Tieudungthongthai
For the first time, the number of life insurance contracts across the entire market has experienced a decline since 2014.
According to the Insurance Association (IAV) data, as of the end of June 2023, the entire life insurance market had 13.35 million valid life insurance contracts (main products). However, following some customer complaints regarding their rights, the number of life insurance contracts saw a significant decline, with approximately 550,000 contracts decreasing compared to the beginning of this year. If we consider the past decade, this financial product has consistently shown year-over-year growth. However, this year marks the first time there has been a decline since 2014, as reported by the Vietnam Insurance Association.
In addition, the number of bancassurance contracts has also decreased at some institutions, while traditional agent channels have struggled to reach new customers. This has resulted in a 31% decrease in the number of new contracts sold across the entire market in the first half of this year compared to the same period last year.