Improve agency quality, aiming to develop a sustainable ASEAN insurance market

From December 5-8, 2023, in City. Ha Long, Quang Ninh province held the 26th ASEAN Insurance Regulatory Authorities Conference (AIRM26) and the 49th ASEAN Insurance Council Conference (AIC49) with the theme “Sustainable, comprehensive and connected”. ”.

Attending the AIRM 26 and AIC 49 Conferences were about 150 delegates who were representatives of regulatory agencies and insurance businesses of 10 ASEAN member countries, the ASEAN Secretariat and the AITRI Insurance Academy.

ASEAN INSURANCE MARKET HAS MANY BRIGHT POINTS

AIRM (Asean Insurance Regulatory Management) Conference is an annual conference of insurance regulatory agencies of ASEAN countries. Every year, the conference is hosted by the insurance regulatory agencies of member countries in turn in alphabetical order by country name and chaired by the head of the host country’s insurance regulatory agency. maintain.

The ASEAN Insurance Council (AIC) Conference is a conference of insurance businesses and insurance associations, conducted in parallel with the AIRM Conference of the regulatory agency and hosted by the insurance association of the host country. maintain.

Ông Ngô  Viet Trung, Director of the Department of Insurance Management and Supervision (Ministry of Finance).
Mr. Ngo Viet Trung, Director of the Department of Insurance Management and Supervision (Ministry of Finance).

“This year’s theme name is built on the basis of covering AIRM’s recent meeting contents such as: sustainable insurance, comprehensive finance, technology trends and connections between ASEAN countries in economic development. economics, finance.

A special feature of this year’s conference is that in addition to participating in discussions on solutions for developing a sustainable insurance market mentioned at previous AIRM Conferences, participating member countries will discuss the issue of sustainable insurance market development. agency management issues for sustainable development of the insurance market”.

At this conference, regulatory agencies and insurance businesses will discuss and propose effective solutions to continue implementing the direction of the ASEAN Finance Ministers’ Meeting, strengthening cooperation and sharing. share experiences, for the development of the insurance sector of each country and region, towards the goal of integrating into the ASEAN common community.

According to the assessment of the leaders of the Department of Insurance Management and Supervision, in the ASEAN region, thanks to support from fast-growing and dynamic economies, the ASEAN insurance market has many bright spots. Along with the economic recovery, ASEAN witnessed development in the insurance sector as it maintained a growth rate in total insurance premiums and total insurance assets also increased, with the entry of many new companies. on the market.

In addition to the fundamental macro factors, it is thanks to the efforts of AIRM members to regularly update and perfect mechanisms and policies, notably pioneering the pilot application of a number of policy mechanisms. helps improve financial security, increase business opportunities, increase insurance coverage, and facilitate product access for customers.

Besides, with the efforts of insurance businesses, insurance associations have developed new products, improved financial capacity, expanded business opportunities…

“In the context of comprehensive finance, there are many interwoven financial services and the development of distribution channels, especially the diversity of the insurance agency system, a special feature of this year’s conference. Currently, participating member countries will discuss agency management issues for sustainable development of the insurance market, in addition to participating in discussions on solutions for sustainable insurance market development mentioned above. at previous AIRM Conferences”, Director General Ngo Viet Trung emphasized and said that this will be a useful topic and receive attention and active discussion from delegates attending this year’s conference. .

BIG ROAD FOR DEVELOPING VIETNAM INSURANCE MARKET

As for Vietnam, the Director of the Department of Insurance Management and Supervision said that after 30 years of formation and development, the Vietnamese insurance market has made remarkable progress.

Accordingly, the legal framework system for insurance business activities is continuously improved. Along with that, many life and non-life insurance businesses and insurance brokers joined the “race”, reflecting the attractiveness of Vietnam’s insurance industry.

Insurance products are also more diverse, meeting the increasing needs of people, organizations and businesses to use insurance services.

In the period from 2013 to 2022, insurance premium revenue in the entire market will grow by an average of 18.3%, of which, non-life market revenue will increase by an average of 11.6%; Life insurance market revenue increased by an average of 23.3%.

However, in 2023, like some countries in the region, the Vietnamese insurance market will also face some challenges.

However, thanks to the drastic direction of the Government, the Ministry of Finance and related units, the efforts of businesses, and the companionship of people, many solutions have been strengthened and initially brought about effectiveness.

Furthermore, in relation to the region and the world, the scale of Vietnam’s insurance market is still quite modest, while the market’s potential is still large, this is room for the market to develop more actively in the future. next time. Vietnam’s insurance market is expected to develop in a more quality, healthy and sustainable direction.

In the coming time, in addition to solutions on continuing to improve mechanisms and policies related to the insurance sector, especially policies related to risk-based supervision, technology application in insurance business activities, encouraging insurance businesses to research and develop new insurance products, and strengthening effective international cooperation is also an important solution to focus on.

In the Southeast Asia region, the AIRM Conference and the AIC Conference are considered central activities of insurance cooperation in the region and in recent times, member countries have participated very actively.

Thereby, member countries have the opportunity to meet, share and update information and experiences in managing and supervising a comprehensive and sustainable insurance market as well as recommendations and initiatives of the insurance business sector. dangerous…

“We hope that with close cooperation within the bloc, including the process of financial and insurance cooperation, the insurance sector will achieve more achievements, actively contributing to the development process. socio-economic development in each country as well as in the entire region”, the leader of the Department of Insurance Management and Supervision expected.

Based on the contents of the conference, at the Plenary Meeting, the President of AIRM and the President of AIC announced the results of the 26th AIRM Conference and the 49th AIC Conference.

Insurance management agencies and insurance businesses work together to guide the development of the insurance industry in each country and the ASEAN region. The results and content of cooperation will be reported to the ASEAN Finance Ministers’ Meeting for synthesis and evaluation.

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