Vietnam Non-life Insurance to Post Robust Growth during 2011-2013
Rising demand for motor, property, and health insurance products will fuel the growth, says RNCOS latest report.
- (1888PressRelease) December 15, 2010 - According to our research report "Vietnam Financial Sector Forecast to 2013", non life insurance will post 25% CAGR during the forecast period (2011-2013). Rising demand for motor, property, and health insurance products will fuel growth in this sector. We have found that the financial capacity and business capability of enterprises have significantly increased with the implementation of industry's strategic development measures. Besides, risk assessment and loss prevention practices have improved. As a result, the net retained non-life insurance premium of the industry has significantly increased during the past few years.
Our team has observed that life insurance is also poised for rapid growth during the forecast period as life insurers have made big efforts to change and upgrade products to bring more utilities to the consumers. Vietnamese insurers focus on developing innovative and investment associated insurance products. Overall, the insurance sector expansion has been primarily a consequence of growing presence of foreign players, which has spurred local firms, and particularly the largest state-owned insurer, the Vietnam Insurance Corporation (an arm of the Bao Viet financial and insurance group), to become more competitive.
Besides, we have found that Vietnam's financial sector has great potential as banking sector is transforming and ongoing deregulation will fuel the sector in the coming years. Country's banking and financial services sector is developing at twice the country's GDP rate with growing consumer demand, increased internationalization of the banking system, and a more sophisticated range of monetary products and instruments.
"Vietnam Financial Sector Forecast to 2013" provides a thorough research done by a dedicated team of analysts. The report covers banking and insurance sector of Vietnam including banking assets, loans, deposits, net interest income, payment instruments, and insurance sector with forecast till 2013. The report also provides current industry trends M&A, bancassurnace, microfinance, medical insurance etc. Our report studies macro and micro economic factors and current developments to assess the financial sector of Vietnam. The report provides business overview and latest developments of key players of the industry. Our report aims at providing the best research in the field of Vietnam's financial sector.
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RNCOS specializes in Industry intelligence and creative solutions for contemporary business segments. Our professionals study and analyze the industry and its various components, with comprehensive study of the changing market behavior. Our accuracy and data precision proves beneficial in terms of pricing and time management that assist the consultants in meeting their objectives in a cost-effective and timely manner.
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