Demand for insurance remains high in Vietnam. (Photo courtesy of Manulife)Manulifeconducted the third Asia Care Survey, and more than two thirds (69 percent)said it would be gone within a year and 77 percent expected restrictions to belifted within that timeframe.
Vietnamesehad the most optimistic outlook in the region, including about the time it willtake for the economy to recover with just a quarter (26 percent) fearing itwould take a long time, the lowest in the region.
Thesurvey was done just as the Omicron variant was starting to spread.
Despitethe generally sanguine outlook, 15 percent said they had experienced job lossand 70 percent said their income had fallen as a result of COVID.
Only19 percent of single women had savings on hand to last more than a year, wellbelow the 33 percent national average. It also found that three quarters (75 percent)of single women were struggling to cope with COVID.
“Vietnamese,especially single women, have clearly experienced challenges during thepandemic, but many have adapted and taken control by actively managing theirown finances,” Sang Lee, CEO of Manulife Vietnam, said.
“Whatis also good is that they are taking more care of their own health andprotection. That includes insurance.”
Despitelow insurance penetration rates in Vietnam, of those surveyed, 72 percent hadinsurance, the most popular being health (47 percent), life (42 percent) andaccident (38 percent).
Remarkably,91 percent said they plan to buy insurance in the next 12 months, with life (55percent), health (45 percent) and accident (41 percent) again at the top of thelist.
Addressingthe growing demand for health protection and the rising costs of criticalillness and medical care in the new normal, Manulife Vietnam recently launcheda new generation of supplementary insurance products.
Thecritical illness plus rider and medicash plus rider deliver pioneeringsolutions in the market with features like extending entry age for both ridersup to 69 years as protection benefits for up to 85.
Inaddition, the safety net benefit pays out claims for customers based on certaincriteria for treatment or surgery without having to meet the diseasedefinition./.
VNA
