Vietnam Insurance Report Q3 2012

Date: July 3, 2012
Pages: 87
US$ 1,175.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF), Download

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Includes 3 FREE quarterly updates

The Vietnam Insurance Report considers the prospects for both life and non-life insurers in the country.

There was a time when Vietnam was one of the new frontiers of insurance in the Asia Pacific, but the sector has moved into a more exciting phase of its development. Foreign insurance companies (particularly in the life segment) are present, and see Vietnam as a natural extension of their regional or global footprints. New products are being developed. Agency networks are being built. As in the rest of South East Asia, bancassurance is being seen as an opportunity by some of the players. In the non-life segment, the local companies have generally shown more pricing discipline than have their counterparts elsewhere in the region. Motor insurance – so often a thankless and profitless line in emerging markets – accounts for only about one third of the premiums written in the non-life segment in Vietnam.

Nothing happened in H112 to make us to change our longstanding view that the entire sector will remain overshadowed by the challenges. The most important one is that the vast majority of Vietnamese people cannot afford to save – whether via life insurance or through other channels. In calendar 2010, the number of in-force life policies rose by 5% – and this was in a country where only 5% of people have life cover and where, as noted above, there has been an enormous expansion of the insurers’ agency forces. Most recently, a number of press reports have hinted that persistent inflation may be limiting the real disposable income of Vietnamese households – with the result that their ability to use life insurance has been

constrained further. In the non-life segment, the situation is the reverse. A fragmented segment, it contains nearly 30 sub-scale firms, most of which are Vietnamese companies with limited access to the capital they need. A clear trend through 2011 has been for leading non-life companies to seek listing on one of Vietnam’s two stock exchanges. As of June 2012, Germany’s Talanx and Australia’s Insurance Australia Group (IAG) are making strategic investments in PVI and AAA respectively. A recent initiative by PVI has to launch a separate reinsurance subsidiary.

Over the last quarter, BMI has made the following changes:
  • The report incorporates the provisional statistics published by the Association of Vietnamese Insurers (AVI) in relation to calendar 2011.
  • The arrivals of Generali Vietnam in the life segment and IAG in the non-life segment through its joint venture (JV) with AAA are discussed.
  • Our analysis incorporates a significant amount of detailed comment published by the major life insurers, in some cases in relation to Q112.
Executive Summary
  Table: Total Premiums, 2009-2016
Key Insights And Key Risks
SWOT Analysis
Vietnam Insurance Industry SWOT
Vietnam Political SWOT
Vietnam Economic SWOT
Vietnam Business Environment SWOT
Life Sector
Asia Pacific Life Sector Overview
  Table: Asia Pacific Life Premiums, 2008-2016 (US$mn)
Vietnam Life Sector Update
Life Industry Forecast Scenario
  Table: Life Premiums, 2009-2016
Growth Drivers And Risk Management Projections
  Table: Insurance Key Drivers – Demographics, 2009-2016
Non-Life Sector
Asia Pacific Non-Life Sector Overview
  Table: Asia Pacific Non-Life Premiums, 2008-2016
Vietnam Non-Life Sector Update
Non-Life Industry Forecast Scenario
  Table: Non-Life Premiums, 2009-2016
Growth Drivers And Risk Management Projections
Macroeconomic Outlook
  Table: Vietnam Economic Activity, 2011-2016
Political Stability Outlook
  Table: Asia Pacific Security Ratings
Healthcare Insurance
  Table: Insurance Key Drivers – Disability-Adjusted Life Years, 2009-2016
Insurance Risk/Reward Ratings
  Table: Vietnam’s Insurance Risk/Reward Ratings
  Table: Asia Pacific Insurance Risk/Reward Ratings
Competitive Landscape
Competitive Landscape Analysis
Major Players In Vietnam’s Insurance Sector
  Table: Ranking Of Non-Life Companies By Gross Written Premiums, 9M10
  Table: Ranking Of Life Companies By Gross Written Premiums, 9M10
Company Profiles
Local Company Profiles
Bao Minh
Bao Viet
Regional Company Profiles
AIA Group Limited
BNP Paribas Cardif
HSBC Insurance
Liberty Mutual
Prudential Financial
Prudential plc
Sun Life Financial
The Principal Financial Group
Zurich Insurance Group
Demographic Outlook
  Table: Population By Age Group, 1990-2020 (‘000)
  Table: Population By Age Group, 1990-2020 (% of total)
  Table: Key Population Ratios, 1990-2020
  Table: Rural/Urban Population Split, 1990-2020
BMI Methodology
Insurance Risk/Reward Ratings
  Table: Insurance Risk/Reward Indicators And Rationale
  Table: Weighting Of Indicators
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Vietnam Insurance Sector Forecast to 2013 US$ 800.00 Jun, 2010 · 50 pages
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Vietnam Insurance Report Q2 2016 US$ 1,295.00 Mar, 2016 · 64 pages
Vietnam Insurance Sector Forecast to 2014 US$ 900.00 Jun, 2011 · 50 pages
Vietnam Insurance Report Q1 2016 US$ 1,295.00 Dec, 2015 · 64 pages

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