Delhi, India (PressExposure) June 10, 2009 -- With penetration level below 10% and a huge population base of over 85 Million, the life insurance market in Vietnam remains has high potential for the future growth. The market is expected to grow at a CAGR of over 11% during 2009-2013 despite global economic slowdown, says a recent research report âVietnam Insurance Sector Forecast to 2013â by RNCOS.
We find that the life insurers in Vietnam are making big efforts to change and upgrade their product portfolios to bring more utilities to the consumers. They are focusing on developing associated insurance and investment associated insurance products. Life insurance sector in Vietnam has grown rapidly in the recent years, with premium climbing to VND 10.3 Trillion in 2008, up 9.3% from 2007.
The report also says that Vietnam has by far remained shielded from the strong impacts of the global financial crisis, as the country's consumer lending has not actually been developed i.e. majority of Vietnamese still rely on self financing or non-credit buying. This implies that people in Vietnam spend only what they earn, thus the liquidity has not been a big issue before the countryâs economy.
In addition to this, the economic crisis mainly have influenced to incomes of people working in industrial zones, mainly engaged in import-export activities, while customers of life insurance firms are mainly sustainable income earners. So, the overall impact has been minimal on the insurance market of Vietnam.
âVietnam Insurance Sector Forecast to 2013âis a comprehensive research report that includes quality research and in-depth analysis on the insurance market of 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, future outlook and all the other factors which are critical to the success of a new entrant in the Vietnamese insurance market.
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