Vietnam Has One of the World’s Most Dynamic and Rapidly Expanding Insurance Industries

Date: 2015-09-21

“• Vietnam has one of the world’s most dynamic and rapidly expanding insurance industries, providing growth potential for life insurers. 

• The life segment was the largest industry segment, accounting for 45.6% of the industry’s gross written premium in 2013. 

• The segment’s growth was partly supported by a rise in the volume of middle class individuals.

• The country’s unemployment rate also decreased from 2.3% in 2009 to 2.1% in 2013. This created employment opportunities and improved the spending power of the middle classes.

• Private pension insurance in Vietnam was non-existence during the review period due to absence of regulatory provision to sell pension products and low awareness. 

• The Vietnamese government brought in a new regulatory framework for pension insurance in October 2013. “

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