Vietnam’s insurance market expected to grow rapidly

The insurance sector in Vietnam will enjoy rapid growth in the future, according to reports published on the “companiesandmarkets.com” website.

This development is attributed to the government’s liberalized policies within the framework of the World Trade Organization, rapid economic development, higher incomes and public awareness of insurance.

Vietnam has recently been one of the fastest growing insurance markets in the world. The life insurance sector has immense potential for development as it has a large market of more than 85 million consumers.

According to the reports, the Vietnamese insurance sector should experience an annual increase of 22 percent.

Life insurance is expected to grow by 12.1 percent a year and the non-life segment by 29 percent a year.

Tags: Vietnam insurance