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Life insurance premiums increased in Q3 after five quarters of negative growth
The total life insurance premium of new contracts increased for the first time in Q3, a positive signal for the finance – insurance market in the context that the global and Vietnamese economy remain struggling, according to the Insurance Association of Việt nam (IAV).
A woman reading life insurance terms. The total life insurance premium of new contracts increased for the first time in the last six quarters. — Photo tinnhanhchungkhoan.vn
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IAV’s statistics showed that life insurance premiums of new contracts totalled VNĐ5.934 trillion in the third quarter of this year, slightly higher than the total premiums worth VNĐ5.874 trillion of the same period last year.
Although this is a modest increase, it is a positive signal for the finance and insurance market, the association said.
Returning to positive growth showed that confidence and optimism have gradually returned to the life insurance market, although there are still many difficulties ahead to regain the growth momentum, the association’s Deputy General Secretary Ngô Trung Dũng said.
In the context that consumers are still cautious with spending, insurance companies should improve customer experiences to achieve better results in the last quarter of this year and next year.
Overall, life insurance premiums were estimated to reach VNĐ106.504 trillion in the first nine months of this year, a drop of 6.7 per cent over the same period last year.
There are nearly 11.7 million valid projects as of the end of September, 11 per cent lower than the same period last year.
Insurance companies paid more than VNĐ40 trillion to customers in the January – September, including maturity benefits, compensation and other expenses.
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