Insurance Association of Vietnam: 25-year journey of growth

Continuous growth

The IAV is a socio-professional organization voluntarily established by insurance companies to unite and support its members. Its mission is to protect the legitimate rights and interests of members, assist one another in efficient operations to enhance service and product quality, promote fair competition for mutual development, and ensure the sustainability of the Vietnamese insurance market, contributing to the country’s socioeconomic development.

In recent years, the association has coordinated activities among its members for the overall development of the insurance sector, providing relevant authorities with consultation, feedback, and recommendations on policies related to commercial insurance, disseminating insurance knowledge, compiling insurance market statistics, mediating disputes among members, and managing and operating databases on insurance agents and compulsory insurance for motor vehicle owners.

To assist member insurance companies in addressing specialized issues and to enhance their role and benefits, the association has established dedicated and semi-specialized divisions to deal with non-life insurance, life insurance, and health insurance issues.

Since it was established on December 24, 1999 with 10 founding members, including Bao Viet, Bao Minh, VINARE, PJICO, Bao Long, TMIV, PVI, PTI, UIC, and BIC, the association has now grown to 52 official members, consisting of insurance companies, and 26 affiliate members, which are insurance-related organizations. Over the past 25 years of development with five Executive Committee terms, the association’s activities have strengthened and become more professional. The increasing membership reflects its active role and quality of service, fulfilling its established principles and objectives.

Legal framework building

Over the past 25 years of development, the IAV has achieved significant accomplishments. Notably, it has gathered feedback from member insurance companies to contribute to state management regulations, helping to improve the insurance business environment.

The association has also actively carried out awareness-raising efforts to increase public understanding of insurance. These efforts have helped the insured better understand their rights and responsibilities, supporting the sustainable development of the insurance market.

Thanks to the close guidance of state management authorities, active efforts of member insurance companies, and the collaborative efforts of the IAV, the Vietnamese insurance market has achieved notable accomplishments.

First, the financial capacity of insurance companies has been increasingly strengthened, creating a medium- and long-term capital source for investment in the economy. By the end of September 2024, the total assets of the insurance market were estimated to have reached VND978.906 trillion, a year-on-year increase of 9.8 percent. Insurance companies’ reinvestment into the economy was estimated at VND821.241 trillion, up 9.9 percent.

Second, member companies of the IAV have met the insurance needs of organizations and individuals. The total insurance premium revenue in the first nine months of 2024 was estimated at VND165.518 trillion. Insurance payouts were estimated at VND64.07 trillion, a 16.07 percent increase compared to the same period last year.

Third, the distribution network of insurance companies has continued to expand, enhancing professionalism and enabling more efficient and convenient delivery of insurance products and services to customers.