Vietnam’s insurance market remain attractive

Despite a slowdown of late and an expected further fall this year, Vietnam’s insurance market remains attractive, according to the Insurance Association of Vietnam. The market fell by 17-18% in the past two years after growing at 25-30% a year in 2011-2019. Ngo Trung Dung, the association’s secretary general, blamed the decline on several factors, with the COVID-19 outbreak being one of the main ones. Still, he said the industry’s potential is huge due to a growing middle class and the low rate of insurance. By the end of last year, only an estimated 11% of the population had life insurance, he added.