Delhi, India (PressExposure) June 19, 2009 -- According to âVietnam Insurance Sector Forecast to 2013", a new report from research firm RNCOS, despite the economic slowdown, the non-life insurance industry in Vietnam is expected to rise at a CAGR of nearly 25% between 2009 and 2013. Strong demand in motor vehicle, property and health insurance will lead the growth.
As per our research, various legislations have been introduced to ensure the security of road users considering motor vehicles as the common means of transportation. There are laws which mandate motor vehicle owners to carry insurance cover in respect of third party bodily injury. From 2003 to 2007, the number of cars joining compulsory insurance increased by 7.3% annually while the number of motorbikes increased at the rate of 15%.
However, our research shows that the number of motor vehicle owners to have signed on for insurance is still low when compared to the total number of motor vehicles on the road that are continuously growing. Just 68% of cars and 30% of motorbikes have joined compulsory insurance so far. Thus, the market still offers huge space for growth in the the coming years. Therefore, in terms of gross premium written, the motor insurance segment is forecasted to grow at a CAGR of about 15% during our forecast period (2009-2013).
Additionally, the WTO agreement, which makes the non-life insurance sector fully open to foreign investors, will continue providing an additional impetus to the sector. The country became member of WTO on January 11, 2007.
âVietnam Insurance Sector Forecast to 2013" is a comprehensive research report that comprises quality research and in-depth analysis on the insurance market in Vietnam. It studies the emerging market trends, recent developments and their impact on the market. The report will help clients to analyze the leading-edge opportunities, prospective customer base, key players, expected future outlook and all the other factors which are critical to the success of a new entrant in the insurance industry of Vietnam.
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