Research shows that if the coverage of non-life insurance in Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam increases by 50% by 2050, GDP per capita can increase by 3.1%, and the total GDP will increase by 2.6%. For life insurance, the impact increased by 5.1% and 4.4%, respectively.
Mr. Steven Chan - Director of Government Relations and Policy of Prudential Group, commented: "The Vietnamese insurance industry is facing a pivotal time. With policy reforms and new steps on the financial - securities market map, Vietnam has the opportunity to make a breakthrough from a modest insurance coverage platform. According to the study, by just increasing the insurance participation rate by 50%, Vietnam can add about 30 billion USD in economic value by 2050. This is the time to turn vision into action, including diversifying investment portfolios, developing interconnected healthcare data systems, and enhancing public-private partnerships.
In ASEAN emerging markets, insurance has also been shown to help reduce poverty rates, increase school attendance, and improve public health.
The beyond coverage report highlights that insurance is not just an individual cost, but the infrastructure of sustainable development.
