Market Insights Financial Insurances Non-life insurances

General Liability Insurance - Vietnam

Vietnam

The General Liability Insurance market market in Vietnam is expected to reach a projected market size of US$0.54bn in 2024.
The average spending per capita in this market is estimated to be US$5.40 in 2024.
Furthermore, the gross written premium is anticipated to display an annual growth rate (CAGR 2024-2029) of 5.02%, resulting in a market volume of US$0.69bn by 2029.
When compared on a global scale, the United States is projected to generate the highest gross written premium of US$178.4bn in 2024.
Vietnam's General Liability Insurance market is experiencing significant growth due to the country's expanding economy and increased focus on risk management.

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Analyst Opinion

The General Liability Insurance market in Vietnam has been experiencing significant growth and development in recent years. Customer preferences in the Vietnamese market for General Liability Insurance have been shifting towards comprehensive coverage that not only protects businesses from third-party claims but also provides additional benefits such as legal support and risk management services. Trends in the market show an increasing demand for General Liability Insurance among small and medium-sized enterprises (SMEs) in Vietnam. As the country's economy continues to expand and businesses become more aware of potential risks and liabilities, the need for adequate insurance coverage has become paramount. Local special circumstances, such as the growing number of foreign companies investing in Vietnam and the increasing focus on regulatory compliance, have also contributed to the development of the General Liability Insurance market in the country. Foreign companies operating in Vietnam are required to have proper insurance coverage, which has created new opportunities for insurance providers in the market. Underlying macroeconomic factors, including the overall economic growth of Vietnam, the rise of the middle class, and the increasing urbanization rates, have further fueled the demand for General Liability Insurance. As businesses become more sophisticated and the regulatory environment becomes more stringent, the importance of having comprehensive insurance coverage has become evident to both local and foreign companies operating in Vietnam.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.