Non-Life Insurance Sector to Grow by 25 per cent/Yr: Liberty Vietnam
The non-life insurance sector will grow by 25 per cent per annum in the next five years despite the global economic slump, said the newly appointed general director of Liberty Vietnam, Carlos Vanegas.
The general director gave the market outlook at a meeting held at the Sheraton Saigon Hotel & Towers in downtown HCM City on July 23.
Automobile insurance offers a great growth opportunity for Liberty Vietnam said Vanegas, and he remains optimistic for the future of insurance sales in the country.
Vanegas said Liberty Vietnam has enjoyed surging revenues in auto insurance products and that the company has been listed in the top ten among 27 non-life insurance companies active in Vietnam.
Vanegas also revealed that Liberty sold 10,000 auto insurance policies and expects to double that amount this year given an increase in living standards that are allowing more Vietnamese people to buy cars.
A member of the Boston-based Liberty Mutual Group, Liberty Insurance Limited entered the Vietnamese market in 2007. Liberty Insurance does not offer life insurance. (Vietnam Economic Times)
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