Vietnam’s life insurance industry to reach $17bn by 2026

Written by Adam Cadle

16/01/2023

Vietnam’s life insurance industry is set to grow at a compound annual growth rate (CAGR) of 20.8% from VND159.2trn ($6.9bn) in 2021 to VND410.3trn ($17bn) in 2026 in terms of gross written premium (GWP), latest forecasts published by GlobalData have revealed.

Forecasts also show that the Vietnamese insurance industry is projected to grow by 20% in 2022 and 20.5% in 2023, driven by economic recovery and growing demand for endowment policies that offer an attractive return on investments.

GlobalData senior insurance analyst Sutirtha Dutta said: “Vietnam is projected to become an aged society by 2035 which will create demand for life insurance. A stable business environment and rising household income will also aid the growth of the life insurance industry during the forecast period.”

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