Vietnam - Young & Educated Population Raises Insurance Demand

Delhi, India (PressExposure) March 26, 2009 -- As people in Vietnam buy life insurance products with the assumption of long-term investment, the life insurance market will see least impact of economic slowdown and is projected to grow at a CAGR of more than 12% during 2008-2010, said RNCOS in its new research report, “Vietnam Insurance Sector Forecast to 2010”.

Vietnam has a big proportion of young & educated people, comprising over two-third of the total population. People with higher insurance awareness are more insurance demanding. Young generation also seems to be more investment-oriented and has tendency to take higher risk compared to elders. Besides, the insurance cost is comparatively low at the young age and all insurance products are accessible to youths. Thus, high proportion of young & educated people in Vietnam is providing more growth opportunities to its insurance industry.

In addition, improving income level has accelerated the growth momentum of Vietnamese insurance industry, particularly in life insurance segment that includes high saving products. High income has made insurance products affordable for a large section of the population. Moreover, per head disposable income in Vietnam surged at a CAGR of nearly 7.8% during 2002-2007 to generate revenue of US$ 385 in 2007, triggering growth in the insurance industry. This is further expected to grow at a CAGR of about 6% between 2008 and 2012, making Vietnamese wealthier, which in turn, increasing sales of insurance products.

The report includes forecast on various segments of the Vietnamese insurance industry including forecast on per head disposable income, insurance premium and passenger cars registration.

“Vietnam Insurance Sector Forecast to 2010” explores the market development and potential along with giving broad overview of the insurance sector in Vietnam. The report studies the present and past market trends to evaluate the market dynamics comprehensively. The forecasts and estimates provided in the report are not based on the complex economic model, but intended to give rough guide in which direction the market is likely to move in future.

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RNCOS, incorporated in the year 2002, is an industry research firm. We are a team of industry experts who analyze data collected from credible sources. We provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.

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Press Release Submitted On: March 24, 2009 at 11:09 pm
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