Vietnamese Non-life insurance market: growth down

BusinessGlobalData published a report on 2020’s non-life insurance in Vietnam. The study showed that the Covid-19 crisis is to hinder the non-life market growth which should be set at 3.4% by late 2020 against 13.6% in 2019.

Such slowing growth goes back to the motor activity which accounted for 30% of total non-life premiums in 2020 In addition to Motor insurance, the marine and aviation activities having recorded a market share of 10.8% in 2019, are also held accountable for the decline.

However, Health insurance, which accounted for 33% of non-life insurance in 2019, is expected to evolve due to growing consumer awareness.

Read also | Development of bancassurance in Vietnam

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