Vietnam’s insurance market is expected to achieve a growth rate of more than 20 percent this year, according to Vietnam Report (VNR).

With the current global situation bringing various sectors to their knees, foreign insurers are turning the tide against the gloomy economy by ramping up their presence in Vietnam’s insurance market.

This is the sixth year in a row that the Vietnam insurance market has achieved a premium growth rate of over 20%.

Vietnam’s financial institutions are enjoying a rise in bancassurance activities, which promise strong growth amid the diminishing bank segment with regulator-driven bank consolidation.

Technology is set to change the face of the insurance industry, analysts said.