Vietnam’s insurance market and regulatory transformation
Vietnam’s insurance market is on a rapid growth trajectory, fueled by an expanding middle class and increasing awareness of insurance’s importance. Projections indicate that gross written premiums will reach approximately $5.75 billion USD in 2024, with average per capita spending in non-life insurance expected to hit $57.79, according to Statista. This growth is set to continue, with a steady annual increase of 4.55% from 2024 to 2028, resulting in a market volume of $6.87 billion by 2028.
The non-life insurance sector, in particular, is thriving, driven by demand for commercial lines products and Vietnam’s emergence as a hub for foreign direct investment (FDI).1
The introduction of Decree No. 46 in 2023, which implements articles in the Vietnamese government’s new Law on Insurance Business, has further reshaped the insurance landscape, opening the market to wholly owned foreign companies and setting stricter qualifications for actuaries. Non-life actuaries are now required to attain Associate and Fellow designations from internationally recognized actuarial societies, including the CAS, within specific time frames.
These regulatory changes signal a rising demand for highly skilled actuarial professionals, presenting a unique opportunity for the CAS to expand its influence in Vietnam and support the market’s development.
CAS membership growth in Vietnam
In response to this changing environment, the CAS has made significant
strides in Vietnam. The number of active CAS candidates has surged from one in 2022 to over 20 in 2024, signaling a notable increase in interest in CAS exams and credentials. In fall 2024, we welcomed our first CAS Associate in Vietnam, Vu Huy Ha, actuarial specialist in MSIF Vietnam.
“Choosing the CAS has been the defining choice in my journey to become an actuary in General Insurance,” says Ha. “It offers unparalleled expertise, rigorous training and a robust network that empowers me to excel in analyzing and managing risks. With the CAS, I’m not just earning credentials; I’m joining a community dedicated to excellence in risk management and actuarial science.”
These milestones highlight the increasing demand for CAS credentials in a market eager to adopt global actuarial standards.
CAS Trust Scholarship winners leading the way
Two exceptional students from Vietnam’s National Economics University (NEU) are at the forefront of this transformation, thanks to their achievements as CAS Trust Scholarship recipients.
Nguyen Ha Tuan Long, a junior studying actuarial science, is making strides in Vietnam’s nascent property and casualty (P&C) actuarial sector. As an intern at VietinBank Insurance, Long is leveraging the knowledge he gained while studying for CAS Exam 5 to develop ratemaking and reserving models, setting a new standard for actuarial practices in the region.
“It’s an honor to be recognized as a scholarship recipient, and I am deeply grateful for the opportunities the CAS provides. This award supports my educational endeavors and inspires me to expand the boundaries of the actuarial profession within our evolving industry,” Long shared.
Nguyen Thu Hai, also an NEU student specializing in actuarial science and risk management, is contributing to the field through innovative research. Her work focuses on machine learning applications in reserving techniques and portfolio optimization, demonstrating the potential for cutting-edge technologies to transform the actuarial profession.
“Receiving the Trust Scholarship from the CAS is an incredible honor that fuels my determination to pursue my dream career. I hope to give back to the actuarial community and am deeply grateful for everyone who has supported me,” Hai remarked.
Inspired by their recognition as CAS Trust Scholarship recipients, Long and Hai have used their CAS Trust Grant to establish a CAS exam reimbursement program at NEU. This initiative aims to ease financial burdens for aspiring actuaries and reflects their dedication to nurturing the next generation of actuarial professionals in Vietnam.
Vietnam’s general insurance market is poised for continued growth, driven by a robust economy and regulatory advancements aligning with global standards. The CAS is playing a vital role in shaping the expanding actuarial profession in Vietnam, as evidenced by these remarkable achievements of CAS members and scholarship recipients.
