Best's Market Segment Report: AM Best Maintains Stable Outlook on Vietnam's Non-Life Insurance Market.
ENPNewswire-November 15, 2021--Best's Market Segment Report: AM Best Maintains Stable Outlook on Vietnam's Non-Life Insurance Market
(C)2021 ENPublishing - http://www.enpublishing.co.uk
Release date- 14112021 - AM Best is maintaining its stable market segment outlook on Vietnam's non-life insurance industry, supported by favourable demographics, ongoing digital transformation and an improving regulatory framework.
The Best's Market Segment Report, titled, 'Market Segment Outlook: Vietnam Non-Life Insurance,' states that AM Best expects Vietnam's non-life insurance segment to continue expanding, albeit at a modest pace in view of the challenging economic backdrop over the short term. Health and personal accident insurance are likely to remain the primary growth drivers as the COVID-19 pandemic raises public awareness on health and mortality risks. However, this could be offset by a deceleration in group health insurance as domestic industries and businesses implement cost cutting measures.
Despite its early success in containing the spread of COVID-19, Vietnam was dealt a major blow during the second half of 2021 with its worst infection outbreak. Consequently, the General Statistics Office of Vietnam estimated a 6.2% decline in GDP during the third quarter of 2021, which was the first negative period of growth since 2000. As a result of the recent disruption, the International Monetary Fund recently lowered its 2021 GDP forecast for Vietnam to 3.8%. Although the severity of movement restrictions has abated somewhat since October 2021 and businesses have started to re-open, AM...
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