Insurance market to grow fast in coming years

The "Vietnam's Insurance Sector Forecast To 2010" report, according to the report, Vietnam’s insurance market, one of the fastest growing markets in the world, has expanded rapidly over the past few years.

The life insurance market in Vietnam seems very promising as the country has a population of over 85 million people, with only eight life insurers. Thus, life insurance market can prove to be a boon for foreign life insurers.

The report forecasts that during the 2008-2010 period, Vietnam ’s insurance industry would grow at a Compound Annual Growth Rate (CAGR) of around 22 percent; life insurance is projected to hit a CAGR of about 12.1 percent; and non-life insurance industry is expected to grow at a CAGR of 29 percent./.