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The final insurance coverage trade in Vietnam is ready to develop at a CAGR of 6.7% from VND71.1trn ($3bn) in 2023 to VND98.3trn ($3.9bn) in 2028.
That is in accordance with GlobalData, which additionally predicts that the final insurance coverage trade in Vietnam is anticipated to develop by 2.4% in 2023 and 5% in 2024.
GlobalData additionally acknowledged that these rises are resulting from beneficial regulatory reforms, rising demand for nat-cat insurance coverage resulting from local weather change, and a post-Covid-19 rise within the want for medical insurance.
Swetansha Chauhan, insurance coverage analyst at GlobalData, mentioned: “After experiencing a big progress of 17.5% in 2022, the final insurance coverage trade is projected to attain slower progress in 2023 resulting from a slowdown in Vietnam’s economic system, which is anticipated to affect all main normal insurance coverage traces. Nonetheless, the final insurance coverage progress is anticipated to revive from 2024 onwards with a revival within the world economic system and easing inflation ranges.”
Private Accident and Well being (PA&H) insurance coverage is the largest line of enterprise, accounting for a 35% share, by way of GWP, in 2023. PA&H insurance coverage grew by 3.2% in 2023, primarily pushed by rising well being consciousness after the pandemic and altering demographics, which embody an rising life expectancy and a quickly growing old inhabitants.
As well as, in accordance with the United Nations Inhabitants Fund (UNFPA), as of 2023, 10% of the inhabitants in Vietnam was aged 65 years and above, which is supporting the demand for medical insurance.
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Chauhan added: “The rising value of medical remedies, pushed by a excessive demand for high quality healthcare and rising inflation, has led to a rise within the premium costs for medical insurance insurance policies. Additionally, issues about declining public well being infrastructure, with lengthy ready intervals and restricted protection have led individuals to maneuver in direction of personal medical insurance, which can assist PA&H insurance coverage progress. PA&H insurance coverage is anticipated to develop at a CAGR of seven.5% throughout 2023-28.”
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