SINGAPORE, June 12 (Bernama-BUSINESS WIRE) -- AM Best has assigned a stable market segment outlook to Vietnam’s non-life insurance segment, citing solid risk-adjusted capitalisation levels among market participants, supported by conservative investment portfolios, and demographic and demand factors that support medium- to long-term growth prospects. Spillover effects of the ongoing U.S.-China trade war, which likely will benefit Vietnam, is also a factor that supports the stable outlook.
A new Best’s Market Segment Report, titled, “Market Segment Outlook: Vietnam Non-Life,” states that Vietnam’s non-life insurance market grew by 12% in 2019 to VND 52.3 trillion (USD 2.2 billion) in terms of direct premiums written (DPW). The health and personal accident and fire classes of business recorded remarkable growth of 20% and 30%, respectively, in 2019, supporting the sector’s overall strong growth. Notably, the primary drivers of business growth have been the health and motor insurance businesses, which registered robust 10-year compound annual growth rates of 27% and 18%, respectively.
BEST'S MARKET SEGMENT REPORT: INSURERS' SOLID CAPITAL LEVELS, GROWTH PROSPECTS SUPPORT STABLE OUTLOOK ON VIETNAM NON-LIFE SECTOR
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