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.
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