Assessing the Current Situation of Business Activities of Vietnamese Life Insurance Enterprises
1Thi Huu Ai Nguyen, 2Duc Hieu Bui,3Thu Trang Le
1Insurance Department, University of Labour and Social Affairs, Vietnam
2Student DMB01-002-2022, International Business, Diplomatic Academy of Vietnam
3Student D18BH01, 1118030061, Insurance Department, University of Labour and Social Affairs, Vietnam
https://doi.org/10.47191/jefms/v6-i7-43ABSTRACT:
By methodology research method, the article has synthesized information about the history of the formation and development of life insurance in the world and in Vietnam. As a country in the group of developing countries, the insurance industry, including life insurance, is considered to have a lot of potential for future development with the advantage of a young population and a growing economy. From the insurance market data over the years, the article has analyzed the business performance of Vietnamese life insurance enterprises. Accordingly, the premium revenue of the entire insurance market has increased continuously over the years with the average number of new policies reaching 3,024,004 contracts/year or the diversified distribution channel size is also a reason increase in market revenue. However, it also has limitations such as the strong but unbalanced market size, the number of Universal life and Term Insurance products accounted for 87% and the number of contracts canceled before expiration has increased continuously over the years. years. The article also identifies development opportunities and challenges such as increasing competition, a high number of insurance product distribution agents leaving every year, and an inconsistent information technology infrastructure.
KEYWORDS:
Business activities, Life insurance, Scale, Revenue, Vietnam
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