The Vietnamese insurance market is gradually experiencing a positive recovery, with total premium revenue showing growth again.

While mergers and acquisitions in the Vietnamese life insurance sector have been relatively quiet, M&As in the non-life insurance sector have been quite strong, with the participation of both foreign and domestic investors.

It is critical to improve the quality of insurance agents and consultants to consolidate trust of insurance buyers and bring the life insurance market back on track, experts have said.

Experts have predicted that the health and vehicle insurance sectors will continue to serve as the primary growth drivers for non-life insurance in Vietnam this year.

Professional liability insurance revenue, especially in the construction industry, surged strongly in the first half of this year, thanks to the rise in foreign direct investment (FDI) construction projects and strengthening inspections.

Insurance companies should use more electronic transactions and take advantage of high-tech products to better compete in the market, a government official said in Ho Chi Minh City on November 14.

Growing demand for health care and disease prevention in Vietnam offers great opportunities for life insurers, especially foreign firms, to develop.

Vietnam’s insurance sector has targeted a growth rate of 20 percent this year, according to the Vietnam Insurance Association.

Banks and insurance companies are ramping up cooperation in selling life insurance products (bancassurance) to cash in on the high growth segment as some have posted annual triple-digit growth rates in the business.

The Bao Viet Group ranked first among the insurance companies in Vietnam with a revenue of more than 9.9 trillion VND (nearly 423.7 million USD) in the first half of 2018.