2021, there were 77 insurance entities operating in Vietnam, comprising 31 non-life insurers, 19 life insurers, two reinsurers, 24 insurance brokerages and one branch of a foreign non-life insurer.
The Vietnamese economy expanded by 2.58% in 2021, the General Statistics Office announced last week. Recovery is expected to accelerate from the pandemic in 2022 with momentum from the travel and tourist industries. The government has aimed to cap average inflation at 4% in 2021 and 2022. A