Vietnam Insurance Q4 2018
Vietnam's insurance industry remains underdeveloped, with total premiums comprising only around 2% of overall GDPat present. Widespread poverty and low household incomes have limited the affordability of even basic property and motorproducts. As it is one of Asia's fastest-growing economies, we believe that there is potential for rapid growth across most lines overthe next few years. In the personal insurance segment, increasing car ownership will support higher demand for motor insuranceproducts, while fast growth in private healthcare usage will drive wealthier households to purchase health and personal accidentinsurance products. We are also looking for life insurers to profit from growing demand for savings and investment products. Againstthis backdrop, we expect the opportunities available to international providers and investors to be significant over the coming years,particularly as the government relaxes its stance towards foreign investors. The fragmented nature of the market at present will alsoprovide scope for mergers and acquisitions.
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