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The company's "Vietnam Insurance Sector Forecast to 2014" report wrote: "The country's insurance market has been witnessing a double digit growth for the past few years and it is expected to witness the same growth trend in the coming years also. Thus, Vietnam insurance market is expected to grow at a CAGR of around 22 per cent during 2011-2014".
The report, posted on website http://www.researchandmarkets.com on June 15, wrote that the non-life insurance will enlarge its share in the total insurance market in coming years. It added, strong demand for motor vehicle insurance products, property, and health insurance products are the major factors responsible for the prospective growth.
According to this new research report, the non-life insurance sector, which accounts for over half of the insurance market, has witnessed a robust growth during the past few years. The life insurance sector also recorded healthy growth during 2010, attributable to the expansion of the middle class and the country's rising economic growth. In fact, the life insurance sector witnessed an increase in growth rate compared to the previous years as more and more people are seeking insurance cover to protect themselves from risk.
In the "Vietnam Financial Sector Forecast to 2013" report released ealier this year, the company reported that Vietnam's insurance sector has expanded rapidly during the last few years and has witnessed increase in the presence of foreign players, which helped intensify the market competition and benefit consumers the most.