Vietnam: Upbeat outlook for insurance market
Source: Asia Insurance Review | Sep 2019
The insurance industry in Vietnam will continue to maintain its high growth momentum for the rest of this year, and insurers will continue to expand their networks as well as R&D efforts to offer products that meet the increasingly diverse needs of customers, according to Vietnam Insurance Association general secretary Bui Gia Anh.
He pointed out that in the first seven months of this year, total insurance revenue in Vietnam is estimated at VND71.15tn ($3.1bn), up by 24.4% compared to the corresponding period in 2018. Insurance benefit payments are estimated at VND18.65tn from January to July, up by 19.6% year on year.
In fact, the demand for insurance in Vietnam continues to increase, and people and businesses are increasingly interested in insurance, Mr Anh said.
The insurance market in Vietnam currently comprises 30 non-life insurers, 18 life insurers, two reinsurance companies, 14 insurance brokers and a branch of a foreign non-life insurer. A