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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 keeping with GlobalData, which additionally predicts that the final insurance coverage trade in Vietnam is predicted to develop by 2.4% in 2023 and 5% in 2024.
GlobalData additionally acknowledged that these rises are on account of beneficial regulatory reforms, rising demand for nat-cat insurance coverage on account of 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 major progress of 17.5% in 2022, the final insurance coverage trade is projected to realize slower progress in 2023 on account of a slowdown in Vietnam’s economic system, which is predicted to affect all main normal insurance coverage strains. Nonetheless, the final insurance coverage progress is predicted to revive from 2024 onwards with a revival within the international economic system and easing inflation ranges.”
Private Accident and Well being (PA&H) insurance coverage is the most important 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 growing well being consciousness after the pandemic and altering demographics, which embody an growing life expectancy and a quickly getting old inhabitants.
As well as, in keeping 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 growing 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, considerations about declining public well being infrastructure, with lengthy ready durations and restricted protection have led folks to maneuver in direction of non-public medical insurance, which is able to help PA&H insurance coverage progress. PA&H insurance coverage is predicted to develop at a CAGR of seven.5% throughout 2023-28.”
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