The insurance industry was unable to meet the targets defined in the Sixth Five-Year Economic Development Plan (2016-2021), despite reasonable growth.
According to a report by IBENA, the sector was supposed to increase the share of life insurance annual premium income by 50%. This segment was 15.3% higher by the end of the plan period.
Data show the share of life insurance in the industry’s collective portfolio increased 0.4% on average.
A key goal of the national plan was to boost the sustainability of insurance company income and improve their financial clout.