Vietnam’s insurance market sees fast expansion

Vietnam ’s insurance market has expanded rapidly over the past years and will become one of the fastest growing markets in the world, according to the Business Wire website.

“With support from the liberalisation post WTO agreements, economic growth, rising incomes and increasing insurance awareness, the market will continue to grow at fast pace in coming years, the website said.

The life insurance market in Vietnam seems very promising as the country has a population of over 85 million people, with only eight life insurers, reflecting a low penetration rate, the website commented. Thus, life insurance market can prove to be a boon for foreign life insurers, it said, citing the " Vietnam 's Insurance Sector Forecast to 2010” report.

According to the report, Vietnam ’s insurance industry is forecasted to grow at around 22 percent during the 2008-2010 period. Life insurance is projected to hit 12.1 percent and non-life insurance is expected to grow at 29 percent during the period.

VNA

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