Assessing the Current Situation of Business Activities of Vietnamese Life Insurance Enterprises
Journal Title: Journal of Economics, Finance and Management Studies - Year 2023, Vol 6, Issue 07
Abstract
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.
Authors and Affiliations
Thi Huu Ai Nguyen, Duc Hieu Bui,Thu Trang Le
Keywords
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- EP ID EP727238
- DOI 10.47191/jefms/v6-i7-43
- Views 69
- Downloads 0
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