Early prediction for general insurance company in 2016

At a recent insurance market conference, Vinare predicts that general insurance market remains its high growth rate, the increasing is about 15%.

Early prediction for general insurance company in 2016

About product structure, Vinare shares that personal products will be still dominant and be the most important factor contributing to the increase of the market.

In fact, in the past few years, personal line has been invested by general insurance company even big insurance companies who are thought to only provide aviation insurance contract. In the first 9 months of 2015, retail system of an insurance company reached high growth level, increasing 36% compared with the same time of 2014. This result play a role in helping the insurance company remain its top 1 position in the general insurance market.

In addition to improve service quality, insurance company is trying selling personal products in the way that brings customers favorable fees.

About the distribution channel, Vinare also shares that the improvement of new distribution channels like life insurance sector including cooperation with banking system will be operated by general insurance companies in 2016 to approach customer, both personal and corporate.

In 2016, leaders of general insurance companies will present many new products which are being researched and will be compulsory as public property insurance.

There are many opportunities waiting for general insurance company when TPP was signed. In addition to the improvement of personal products, new distribution channels, the appearance of new kinds of insurance will strengthen the market. Public investment is the main factor in promoting the economy in 2015 – 2016. According to ADB, GDP of Vietnam will increase 6.6%, the highest in the ASEAN region.

However, insurance market in 2016 will face many challenges like commercial trends, the competition of foreign insurance company, etc.

About the business result of 2015, specialists say that expected revenue of premium will be 23.147 billion VND, increasing 14%. It will be not hard to reach the goal of the year.