Vietnam's insurance premium revenue dips 4.3% in Q1

The decrease rate has slowed compared to previous quarters.

Vietnam’s insurance premium revenue declined by 4.3% to $2.11b (VND53.29t) in the first quarter (Q1) of 2024 compared to the same period of the previous year, according to Vietnam’s General Statistics Office.

The report stated that the decrease showed signs of slowing down compared to the four previous quarters’ decline in revenue.

The life insurance sector amounted to $1.33b (VND33.74t) of the total revenue, reflecting a decrease of around 11%.

ALSO READ: Vietnam to shift to cashless payments for pension, social insurance benefits

For non-life insurance, revenue went up by 9.8% to $773m (VND19.55t), showing steady growth for the quarter.

The country’s continuous decline in premium revenue growth since 2023 is attributed to an insurance crisis involving numerous scandals that have brought consumer trust to an all-time low.

Vietnam’s Ministry of Finance’s Insurance Supervisory Authority (ISA) has proposed solutions to enhance market transparency and safeguard participants’ rights in the insurance industry.

(VND1 = $0.000040)

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