Top 10 prestigious insurance firms in 2022 announced

The Vietnam Report JSC on July 1 announced the lists of Top 10 most prestigious life and non-life insurance companies in Vietnam in 2022.

Accordingly, the 10 prestigious life insurance companies included Bao Viet Insurance, Dai-Ichi Vietnam, AIA Vietnam, Prudential Vietnam, Chubb Vietnam, MB Ageas, Hanwha Life Vietnam, Manulife Vietnam, Generali Vietnam, and Cathay Vietnam.

Meanwhile, the top 10 non-life insurance companies in 2022 are Bao Viet Insurance, Posts and Telecommunications Joint Stock Insurance Corporation (PTI), PVI Insurance, Petrolimex Joint Stock Insurance Company (PJICO), Military Insurance Corporation (MIC), BIDV Insurance Corporation, Bao Minh Joint Stock Corporation, VietinBank Insurance Company, Agriculture Bank Insurance Joint Stock Corporation and Saigon-Hanoi Insurance Corporation.

Based on the reputation of insurance companies, Vietnam Report made assessments objectively and independently on the foundation of their financial capacity, media reputation and a survey of relevant organisations and individuals conducted in June 2022.

Vietnam Report General Director Vu Dang Vinh said that the current new normal period after two years of COVID-19 provides great chances for all businesses, especially insurance firms.

He said that Vietnamese customers’ awareness of insurance benefits has increased.

According to the Vietnam Insurance Association, as of the end of May, life insurance premium revenue in Vietnam was estimated at over VND66.71 trillion (US$2.86 billion), up 17.2% year on year, while that of non-life insurance was about VND22.56 trillion, a rise of 13.1% over the same period last year.

Commenting on the outlook of the insurance sector this year, Vinh held that the majority of insurance firms expects growth of 10-14%, lower than the real rise of 24.98% in 2021.

Experts held that difficulties facing the sector will last for only a short term, and in the long term, the potential of the market remains great.