Vietnam's insurance premiums rebound in Q3
- Asia First
- Oct 14, 2024
- 1 min read
Vietnam's insurance premium revenues rose 6.9% year-on-year to VND56.4tr (USD2.2bn) in Q3 2024, marking the first growth since the second quarter of 2023, according to the General Statistics Office. The rebound was driven primarily by the non-life insurance segment, which saw premiums increase 12.9% to VND58.5tr in the first nine months. In contrast, life insurance premiums fell 6.5% to nearly VND107tr due to lingering consumer mistrust following complaints about unfair contract terms and pressured bancassurance sales. Despite the recovery, total premiums for the first nine months remained slightly down by 0.4% at VND165.5tr. The industry also faced challenges from Typhoon Yagi, which led to significant claims estimated at VND9tr for non-life insurance and VND13tr for life insurance.