Noida, UP -- (SBWire) -- 10/12/2010 -- 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 few 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 will be the major factors for the prospective growth.
Besides, life insurance market is anticipated to witness high growth in near future. The life insurance industry will accelerate its growth rate owing to its huge potential of exploiting growth opportunities. As per some recent estimation, just around 5% of Vietnamese are protected with life insurance cover, while around 30% are potential prospects who can afford to buy the life insurance cover. We have also identified other major factors responsible for growth of Vietnam insurance market.
Apart from growth in popular products such as life, motor, health, and property insurance, the insurance industry will also experience growth in a large range of emerging segments discussed in our report. Our study reveals that with the increasing insurance awareness and rising income level, demand for traditional life insurance products is decreasing, while the demand for insurance products coupled with saving elements like endowment is increasing.
We have found that the life insurance industry in Vietnam is mainly dominated by foreign players. Foreign insurers account for around two-third of life insurance market. Majority of life insurers are foreign invested because of large capital requirement to set up a life insurance company, which remains out of reach of domestic applicants.
Our research also shows that the in non-life insurance segment, even newly established and small insurers saw revenue growth in recent years.
However, the industry is not free from shortcomings. Financial, human resource, and technological ability of domestic insurance enterprises are apparently limited, making them incapable to meet the rising insurance demand in terms of products and quality.
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Non-Life Insurance Segment to Drive Vietnam Market