3:21:19 PM | 1/10/2008
Vietnam’s insurance market will see rapid expansion, becoming one of the fastest growing markets in the world in 2008-2010, Switzerland’s Business Wire said.
“With support from the liberalization post WTO agreements, economic growth, rising incomes and increasing insurance awareness, the market will continue to grow at fast pace in coming years,” it said.
Vietnam’s life insurance market seems very promising as the country has a crowded population of over 85 million, with only eight life insurers, reflecting a low penetration rate. Thus, life insurance market can witness a boon for foreign life insurers, the website said, citing the "Vietnam 's Insurance Sector Forecast to 2010” report.
Business Wire forecast that Vietnam’s insurance sector will grow at 22 per cent during the 2008-2010 period, of which life insurance will expand 12.1 per cent and non-life insurance grow 29 per cent during the period. (People’s Army, VNA)
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