Nearly one million life insurance policies worth almost VND23.8 trillion (US$1.01 billion) were sold through banks last year.
The number accounted for 46% of all policies sold last year, according to the Insurance Association of Vietnam (IAV).
The cumulative number for bancassurance policies rose to 2.9 million while the sum assured was VND45 trillion.
The number of active insurance contracts as of the end of last month was down 250,000 from 2022 to 13.68 million.
IAV deputy general secretary Ngo Trung Dung blamed this on the negative impacts of bank employees’ misconduct in selling insurance policies.
“The insurance industry is going through its biggest ever crisis.”
Changes are needed to policies and regulations to safeguard the industry’s health, he said.
The IAV said insurance companies have promised to review agents’ training and ensure they do not deviate from programs they have submitted to the Ministry of Finance.
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