Vietnam nonlife to stay afloat amidst regulatory changes: AM Best

The non-life market experienced a 1.3% YoY growth in gross written premiums for H123.

Vietnam's non-life insurance segment is seen to persist as stable, as forecasted by AM Best.

Citing government pro-business policies, regulatory enhancements, and foreign ownership liberalization, these outliers will keep the industry afloat.

However, challenges include regulatory changes impacting short-term profitability, motor claims inflation, and rising reinsurance costs.

The non-life market experienced a 1.3% YoY growth in gross written premiums to VND34.9t ($1.4b) in H1 2023, affected by an economic slowdown, decreased global trade, and consumer uncertainty.

ALSO READ: Vietnam joins ASEAN motor insurance system for seamless cross-border travel: Report

The inadequacy of bancassurance oversight led to regulatory scrutiny.

Despite challenges, AM Best anticipates the non-life insurance market to regain momentum with global demand recovery and Vietnam's appeal for foreign direct investment, though global economic uncertainties persist.

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