Below are some key findings in this preview:
Vietnam insurance market recorded a strong growth with CAGR 2012-2017 of 20.7% in terms of insurance premium to reach US$4.7bn in 2017. Given low penetration rate compared to other peers in the region, the market posts potential opportunities thanks to increasing personal income, older population and healthcare awareness.
The market has two segments including life and non-life insurance. Of which, life insurance drives the market with CAGR 2012-2017 of 28.7% while non-life insurance increased steadily at CAGR 2012-2017 of 12.2%, correlating with healthcare, vehicles and property.
Life insurance market is dominated by foreign companies thanks to customer preference and companies’ strength in management. Meanwhile, non-life insurance market share is on the hand of domestic firms, with a fierce competition from small foreign firms.
Insurers are competing in customer acquisition via new channels such as partnerships with banks (bancassurance) and e-commerce. The application of big data, AI and robotics is expected to improve the market’s efficiency, especially for cost management.
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