Health insurance is forecast to be the most active segment in the non-life insurance sector in Vietnam in 2023.
Data from the Vietnam Insurance Association show that in the years 2015-2019, health insurance was the fastest growing branch with a compound growth rate of 22.5% compared to 13.2% for the whole industry. Although growth slowed during the COVID-19 period, health insurance products recovered strongly in 2022 when Vietnam reopened, reported the business news portal, vneconomy.com.
Population ageing is fuelling the demand for health insurance.
According to the World Bank, the proportion of elderly people in the population of Vietnam (age 60 and older) increased from 8.8% in 2010 to 12.8% in 2021. According to the United Nations Population Fund, this percentage could reach 25% by 2050. This is the group with significantly higher health care costs than young people.
According to experts, besides the ageing population, the strong growth of the middle class in Vietnam is also an important long-term growth engine for the demand for health insurance.
