The Life Insurance Sector: Navigating a Turbulent Year

25 Jan

By: B&Company Vietnam

Industry Reviews

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The insurance market in general, and life insurance in particular, in Vietnam has undergone a crisis in 2023. Not only facing the overall economic recession, but the insurance industry has also dealt with communication crises and a loss of customer trust. This has further intensified the significant impact on the entire sector. Nevertheless, the insurance industry has gradually overcome these challenges, restructuring to enhance service quality. The Vietnamese life insurance market has been expanding steadily since its liberalization in 1999, even during the financial crisis. Previously, Bao Viet dominated the market as the only insurer. The market expanded with the entry of foreign capital, with eight insurers in 2005, and as of May 2023, Vietnam has 19 life insurance companies

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