Non-life Insurance Shows Positive Growth in VietnamBy: Shushmul Maheshwari
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Non-life Insurance Shows Positive Growth in Vietnam
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According to “Vietnam Insurance Sector Forecast to 2013", a new report from research firm RNCOS, despite the economic slowdown, the non-life insurance industry in Vietnam is expected to rise at a CAGR of nearly 25% between 2009 and 2013. Strong demand in motor vehicle, property and health insurance will lead the growth.
As per our research, various legislations have been introduced to ensure the security of road users considering motor vehicles as the common means of transportation. There are laws which mandate motor vehicle owners to carry insurance cover in respect of third party bodily injury. From 2003 to 2007, the number of cars joining compulsory insurance increased by 7.3% annually while the number of motorbikes increased at the rate of 15%.
However, our research shows that the number of motor vehicle owners to have signed on for insurance is still low when compared to the total number of motor vehicles on the road that are continuously growing. Just 68% of cars and 30% of motorbikes have joined compulsory insurance so far. Thus, the market still offers huge space for growth in the the coming years. Therefore, in terms of gross premium written, the motor insurance segment is forecasted to grow at a CAGR of about 15% during our forecast period (2009-2013).
Additionally, the WTO agreement, which makes the non-life insurance sector fully open to foreign investors, will continue providing an additional impetus to the sector. The country became member of WTO on January 11, 2007.
“Vietnam Insurance Sector Forecast to 2013" is a comprehensive research report that comprises quality research and in-depth analysis on the insurance market in Vietnam. It studies the emerging market trends, recent developments and their impact on the market. The report will help clients to analyze the leading-edge opportunities, prospective customer base, key players, expected future outlook and all the other factors which are critical to the success of a new entrant in the insurance industry of Vietnam.
For FREE SAMPLE of this report visit: http://www.rncos.com/Report/IM195.htm
Check DISCOUNTED REPORTS on: http://www.rncos.comhttp://www.rncos.com/ |
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| Keywords |
Vietnam Insurance Sector Forecast to 2013, Market Research Report, Vietnam Insurance |
| Category |
Business |
| Submission Date |
Jun 20, 2009 |
| Article Contact Name |
Shushmul Maheshwari || send email to Shushmul Maheshwari
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Detailed data and analysis helps investors, financial service providers and global banking players to navigate through the latest trends in the housing industry. The report provides the segment-wise analysis, forecast, the latest market trends and information of emerging areas.
For FREE SAMPLE of this report visit: http://www.rncos.com/Report/IM013.htm
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- Air Conditioner
- Microwave Oven
- MP3 Players
- Digital Camera & Camcorder
- Mobile Handsets
- PCs (Desktop & Notebook)
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- Propelled by growing middle class population, changing lifestyle and rapid urbanization, the Indian consumer electronics industry is forecasted to grow at a rapid rate of 10% to 12% in the coming few years.
- Volume sales of washing machine will be driven by growth in fully automatic category during 2008-09 to 2011-12.
- The market for televisions in India is changing rapidly from the conventional CRT technology to Flat Panel Display Televisions (FPTV). Currently, the split between CRT and FPTV is around 97% and 3% respectively, and the share of FPTV is projected to increase at robust rate in near future.
- Frost-free refrigerator sales, certainly growing at a much faster pace than the direct-cool category, are anticipated to drive the Indian refrigerators market over the forecast period.
- The AC market in India is projected to grow at 30% to 35% for the coming few years.
- Driven by young population, demand for MP3 players and digital video appliances are anticipated to surge at double-digit rate in near future.
- The low penetration level of consumer electronics goods coupled with increasing preference for comfort and luxurious goods are widely attracting the foreign as well as domestic players to the industry.
For FREE SAMPLE of this report visit: http://www.rncos.com/Report/IM157.htm
Check DISCOUNTED REPORTS on: http://www.rncos.com
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