Vietnam to boost life insurance coverage to 15% by 2025

Only 8% of the population currently has a life insurance plan.

Vietnam is targeting to nearly expand life insurance coverage to 11% by 2020 and 15% by 2025 from the current 8%, according to local media reports.

The scheme aims to restructure the insurance market to allow for greater information transparency and ensure modernised distribution channels. The government is also setting up an information system to classify information that goes through the market to better manage and control risk.

The government also aims to grow the insurance market’s total assets, investment capital, operational reserves, owners’ capital to 20% by 2020 which will taper off to 15% between 2021-2025.

Total premiums collected by insurance companies in Vietnam rose 24% YoY to $5.75b (VND133t) in 2018, according to the Insurance Association of Vietnam (IAV). In 2018, total assets of insurance companies operating in Vietnam saw double-digit growth of 21% to $16.60b (VND384t).

Overall, Vietnam has 63 insurance companies, of which 30 are non-life insurers, 18 life insurers, two re-insurers and 13 insurance brokers.

Also Read

FWD Philippines targets gamer insurance gaps

Korean construction insurer maintains strong capital

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit