Noida, UP India (PressExposure) June 02, 2011 -- According to our new research report "Vietnam Insurance Sector Forecast to 2014", the life insurance sector, which accounts for over half of the insurance market, has witnessed robust growth in the country during the past few years. Maximum of this growth is due to the expansion of the middle class population and the country's rising economic growth. The life insurance sector also recorded healthy growth in 2010. In fact, it has been witnessing an increase in growth rates for the past two years as more and more people are opting for insurance cover to protect themselves from risks.
The life insurance industry in Vietnam is mainly dominated by foreign players. The country has just one domestic life insurer and one joint venture and rest all are foreign insurers. Foreign insurers account for around two-thirds of the life insurance market. Majority of the life insurers are foreign invested as a large capital (VND 600 Billion) is required to set up a life insurance company, which still remains out of reach of the domestic applicants.
Compared to its regional peers, the Vietnamese insurance market is quite small with low levels of insurance penetration. However, the insurance sector in Vietnam has rapidly expanded during the past few years and experienced an increase in the presence of foreign players. The industry is further expected to grow at a CAGR of around 22% during 2011-2014.
Our report "Vietnam Insurance Sector Forecast to 2014", provides extensive research and objective analysis of the growing Vietnam insurance industry, its structure, and demand potential. The report has identified important players operating in the sector. The key players section talks about business profiling of all leading players. Moreover, it has analyzed all the emerging trends including important drivers and key challenges to help investors understand the market conditions.
Besides, the report has identified possible growth areas for the expansion of Vietnamese insurance industry. Most importantly, the report has figured out the expected insurance sales of both life and non-life insurance products. Forecasts presented in the report are based on the correlation between past market growth and growth in base drivers, penetration level, rise in living standard, GDP growth, competitive structure, and the government support.
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