Vietnam Insurance Report Q4 2016

Date: August 24, 2016
Pages: 61
US$ 1,295.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: VE9A30336C9EN

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Includes 3 FREE quarterly updates

BMI View: Vietnam's insurance market is still in the very early stages of development and as such offers significant scope to grow rapidly from a low base. The country is expected to record robust economic growth in the coming years, and as household income and consumption rates rise, we expect to see growing demand for a range of life and non-life products. Vital to the expansion of the insurance segment is further development of the range of products available, including, in particular, microinsurance and other low-cost insurance options to cater for the large number of lower-income households. The entry of major regional and multinational providers, bringing much-needed capital and expertise to the market, is a positive sign for the Vietnamese insurance industry.

Key Updates And Forecasts
  • Awareness and understanding of the benefits of insurance are developing rapidly in Vietnam. In July 2016, the government stated it was targeting 90% coverage for health insurance by 2020 (up from a previous target of 80%).
  • The government is keen to see insurance premiums remain in the domestic market, and in April 2016 it was reported that the finance ministry was drafting a decree to implement a minimum mandatory retention level for reinsurance taken with overseas providers.
  • Vietnam's life insurance sector is forecast to see steady premium growth over the forecast period, with solid double-digit growth expected in local currency terms, while in US dollar terms premiums will increase from USD1.8bn to USD2.8bn between 2016 and 2020.
  • The slightly smaller non-life sector is expected to see slightly slower growth, hampered by a limited product offering outside of the basic motor and property lines. Overall non-life premiums written are forecast to increase from USD1.4bn in 2016 to USD2.1bn in 2020.
BMI Industry View
  Table: Headline Insurance Forecasts (Vietnam 2013-2020)
Industry Forecast
Life Premiums Forecast
  Table: Life Premiums (Vietnam 2013-2020)
  Table: Life Insurance Claims (Vietnam 2009-2015)
Non-Life Premiums Forecast
  Table: Non-Life Premiums (Vietnam 2013-2020)
  Table: Non-Life Insurance Claims (Vietnam 2009-2015)
Non-Life Sub-Sector Forecast
  Table: Non-Life Insurance Premiums by Product Line (Vietnam 2013-2020)
Insurance Risk/Reward Index
Asia Pacific Industry Risk/Reward Index
  Table: Asia Pacific Insurance Risk/Reward Index Q416
Market Overview
Life Market Overview
The Product Offering
The Competitive Landscape
  Table: Life Insurance Market (USDmn) 2012-2014
Non-Life Market Overview
The Product Offering
The Competitive Landscape
  Table: Non-Life Market (USDmn) 2009-2014
Company Profile
AIA Group
American International Group (AIG)
Bao Viet Holdings
Manulife Financial
Prudential plc
Sun Life Financial
Industry Forecast Methodology
Risk/Reward Index Methodology
  Table: Indicators
  Table: Weighting of Indicators
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