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Fourth wave of pandemic spurs insurance demand in Vietnam

Accordingly, the social, economic, and health impacts of the pandemic are creating a rising demand for medical, life, and home insurance policies as more people look to protect themselves and their families from the current challenges to their lives and livelihoods. 

Demographic changes, rise in disposable income, and a steady economic growth has led to a growing demand for healthcare services in Vietnam. 

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In 2017, healthcare expenditure accounted for 7.5 percent of the GDP and between 2017 and 2021 it is predicted to grow at a compound annual growth rate (CAGR) of around 12.5 percent.

Overcrowding, shortage of medical staff, and obsolete equipment for surgery and intensive care units are the major challenges in the healthcare sector in Vietnam. These issues have forced Vietnamese people to travel abroad for medical treatment, with overseas annual spending rising to US$ 2 billion. This further highlights the opportunities in the industry in areas such as healthcare services, pharmaceuticals, and medical devices.

Source: Vietnam Investment Review

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insurance in Asia

Not only health insurance is different but most general insurance: accident, life, home, travel, office or even car insurance will be different than your past experiences.