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For more than 30 years, Cabling Installation & Maintenance has provided useful, practical information to professionals responsible for the specification, design, installation and management of structured cabling systems serving enterprise, data center and other environments. These professionals are challenged to stay informed of constantly evolving standards, system-design and installation approaches, product and system capabilities, technologies, as well as applications that rely on high-performance structured cabling systems. Our editors synthesize these complex issues into multiple information products. This portfolio of information products provides concrete detail that improves the efficiency of day-to-day operations, and equips cabling professionals with the perspective that enables strategic planning for networks’ optimum long-term performance.

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Best’s Market Segment Report: AM Best Maintains Stable Outlook on Vietnam’s Non-Life Insurance Segment

AM Best is maintaining its stable outlook on Vietnam’s non-life insurance segment, citing structural economic advantages and robust demand that are fuelling the expansion of non-life insurance in the country.

The Best’s Market Segment Report, “Market Segment Outlook: Vietnam Non-Life Insurance,” states that the country’s core insurance segments are driving growth. The non-life segment saw a surge in gross written premiums in 2024, mainly fuelled by health and personal accident insurance owing to rising health care costs, increased awareness and the growing use of digital distribution. Continued growth in property and engineering insurance, the second-largest non-life segment after health and personal accident, also contributed to the market expansion.

This market growth has been supported by the economic and regulatory landscape, according to the report. Vietnam’s real GDP growth accelerated to 7.1% in 2024, although heightened global trade uncertainty and economic slowdowns in key partner economies may weigh on Vietnam’s export performance and affect demand for commercial insurance. “Despite expectations of moderating growth due to softening external demand, structural advantages such as Vietnam’s competitive labour costs and its extensive integration into global trade networks through numerous free trade agreements continue to support prospective insurance market growth,” said Ken Lau, senior financial analyst, AM Best.

The regulator’s efforts to improve the country’s insurance regulatory framework and oversight have contributed to the segment’s continued development. The report notes that the new decree for compulsory fire and explosion insurance is expected to improve the premium rate adequacy. In addition, the ongoing development of a risk-based capital regime, supported by quantitative impact studies and mandated in-house actuary appointments, also continues to strengthen insurers’ risk quantification and enterprise risk management capabilities.

Moderating factors to the stable outlook include constrained investment returns due to the persistent low-interest rate environment and rising reinsurance costs following an increase in claims and a reassessment of catastrophe risk following 2024’s Typhoon Yagi. “Climate risk remains a growing concern for Vietnam’s non-life insurance market, primarily amplified by the increasing frequency and severity of natural disasters like floods, storms, and typhoons,” said Chris Lim, associate director, analytics, AM Best. “Additionally, Tropical Storm Wipha, which made landfall in Northern Vietnam in July 2025, may further test reinsurers’ appetite for catastrophe risk in Vietnam in upcoming reinsurance renewals.”

To access the full copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=356105.

Lau will discuss AM Best’s stable non-life outlook in a presentation at the Vietnam Insurance Summit, to be held 1 August 2025 in Quy Nhon, Vietnam. The presentation will include topics such as insurance demand, regulatory refinements and market competition. AM Best is a diamond sponsor of the event, which will take place at the Hotel Anya Premier. To learn more about the summit, visit here.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2025 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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