Vietnam: Life coverage targeted to double to 15% by 2025
Source: Asia Insurance Review | Apr 2019
The Vietnamese government has set a goal of getting 11% of the population to have life insurance by 2020 and 15% by 2025, up from the current 8%, under a recently approved restructuring scheme for the securities and insurance market.
According to Viet Dragon Securities, the middle class will grow rapidly and be a major driver of growth in personal insurance, including life, health and motor vehicle insurance. The middle class is forecast to account for 50% of the population by 2035 compared to 11% in 2015. A