Non-Life Insurance in Vietnam, Key Trends and Opportunities to 2016

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					Non-Life Insurance in Vietnam,
Key Trends and Opportunities to
2016
Market Intelligence Report

Reference code: IS0038MR

Published: September 2012

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 EXECUTIVE SUMMARY




1 Executive Summary
      The Vietnamese non-life insurance segment grew, in value terms, from VND7.1 trillion (US$430 million) in
      2007 to VND17.2 trillion (US$830 million) in 2011, at a CAGR of 24.9% during the review period (2007–
      2011). This was supported by the country’s robust economic growth, expanding automobile industry, and
      increasing middle-class population. Over the forecast period (2012–2016), the growth of the non-life
      insurance segment will be driven by the development of the country’s automobile, real estate and
      construction markets. These industries will require innovative non-life insurance products to aid their
      expansion, creating a larger customer base for non-life insurers. Property insurance was the largest
      category in the Vietnamese non-life insurance segment in 2011, followed by motor insurance.

      Vietnam is one of the fastest-growing economies in Southeast Asia, indeed the Vietnamese economy is
      expected to grow at a faster rate than both India and China over the forecast period. According to an
      International Monetary Fund (IMF) forecast, the Vietnamese economy will record an annual real GDP
      growth rate of 6.3% in 2012, after posting a growth of 5.8% in 2011. Vietnam’s economic growth is
      expected to increase the finance available to both corporations and individuals, which will enable more
      citizens to purchase non-life coverage. Consequently, non-life insurance premiums are antici
				
DOCUMENT INFO
Description: The Vietnamese non-life insurance segment's growth during the review period was supported by the country’s robust economic growth, expanding automobile industry, and increasing middle-class population. Vietnam is one of the fastest-growing economies in Southeast Asia, indeed the Vietnamese economy is expected to grow at a faster rate than both India and China over the forecast period. Over the forecast period (2012–2016), the growth of the non-life insurance segment will be driven by the development of the country’s automobile, real estate and construction markets. These industries will require innovative non-life insurance products to aid their expansion, creating a larger customer base for non-life insurers. Property insurance was the largest category in the Vietnamese non-life insurance segment in 2011, followed by motor insurance.
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