With the limited penetration and huge potential, Vietnam offers ample opportunities for international insurers. The Vietnam insurance market is one of the fastest growing insurance markets in the world. This is evident from the fact that while the insurance markets worldwide were facing financial crisis, the Vietnam insurance market was enjoying robust double digit growth. It grew at a CAGR of close to 20% during 2007-2009.
According to our new research report "Vietnam Insurance Sector Forecast to 2013", the non-life insurance sector, which accounts for over half of the insurance market, has witnessed robust growth over the past couple of years. It is expected to grow at a CAGR of around 25% during 2010-2013. Strong demand for motor vehicle insurance products, property and health insurance products are the major factors for the prospective growth.
The life insurance also recorded healthy growth in 2009. In fact, it witnessed an increase in growth rate compared to previous years as more and more people seek insurance cover to protect themselves from different kinds of risks. The life insurance premium grew at a CAGR of around 10% during 2005-2009.
The report provides extensive research and objective analysis of the growing Vietnam insurance industry, its structure and demand potential. The report has identified important players operating in the sector. The key players section talks about business profiling of all leading players. Moreover, it has analyzed all the emerging trends including important drivers and key challenges to help investors understand the market conditions.
The report has identified the possible growth areas for the expansion of Vietnam insurance industry. Most importantly, the report has figured out the expected insurance sales of both life and non-life insurance products. The forecast is based on the correlation between past market growth and growth in base drivers, penetration level, rise in living standard, GDP growth and competitive structure and government support.