VietnamNon-LifeLife-A.M.BestCompany.pdfVIP

Vietnam Non-Life Life BEST’S SPECIALOur R Insight,EPORT Your Advantage. Market Review Vietnam’s Insurance Market June 13, 2011 Awakening to Further Change The Vietnamese insurance market has grown rapidly in recent Sector years, and the country’s demographic and economic develop- Non-Life Life ment are expected to fuel further demand for insurance. However, the industry faces widespread challenges, ranging from intense Additional Information competition to inflationary pressures. Smaller insurers struggle against the handful of companies that dominate the market, and 2010 Special Report: the industry needs to nurture talent to keep pace with rapid Southeast Asia Life Non-Life – Market Review growth. Significant changes lie ahead. A.M. Best notes: Criteria: ? The insurance industry has opened up since Vietnam gained Assessing Country Risk World Trade Organization (WTO) status in 2007. The impending Law on Insurance Business will help the market to evolve further. Analytical Contact Arina Tek, Hong Kong ? Currently, 29 non-life insurers and 12 life insurers are operating in Vietnam. Despite the intense competition, the insurance market is Report was researched and written by: expected to draw more companies, given its potential for growth. Yvette Essen, London ? As the market has been liberalised, the larger domestic non-life Editorial Management