Technological advancements are in full swing in the Land of Ascending Dragon, shifting consumer expectations and setting up potential double-digit growth for the insurance industry.
Vietnam’s biggest industry experts were upbeat when they opened up about transformative strategies and challenges in adopting new digital tech at the Insurance Asia Forum in Ho Chi Minh City last 12 March.
“In the last five years, we’ve seen a lot of events that forced the insurance industry to change and transform things,” said the forum’s moderator, Nguyen Tuan Hong Phuc of KPMG in Vietnam & Cambodia.
The KPMG Partner, Head of Management Consulting, and sector lead for Insurance noted that the biggest amongst these events was the COVID-19 pandemic which forced a sudden change in customer behaviour.
Present projections by GlobalData see Vietnam’s general insurance sector expanding at a compound annual growth rate (CAGR) of 6.7%, reaching $3.9b in gross written premiums by 2028, up from $3b in 2023.
Parallel to this, the country’s life insurance sector is forecasted to experience a robust CAGR of 20.8%, with gross written premiums expected to soar from $6.9b in 2021 to $17b in 2026.
This story is from the Issue No. 22 edition of Insurance Asia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the Issue No. 22 edition of Insurance Asia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Why Emerging Markets In The Region Are Most Vulnerable To Insurance Risks
Analysts have named five risks that the Asian insurance sector will have to navigate in the coming months.
CHRIS TAN Digital dilemma: Invest in resilience or risk disruption?
As loss prevention engineers specialising in the resilience of data centres around the world, we have visited our fair share of locations where fire, flood, and other disasters have laid waste to the very data and telecommunications networks that we have sworn to be dedicated to protecting.
Vietnam's insurers armour up for tech challenges
Insurers adopting digital tech eye double-digit growth.
How Singlife fights low insurance penetration rates
It offers embedded insurance products through digital wallets like GCash.
InterContinental SG is saving insurance for a rainy day
NUS Professor Charoenwong discusses the effectiveness and value of a Singaporean hotel's rain insurance offer.
Hong Kong's top 50 insurers experience 7.7% YoY premium contraction
Analysts said the market's complex financial environment and shrinking population curtailed industry growth.
Singapore's top 50 insurers see 3.7% YoY asset decline
Experts' industry outlook for 2023-2024 centre on digital evolution with Al, protection gaps, strategic partnerships, and resilience amidst challenges.
To lead and to lag: APAC insurance's conflicted AI journey
Investments in APAC account for 24% of the total AI market size, yet 41% still cling to outdated tech.
Insurance underwriting falters under global stagflation
A Swiss Re Institute analyst underscored that real premium growth in emerging markets, including China, outpaces the more advanced economies.
Travel insurance sales in Hong Kong soar after unprecedented holiday boom
506,953 residents flew out of Hong Kong on 23 December alone, up 1,727.56% from the previous year.
