Vietnam’s insurance industry affects households and businesses across Vietnam as both life and non-life demand expand alongside income growth and urbanization. In 2023, life insurance grew to VND 135.3 trillion premiums, supported by unit-linked products, while non-life reached VND 45.2 trillion, driven largely by motor insurance and property & casualty needs. The page then explains market structure and major players, compares life and non-life trends, and links adoption to conditions such as penetration, density, and the urban-rural gap.
Key Takeaways
- PTI Insurance held 12.5% non-life market share in 2023
- Prudential Vietnam led life insurance with 24.8% market share in 2023
- Bao Viet Insurance non-life share 18.2% premiums VND 8.2 trillion 2023
- Life insurance market in Vietnam grew 15.2% to VND 135.3 trillion premiums in 2023
- Unit-linked life products accounted for 28% of new life premiums in 2023
- Participating life insurance policies in force 45 million in 2023
- In 2023, Vietnam's insurance market total premium income reached VND 180.5 trillion, up 12.6% year-on-year
- Vietnam insurance penetration rate stood at 2.4% of GDP in 2023, below the ASEAN average of 4.1%
- Non-life insurance segment grew by 10.8% to VND 45.2 trillion in premium income in 2023
- Non-life insurance premiums totaled VND 45.2 trillion in 2023, up 10.8%
- Motor insurance dominated non-life with 38% share, VND 17.2 trillion in 2023
- Property & casualty premiums grew 11.5% to VND 12.5 trillion in 2023
- Vietnam's insurance penetration was 1.8% in 2019, rising to 2.4% by 2023
- Insurance density per capita increased from USD 45 in 2019 to USD 68 in 2023
- Life insurance penetration at 1.5% of GDP in 2023, non-life at 0.9%
Related reading
02 · Category
Life Insurance25 stats
01
Life insurance market in Vietnam grew 15.2% to VND 135.3 trillion premiums in 2023
02
Unit-linked life products accounted for 28% of new life premiums in 2023
03
Participating life insurance policies in force 45 million in 2023
04
Term life insurance premiums rose 20% to VND 32.4 trillion in 2023
05
Endowment products dominated with 42% market share in life new business 2023
06
Life insurance claims paid VND 25.6 trillion in 2023, payout ratio 82%
07
Annuity products launched with VND 1.2 trillion premiums in 2023
08
Critical illness riders attached to 60% of life policies in 2023
09
Life insurance persistency rate 85% at 13th month in 2023
10
Investment-linked life assets under management VND 120 trillion in 2023
11
Group life premiums VND 18.7 trillion, covering 28 million lives in 2023
12
Whole life premiums declined 2% to VND 15.3 trillion in 2023
13
Digital life policy issuance 35% of total new business in 2023
14
Life insurance new policies issued 12.5 million in 2023
15
Pension-linked life products grew 25% to VND 8.9 trillion in 2023
16
Female-specific life products 15% of portfolio in 2023
17
Life reinsurance ceded 18% of premiums VND 24.3 trillion in 2023
18
Hybrid health-life products premiums VND 22.1 trillion in 2023
19
Life insurance market CAGR projected 12% to 2028
20
Savings-type life policies 55% of in-force in 2023
21
Protection pure life products penetration 12% in 2023
22
Life insurance assets grew 17% to VND 520 trillion in 2023
23
Online life sales via apps VND 15.4 trillion in 2023
24
Life insurance for children policies 3.2 million in 2023
25
ESG life investment funds VND 10 billion AUM in 2023
Interpretation
Life Insurance Interpretation
In Vietnam’s life insurance market, growth of 15.2% in 2023 to VND 135.3 trillion premiums was strongly driven by unit linked products reaching 28% of new premiums, while endowment products led new business with 42% and claims of VND 25.6 trillion posted an 82% payout ratio.
03 · Category
Market Size & Growth30 stats
01
In 2023, Vietnam's insurance market total premium income reached VND 180.5 trillion, up 12.6% year-on-year
02
Vietnam insurance penetration rate stood at 2.4% of GDP in 2023, below the ASEAN average of 4.1%
03
Non-life insurance segment grew by 10.8% to VND 45.2 trillion in premium income in 2023
04
Life insurance premiums increased by 15.2% to VND 135.3 trillion in 2023, driven by unit-linked products
05
Vietnam's insurance density reached USD 68 per capita in 2023, up from USD 60 in 2022
06
Total assets of Vietnam's insurance industry hit VND 650 trillion by end-2023, a 14% increase
07
Health insurance premiums surged 18.5% to VND 28.7 trillion in 2023
08
Vietnam insurance market projected to grow at CAGR 9.5% from 2024-2028, reaching USD 10 billion by 2028
09
In Q1 2024, insurance premiums grew 11.2% YoY to VND 48.3 trillion
10
Foreign-invested insurers contributed 15% of total premiums in 2023, up from 12% in 2022
11
Vietnam's reinsurance market ceded premiums totaled VND 25.4 trillion in 2023
12
Digital insurance sales accounted for 8.5% of total premiums in 2023
13
Insurance investment income rose 16.7% to VND 42.1 trillion in 2023
14
Vietnam insurance claims payout ratio was 65.3% in 2023 for non-life
15
Microinsurance products reached 5.2 million policies by end-2023
16
Vietnam's insurance market ranked 25th globally by premium volume in 2023
17
Bancassurance channel generated 35% of life premiums in 2023
18
Vietnam insurance solvency ratio averaged 180% in 2023, above regulatory 100%
19
Property insurance premiums grew 9.2% to VND 12.5 trillion in 2023
20
Vietnam's insurance industry employed over 250,000 agents in 2023
21
Total new business premiums in life insurance hit VND 98.7 trillion in 2023
22
Non-life insurance market share of total premiums was 25.1% in 2023
23
Vietnam insurance market expected to reach USD 8.5 billion by 2025
24
Credit life insurance premiums increased 22% to VND 4.2 trillion in 2023
25
Vietnam's parametric insurance products launched with USD 50 million coverage in 2023
26
Insurance tech investments in Vietnam reached USD 120 million in 2023
27
Vietnam insurance exports (reinsurance) grew 8% to USD 1.2 billion in 2023
28
ESG-linked insurance products saw 30% uptake growth in 2023
29
Vietnam's insurance market CAGR 2018-2023 was 11.2%
30
Total insurance policies in force exceeded 120 million in 2023
Interpretation
Market Size & Growth Interpretation
In 2023 Vietnam’s insurance market expanded to VND 180.5 trillion in total premium income, up 12.6% year on year, with life premiums rising 15.2% to VND 135.3 trillion and non life growing 10.8% to VND 45.2 trillion, signaling strong market size growth even as penetration remains below the ASEAN average.
More related reading
04 · Category
Non Life Insurance23 stats
01
Non-life insurance premiums totaled VND 45.2 trillion in 2023, up 10.8%
02
Motor insurance dominated non-life with 38% share, VND 17.2 trillion in 2023
03
Property & casualty premiums grew 11.5% to VND 12.5 trillion in 2023
04
Cargo insurance premiums VND 4.8 trillion, up 9% in 2023
05
Liability insurance emerging with VND 1.2 trillion premiums in 2023
06
Non-life claims ratio 68% in 2023
07
Compulsory motor TPL policies 22 million, premiums VND 8.5 trillion 2023
08
Fire insurance penetration 15% commercial properties in 2023
09
Marine hull premiums VND 2.1 trillion in 2023
10
Non-life digital claims processed 40% via app in 2023
11
Engineering insurance premiums up 14% to VND 3.4 trillion 2023
12
Micro non-life products 2.5 million policies in 2023
13
Non-life reinsurance ceded VND 9.8 trillion 18% of premiums 2023
14
Aviation insurance premiums VND 450 billion in 2023
15
Non-life persistency 92% for motor renewals in 2023
16
Credit & surety bonds VND 2.9 trillion premiums 2023
17
Non-life assets VND 130 trillion end-2023, up 12%
18
Parametric non-life products USD 100 million coverage 2023
19
Non-life market CAGR 8.5% projected to 2028
20
Agricultural insurance pilots covered 500,000 farmers 2023
21
Cyber non-life policies 15,000 issued in 2023
22
Travel insurance non-life VND 1.8 trillion post-COVID 2023
23
Construction all-risk premiums VND 1.5 trillion 2023
Interpretation
Non Life Insurance Interpretation
In Vietnam’s non life insurance market, premiums reached VND 45.2 trillion in 2023, rising 10.8 percent, with motor insurance still leading at 38 percent share and property and casualty growing 11.5 percent to VND 12.5 trillion, while the non life claims ratio remains high at 68 percent.
05 · Category
Penetration & Density27 stats
01
Vietnam's insurance penetration was 1.8% in 2019, rising to 2.4% by 2023
02
Insurance density per capita increased from USD 45 in 2019 to USD 68 in 2023
03
Life insurance penetration at 1.5% of GDP in 2023, non-life at 0.9%
04
Urban insurance density USD 120 vs rural USD 35 in 2023
05
Among ASEAN-6, Vietnam's penetration ranks lowest at 2.4% in 2023
06
Insurance coverage reached 85% of population via social health insurance in 2023
07
Private health insurance penetration at 12% of urban population in 2023
08
Motor insurance density 45% of vehicles insured in 2023
09
Life insurance ownership 18% among working-age adults in 2023
10
Non-life penetration grew 0.3% points YoY to 0.9% GDP in 2023
11
Digital penetration in insurance sales reached 25% of new policies in 2023
12
Women hold 55% of life insurance policies in Vietnam 2023 survey
13
SME insurance penetration below 10% in 2023
14
Elderly (60+) insurance coverage 65% via social schemes in 2023
15
Youth (18-25) life insurance uptake 8% in 2023
16
Compulsory insurance penetration 98% compliance in 2023
17
Voluntary non-life penetration 22% households in 2023
18
Bancassurance penetration 40% of life new business in 2023
19
Rural bancassurance penetration doubled to 15% in 2023
20
Insurtech apps downloaded 5 million times, 12% conversion to policy in 2023
21
High-income (>USD 1k/month) insurance density USD 250 in 2023
22
Vietnam penetration forecast to 3.5% GDP by 2030
23
Group life insurance covers 35 million workers in 2023
24
Pet insurance emerging with 50,000 policies, 0.05% penetration in 2023
25
Cyber insurance penetration 2% of enterprises in 2023
26
Travel insurance uptake 18% pre-departure travelers in 2023
27
Life insurance new premiums per capita USD 25 in 2023
Interpretation
Penetration & Density Interpretation
Vietnam’s penetration and density are steadily improving, with penetration rising from 1.8% in 2019 to 2.4% in 2023 and density increasing from USD 45 to USD 68 per capita, yet the country still sits lowest among ASEAN-6 in penetration at 2.4% in 2023.
report visual · Comparison
Vietnam Insurance Industry Statistics statistics snapshot
Selected headline statistics from verified sources for a stable visual baseline.
Prudential Vietnam led life insurance with 24.8% market share in 202324.8%
PVI Holdings non-life leader 22% share in 202322%
Bao Viet Insurance non-life share 18.2% premiums VND 8.2 trillion 202318.2%
Manulife Vietnam life premiums VND 18.5 trillion, 13.7% share 202313.7%
PTI Insurance held 12.5% non-life market share in 202312.5%
Dai-ichi Life Vietnam 9.2% life market share 20239.2%
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Margot Villeneuve. (2026, February 13). Vietnam Insurance Industry Statistics. Gitnux. https://gitnux.org/vietnam-insurance-industry-statistics
MLA
Margot Villeneuve. "Vietnam Insurance Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/vietnam-insurance-industry-statistics.
Chicago
Margot Villeneuve. 2026. "Vietnam Insurance Industry Statistics." Gitnux. https://gitnux.org/vietnam-insurance-industry-statistics.
Sources & references
71 datasets cited across this report