Life insurers break records in Vietnam – but from a very, very low base
Life insurance premiums in Vietnam are on track for yet another record year, but industry observers say the gains are coming from a very low base and that foreign insurers have yet to truly crack the market despite dominating the sector.
Premiums from life insurance plans are expected to rise 15 percent to a record 31.5 trillion dong ($1.45 billion) this year, or 3.3 times the value in 2007, finance ministry data shows. Still, the number of life insurance policies totalled just 5.96 million at the end of April – less than the population of the capital Hanoi.
