Reinsurance in Vietnam, Key Trends and Opportunities to 2018

Date: January 31, 2015
Pages: 64
Price:
US$ 1,950.00
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Publisher: Timetric
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: R7387F482B7EN
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Reinsurance in Vietnam, Key Trends and Opportunities to 2018
SYNOPSIS

Despite the financial crisis, the Vietnamese reinsurance segment recorded stable growth during the review period (2009–2013). This was primarily due to the increasing cost of reinsurance protection, the expansion of direct insurance, and a greater understanding of the benefits of reinsurance. The number of dedicated reinsurers increased from one to two in 2011, although some of the country’s larger insurers, such as Bao Viet and Bao Minh, conducted their own reinsurance operations in 2013.

The segment’s gross written premium increased from VND2.1 trillion (US$0.1 billion) in 2009 to VND5.6 trillion (US$0.3 billion) in 2013, at a review-period compound annual growth rate (CAGR) of 27.7%. The high frequency of natural disasters prompted insurance companies to increase the percentage of premium ceded to reinsurers. The segment’s value is expected to increase from VND5.6 trillion (US$0.3 billion) in 2013 to VND12.5 trillion (US$0.5 billion) in 2018, at a forecast-period (2013–2018) CAGR of 17.4%.

SUMMARY

The report provides in-depth market analysis, information and insights into the Vietnamese reinsurance segment, including:
  • The Vietnamese reinsurance segment's growth prospects by reinsurance category
  • Key drivers for the reinsurance segment
  • Vietnamese reinsurance segment’s growth prospects by reinsurance ceded from direct insurance
  • The competitive landscape in the Vietnamese reinsurance segment
SCOPE

This report provides a comprehensive analysis of the reinsurance segment in Vietnam:
  • It provides historical values for Vietnam’s reinsurance segment for the report’s 2009–2013 review period, and projected figures for the 2013–2018 forecast period.
  • It offers a detailed analysis of the key categories in Vietnam’s reinsurance segment, along with market forecasts until 2018.
  • It provides a detailed analysis of the reinsurance ceded from various direct insurance segments in Vietnamese its growth prospects.
REASONS TO BUY
  • Make strategic business decisions using in-depth historic and forecast market data related to the Vietnamese reinsurance segment and each sector within it
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Vietnamese reinsurance segment
  • Identify the growth opportunities and market dynamics in key product categories
  • Gain insights into key regulations governing the Vietnamese insurance industry, and their impact on companies and the industry's future
KEY HIGHLIGHTS
  • Despite the financial crisis, the Vietnamese reinsurance segment recorded stable growth during the review period.
  • The number of dedicated reinsurers increased from one to two in 2011, although some of the country’s larger insurers, such as Bao Viet and Bao Minh, conducted their own reinsurance operations in 2013.
  • The high frequency of natural disasters prompted insurance companies to increase the percentage of premium ceded to reinsurers.
  • The cumulative effect of expansion of Vietnam's insurance industry generated more business for reinsurance, a trend that is expected to continue over the forecast period.
  • The key growth driver is anticipated to be government regulations on higher capital requirements for insurers in March 2013.
1 KEY FACTS AND EVENTS

2 EXECUTIVE SUMMARY

3 INTRODUCTION

3.1 What is this Report About?
3.2 Definitions
3.3 Methodology

4 VIETNAMESE INSURANCE INDUSTRY ATTRACTIVENESS

4.1 Insurance Industry Size, 2009–2018

5 REINSURANCE GROWTH DYNAMICS AND CHALLENGES

5.1 Reinsurance Segment Size, 2009–2018
5.2 Reinsurance Segment Size by Type of Insurance, 2009–2018

6 KEY INDUSTRY DRIVERS

6.1 Reinsurance Drivers
6.2 Life Insurance Drivers
6.3 Non-Life Insurance Drivers
6.4 Personal Accident and Health Insurance Drivers

7 COMPETITIVE LANDSCAPE AND STRATEGIC INSIGHTS

7.1 Overview
7.2 Leading Companies in the Vietnamese Reinsurance Segment
7.3 Vietnam National Reinsurance Corporation – Company Overview
  7.3.1 Vietnam National Reinsurance Corporation – key facts
7.4 PVI Reinsurance Company – Company Overview
  7.4.1 PVI Reinsurance Company – key facts

8 APPENDIX –

8.1 Market Capitalization Trend – Ho Chi Minh Stock Exchange (HOSE), Vietnam
8.2 GDP at Constant Prices (US$)
8.3 GDP per Capita at Constant Prices (US$)
8.4 GDP at Current Prices (US$)
8.5 GDP per Capita at Current Prices (US$)
8.6 GDP by Key Sector
8.7 Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices (US$)
8.8 Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices as a Percentage of GDP
8.9 Manufacturing Net Output at Current Prices (US$)
8.1 Manufacturing Net Output at Current Prices as a Percentage of GDP
8.11 Mining, Manufacturing and Utilities at Current Prices (US$)
8.12 Mining, Manufacturing and Utilities at Current Prices, as Percentage of GDP
8.13 Construction Net Output at Current Prices, (US$)
8.14 Construction Net Output at Current Prices as a Percentage of GDP
8.15 Inflation Rate
8.16 Exports as a Percentage of GDP
8.17 Imports as a Percentage of GDP
8.18 Merchandise Exports Growth
8.19 Merchandise Imports Growth
8.2 Annual Average Exchange Rate VND–US$
8.21 Commercial Vehicle Exports – Total Value
8.22 Commercial Vehicle Imports – Total Value
8.23 Automotive Exports – Total Value
8.24 Automotive Imports – Total Value
8.25 Total Internet Subscribers
8.26 Labor Force
8.27 Unemployment Rate
8.28 Household Consumption Expenditure (US$)
8.29 Total Population
8.3 Urban and Rural Populations
8.31 Age Distribution of the Total Population
8.32 Life Expectancy

9 APPENDIX –

9.1 Methodology
9.2 Contact Timetric
9.3 About Timetric
9.4 Timetric’s Services
9.5 Disclaimer

LIST OF TABLES

Table 1: Vietnamese Reinsurance – Key Facts, 2013
Table 2: Insurance Industry Definitions
Table 3: Vietnamese Insurance – Segmentation, Gross Written Premium (Percentage Share), 2009–2018
Table 4: Vietnamese Insurance – Segmentation, Direct Written Premium (Percentage Share), 2009–2018
Table 5: Vietnamese Reinsurance Companies, 2013
Table 6: Vietnam National Reinsurance Corporation, Key Facts
Table 7: PVI Reinsurance Company, Key Facts

LIST OF FIGURES

Figure 1: Vietnamese Insurance – Gross Written Premium by Segment (VND Trillion), 2009–2018
Figure 2: Vietnamese Insurance – Dynamics by Segment, Gross Written premium (2009–2018)
Figure 3: Vietnamese Insurance – Direct Written Premium by Segment (VND Trillion), 2009–2018
Figure 4: Vietnamese Insurance – Dynamics by Segment, Direct Written Premium (2009–2018)
Figure 5: Vietnamese Reinsurance – Premium Accepted by Category (VND Trillion), 2009–2018
Figure 6: Vietnamese Reinsurance – Premium Accepted by Category (Percentage Share), 2013 and 2018
Figure 7: Vietnamese Reinsurance – Premium Ceded by Type of Insurance (VND Billion), 2009–2018
Figure 8: Vietnamese Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Figure 9: Vietnamese Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Figure 10: Vietnamese Non-Life Insurance – Percentage of Reinsurance Ceded, 2009–2013
Figure 11: Vietnamese Non-Life Insurance – Percentage of Reinsurance Ceded, 2013–2018
Figure 12: Vietnamese Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Figure 13: Vietnamese Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Figure 14: Vietnam, Ho Chi Minh Stock Exchange (HOSE) Market Capitalization (US$ Billion), 2008–2012
Figure 15: Vietnamese GDP at Constant Prices (US$ Billion), 2009–2013
Figure 16: Vietnamese GDP per Capita at Constant Prices (US$), 2009–2013
Figure 17: Vietnamese GDP at Current Prices (US$ Billion), 2009–2013
Figure 18: Vietnamese GDP Per Capita at Current Prices (US$), 2009–2013
Figure 19: Vietnamese GDP by Key Sector (%) 2008 and 2012
Figure 20: Vietnamese Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices (US$ Billion), 2008–2012
Figure 21: Vietnamese Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices as a Percentage of GDP (%), 2008–2012
Figure 22: Vietnamese Manufacturing Net Output at Current Prices (US$ Billion), 2008–2012
Figure 23: Vietnamese Manufacturing Net Output at Current Prices as a Percentage of GDP (%), 2008–2012
Figure 24: Vietnamese Mining, Manufacturing and Utilities Net Output at Current Prices (US$ Billion), 2008–2012
Figure 25: Vietnamese Mining, Manufacturing and Utilities Net Output at Current Prices as a percentage of GDP (%), 2008–2012
Figure 26: Vietnamese Construction Net Output at Current Prices (US$ Billion), 2008–2012
Figure 27: Vietnamese Construction Output at Current Prices as a Percentage of GDP (%), 2008–2012
Figure 28: Vietnamese Inflation Rate (%), 2009–2013
Figure 29: Vietnamese Exports as a Percentage of GDP (%), 2008–2012
Figure 30: Vietnamese Imports as a Percentage of GDP (%), 2008–2012
Figure 31: Vietnamese Merchandise Exports Growth (%), 2009–2012
Figure 32: Vietnamese Merchandise Imports Growth (%), 2009–2012
Figure 33: Vietnamese Annual Average Exchange Rate US$–VND, 2009–2013
Figure 34: Vietnamese Commercial Vehicle Exports – Total Value (US$ Million), 2009–2013
Figure 35: Vietnamese Commercial Vehicle Imports – Total Value (US$ Million), 2009–2013
Figure 36: Vietnamese Automotive Exports – Total Value (US$ Million), 2009–2013
Figure 37: Vietnamese Automotive Imports – Total Value (US$ Billion), 2009–2013
Figure 38: Vietnamese Internet Subscriptions (Millions), 2009–2013
Figure 39: Vietnamese Size of Labor Force (Million), 2008–2012
Figure 40: Vietnamese Unemployment Rate (%), 2009–2013
Figure 41: Vietnamese Household Consumption Expenditure (US$ Billion), 2009–2013
Figure 42: Vietnamese Total Population (Million), 2009–2013
Figure 43: Vietnamese Urban and Rural Populations (%), 2009–2013
Figure 44: Vietnamese Population Distribution by Age (%), 2008–2012
Figure 45: Vietnamese Life Expectancy (Number of Years), 2009–2013

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