Vietnam’s general insurance industry is forecast to be worth $5.2bn by 2030, according to estimates from GlobalData.
The data and analytics company is predicting the Vietnamese market to grow at a compound annual growth rate of 9.9% over the next five years, from a current market value of $3.7bn.
GlobalData suggested that the Vietnamese general insurance industry will register an annual growth rate of 8.8% in 2026, supported by regulatory tailwinds, rising digital distribution, and heightened awareness of catastrophe risk.
It added that new mandates, including compulsory fire insurance for high-rise and large residential complexes, the growth of e-insurance and embedded models, and banks’ deeper push into insurance, are expected to underpin demand across property, health, and motor lines over the next five years.
Intensifying climate events will also strengthen the case for coverage, GlobalData said.
Senior insurance analyst at GlobalData, Swarup Kumar Sahoo, commented: “Structural reforms will support the growth of general insurance in Vietnam. The Ministry of Finance’s adoption of risk-based capital from 2028 will strengthen solvency and market confidence.
“Also, the proposed amendments to the insurance law aim to streamline licensing, ongoing international investment, and mergers and acquisitions (M&A) activities in the industry.”
Sahoo added that Vietnam’s general insurance growth will be underpinned by “regulatory developments” and “digital channels”, as well as “rising risk awareness across property, health, and motor insurance”.
“The strong 10.4% CAGR during 2021-25 provides a strong base, while the expected CAGR in 2026-30 reflects a maturing, technology-enabled marketplace that aligns underwriting discipline and product innovation to close persistent protection gaps,” Sahoo said.
