Vietnam Insurance Report Q1 2016

Date: December 9, 2015
Pages: 64
US$ 1,295.00
Report type: Strategic Report
Delivery: Download

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Includes 3 FREE quarterly updates

BMI View: Vietnam's insurance industry is growing rapidly, bolstered both by domestic economic growth and by a gradual improvement in terms of the range of products available in the market. The non-life sector is more established, with motor and health and personal accident insurance particularly popular. Life insurance is currently the smaller sector, and demand for long-term savings or retirement products continues to be hampered by low household income levels. Premiums across both life and non-life are expected to increase throughout our forecast period through to 2019. As the investment environment gradually improves, we expect to see more multinationals entering the market who are keen to take advantage of the strong growth potential.

Key Updates And Forecasts
  • The larger non-life sector will see the strongest growth throughout our forecast period, with gross nonlife premiums written expected to increase by an average annual rate of over 10% to reach USD2.2bn in 2019, up from USD1.4bn in 2015.
  • Although slightly slower, growth will also be strong in the smaller life sector, where premiums are expected to increase by around 8% annually to reach USD1.6bn in 2019, up from USD1.2bn in 2015.
  • Health insurance providers may face an increase in claims amid reports that the cost of healthcare services at state-owned hospitals may increase by two to seven times the current costs. Fees are being raised to include the salary of medical personnel.
BMI Industry View
  Table: Headline Insurance Forecasts (Vietnam 2012-2019)
Industry Forecast
Life Premiums Forecast
  Table: Life Premiums (Vietnam 2012-2019)
  Table: Life Insurance Claims (Vietnam 2009-2013)
Non-Life Premiums Forecast
  Table: Non-Life Premiums (Vietnam 2012-2019)
  Table: Non-Life Insurance Claims (Vietnam 2008-2014)
Non-Life Sub-Sector Forecast
  Table: Non-Life Insurance Premiums By Product Line (Vietnam 2012-2019)
Insurance Risk/Reward Index
Asia Pacific Industry Risk/Reward Index
  Table: Asia Pacific Insurance Risk/Reward Index
Market Overview
Life Market Overview
The Product Offering
The Competitive Landscape
  Table: Life Insurance Market (USDmn) 2008-2013
Non-Life Market Overview
The Product Offering
The Competitive Landscape
  Table: Non-Life Insurance Market (USDmn) 2008-2013
Company Profile
AIA Group
American International Group (AIG)
Bao Viet Holdings
Manulife Financial
Prudential plc
PVI Holdings
Sun Life Financial
Industry Forecast Methodology
Risk/Reward Index Methodology
  Table: Indicators
  Table: Weighting of Indicators
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