Overview of Vietnam Insurance Report Q4 2017 – Includes 5-year forecasts to 2021 by BMI Research
1. BMI Industry View
3. Industry Forecast
4. Insurance Risk/Reward Index
5. Market Overview
6. Company Profile
■ Rising income levels mean many households will be in a position to afford insurance products by 2021 and beyond.
■ The massive growth in agency networks that is currently under way in the life segment should enable a sizeable increase in overall premiums.
■ The size and importance of commercial lines means that the non-life segment should grow in real terms as long as the economy can continue to expand.
■ Life companies are developing new and improved products, such as education savings plans for children.
■ Life companies are entering into bancassurance relationships and are undertaking other distribution initiatives.
■ The government has launched a trial programme to promote the development of export credit insurance.
■ Vietnam’s government is gradually easing restrictions on foreign companies and appears more receptive to overseas investment and ownership.
■ High inflation could constrain households from becoming first-time users of life insurance, in a country where well over 80% lack cover.
■ Lack of development and volatility in the Vietnamese capital and bond markets complicate investment strategies.
■ Vietnam is vulnerable to natural disasters, which would impact heavily on the country’s non-life firms.
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