Premium revenue in the insurance market increased by 13% in the first quarter of 2022

DNHN - In the first months of 2022, amid the complicated developments of the Covid-19 epidemic, the insurance market still maintained a stable growth rate.

According to the Vietnam Insurance Association, by the end of February 2022, the total number of new exploitation contracts of life insurers was 402,224 contracts, down 19% over the same period last year; in which, universal life insurance products accounted for 39.1%, down 36% over the same period last year; unit-linked insurance products accounted for 19.8%, up 88% over the same period last year; Term life insurance products accounted for 32.8%, down 20% over the same period last year; Health insurance products accounted for 6.9%, up 69.4% over the same period last year. The number of valid contracts until the end of the period was 13,182,347, up 11%. 

Total insurance premium revenue in the whole market was estimated at 21,888 billion VND, up 17.2% over the same period last year. In which, universal life insurance products accounted for 53.4%; mixed insurance products accounted for 17.5%; unit-linked insurance products accounted for 17.1%; by-products accounted for 10.3%.

The remaining insurance products accounted for 1.65%, of which, life insurance products accounted for 0.2%, term life insurance products accounted for 0.8%, and periodic payment insurance products accounted for 0.1%, retirement insurance products accounted for 0.2%, health insurance products accounted for 0.32%, term life insurance products accounted for 0.001%. 

In addition, the insurance premium for new exploitation in the first two months of 2022 decreased by 9.5% to VND 6,059 billion.

The total amount of insurance businesses have paid in 2 months of 2022 for insurance products is 5,419 billion VND.

According to the Vietnam Insurance Association, by the end of February 2022, the non-life insurance market's revenue is estimated at 11,248 billion VND, up 15.3% over the same period, compensation is 2,709 billion VND, compensation ratio 24.1 % (not including compensation provision).

Motor vehicle insurance's revenue reached 3,170 billion dong, accounting for 28.2% of total market revenue, up 10.1% over the same period, compensation was 979 billion dong, compensation rate was 30.9%. 

Civil liability insurance revenue of motor vehicle owners reached 733 billion VND, accounting for 6.5%, up 8.4% over the same period, compensation 108 billion VND, compensation rate 14.8%. Voluntary motor vehicle insurance revenue reached 2,436 billion VND, up 10.6% over the same period, accounting for 21.7%, compensation 871 billion VND, compensation rate 35.8%

Health insurance revenue reached 3,421 billion dong, accounting for 30.4%, up 15.3% over the same period, compensation was 858 billion dong, claim rate 25.1%

Property damage insurance revenue reached VND 1,669 billion, accounting for 14.8%, up 9.7%, compensation VND 254 billion, compensation rate of 15.2%.

Fire and explosion insurance revenue reached 1,398 billion dong, accounting for 12.4%, up 15.9%, compensation was 391 billion dong, claim rate was 28%. CNBB's insurance revenue reached 1,152 billion dong, accounting for 10.2%, up 22.4%, compensation 246 billion dong, claim rate 22.8%. 

Voluntary fire and explosion insurance revenue reached 262 billion VND, accounting for 2.2%, down 7.1% over the same period, compensation 128 billion VND, compensation rate 52.3%. 

Cargo insurance revenue reached 506 billion dong, accounting for 4.5%, up 28.3%, compensation 76 billion dong, compensation rate 15.1%.

Hull insurance and shipowner's civil liability reached 434 billion dong, accounting for 3.9%, up 19.9 percent, compensation was 112 billion dong, compensation rate was 25.9%.

Other insurance activities include liability insurance at VND 277 billion, up 9.3%, aviation insurance at VND 166 billion, up 103.6%, credit and financial risk insurance at VND 149 billion, up 21.1%, business loss is 37 billion dong, up 7%, agricultural insurance is 11 billion dong, down 39.2% over the same period, insurance guarantee is 4 billion dong, down 9.1% over the same period.

According to the General Statistics Office, in the first months of 2022, amid the complicated developments of the Covid-19 epidemic, the insurance market still maintained a stable growth rate. 

Premium revenue of the entire insurance market in the first quarter of 2022 is estimated to increase by 13% over the same period last year, of which premium revenue from the life sector increases by 15%, the non-life insurance sector increases by 9%.

Hai Anh