Substantial progression of the Vietnamese insurance market expected in 2017

The Vietnamese insurance market reported a premium increase of 22.74% at 3.8 billion USD in 2016. Life insurance, which accounts for 2.19 billion USD, has been the most buoyant of all other classes of business with a leap of 28.4% compared to 14.7% for non life insurance. With the encouraging economic prospects for the current year, the government is aiming at a market growth of more than 20% in 2017.

Life insurance growth will remain vigorous with an estimated rise of more than 25% compared to 14% in the non life insurance business. Vietnamese GDP growth in 2017 is estimated at 6.5%.

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