Int’l website: VN’s insurance market to further grow
The International Insurance News forecast for further growth in the
Vietnamese insurance market with a number of established insurance
companies entering the market.
The International Insurance News forecast for further growth in the
Vietnamese insurance market with a number of established insurance
companies entering the market.
In an article posted on August 9 onto "http://www.globalsurance.com", the International Insurance News affirmed these companies recognise the opportunities in this expanding business sector in one of the faster growing and robust South-east Asian economies. It wrote:
"With growth in the middle-class expected over the next decade and higher disposable income levels, the demand for better quality healthcare services will drive the provision for improvements hospitals and health insurance in Vietnam . In summary, the full potential for the insurance market in Vietnam still has significant room to develop, with competition between insurance providers fighting to gain market share.
"The health insurance industry in Vietnam has seen significant increases recently. During the period between the 4th quarter in 2009 and June 2010, 5.5 million new customers were generated. In total over 50.2 million people in Vietnam now have some form of health insurance."
According to the website, the significant growth in the insurance market in Vietnam comes at a time when healthcare insurance providers launch new insurance products across the sector to take advantage of the growing demand for health insurance in the expanding economy. Health insurance coverage in Vietnam has become a main objective for the Vietnamese government, with international insurance companies taking full advantage of the growing market.
The website cited figure from a recent report on Vietnam’s health insurance policies which indicated that 8.27 million workers in Vietnam purchased healthcare insurance, with more than 15 million low income Vietnamese, 10.8 million students and pupils, 2.3 million voluntary people, 7.5 million children under six years old, and 6.3 million state budget beneficiaries also coming under some form of coverage. However, it added, even with this acceleration in business, the mission remains to increase the access to health insurance to the disadvantaged people in Vietnam ; universal health insurance still remains a key focus for the government.
The report wrote that in the second half of 2010, over 44 million USD from health insurance funds would be spent on medical treatment for both residents and non-resident patients.
According to the report, Vietnam has a population exceeding 89 million people, with an expanding and prosperous economy. This is providing lucrative opportunities in the Vietnamese insurance market with the potential for further growth expected in the short/mid-term.
During the 2008-2009 economic downturn, international insurance companies struggled for growth in their respective market segments. Prudential was the leading insurance provider in 2009 – generating 246 million USD, while Manulife, in the same period generated 62 million USD from new policy premiums, said the report./.
In an article posted on August 9 onto "http://www.globalsurance.com", the International Insurance News affirmed these companies recognise the opportunities in this expanding business sector in one of the faster growing and robust South-east Asian economies. It wrote:
"With growth in the middle-class expected over the next decade and higher disposable income levels, the demand for better quality healthcare services will drive the provision for improvements hospitals and health insurance in Vietnam . In summary, the full potential for the insurance market in Vietnam still has significant room to develop, with competition between insurance providers fighting to gain market share.
"The health insurance industry in Vietnam has seen significant increases recently. During the period between the 4th quarter in 2009 and June 2010, 5.5 million new customers were generated. In total over 50.2 million people in Vietnam now have some form of health insurance."
According to the website, the significant growth in the insurance market in Vietnam comes at a time when healthcare insurance providers launch new insurance products across the sector to take advantage of the growing demand for health insurance in the expanding economy. Health insurance coverage in Vietnam has become a main objective for the Vietnamese government, with international insurance companies taking full advantage of the growing market.
The website cited figure from a recent report on Vietnam’s health insurance policies which indicated that 8.27 million workers in Vietnam purchased healthcare insurance, with more than 15 million low income Vietnamese, 10.8 million students and pupils, 2.3 million voluntary people, 7.5 million children under six years old, and 6.3 million state budget beneficiaries also coming under some form of coverage. However, it added, even with this acceleration in business, the mission remains to increase the access to health insurance to the disadvantaged people in Vietnam ; universal health insurance still remains a key focus for the government.
The report wrote that in the second half of 2010, over 44 million USD from health insurance funds would be spent on medical treatment for both residents and non-resident patients.
According to the report, Vietnam has a population exceeding 89 million people, with an expanding and prosperous economy. This is providing lucrative opportunities in the Vietnamese insurance market with the potential for further growth expected in the short/mid-term.
During the 2008-2009 economic downturn, international insurance companies struggled for growth in their respective market segments. Prudential was the leading insurance provider in 2009 – generating 246 million USD, while Manulife, in the same period generated 62 million USD from new policy premiums, said the report./.
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