Personal Accident and Health Insurance in Vietnam, Key Trends and Opportunities to 2020

Date: March 31, 2017
Pages: 100
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Publisher: Timetric
Report type: Strategic Report
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Personal Accident and Health Insurance in Vietnam, Key Trends and Opportunities to 2020
SYNOPSIS

Timetric’s 'Personal Accident and Health Insurance in Vietnam, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Vietnamese life insurance segment, and a comparison of the Vietnamese insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Vietnamese economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

SUMMARY

Timetric’s 'Personal Accident and Health Insurance in Vietnam, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Vietnamese personal accident and health insurance segment, including:
  • An overview of the Vietnamese personal accident and health insurance segment
  • The Vietnamese personal accident and health insurance segment’s growth prospects by category
  • A comprehensive overview of the Vietnamese economy and demographics
  • A comparison of the Vietnamese personal accident and health insurance segment with its regional counterparts
  • The various distribution channels in the Vietnamese personal accident and health insurance segment
  • Details of the competitive landscape in the personal accident and health insurance segment in Vietnam
  • Details of regulatory policy applicable to the Vietnamese insurance industry
SCOPE

This report provides a comprehensive analysis of the personal accident and health insurance segment in Vietnam:
  • It provides historical values for the Vietnamese personal accident and health insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.
  • It offers a detailed analysis of the key categories in the Vietnamese personal accident and health insurance segment, and market forecasts to 2020.
  • It provides a comparison of the Vietnamese personal accident and health insurance segment with its regional counterparts
  • It provides an overview of the various distribution channels for personal accident and health insurance products in Vietnam.
  • It profiles the top personal accident and health insurance companies in Vietnam, and outlines the key regulations affecting them.
REASONS TO BUY
  • Make strategic business decisions using in-depth historic and forecast market data related to the Vietnamese personal accident and health insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Vietnamese personal accident and health insurance segment.
  • Assess the competitive dynamics in the personal accident and health insurance segment.
  • Identify 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
  • The revised Law on Social Insurance came into effect from January 1, 2016.
  • The government issued Decree No. 73/2016/ND-CP on implementation and amendments to certain articles of the Law on Insurance Business, which came into effect from July 1, 2016.
  • Effective from January 2015, National Assembly issued Law No. 46/2014/QH11 making it compulsory for all Vietnamese citizens including employees, workers, army and police force, and dependents to participate in the National Health Insurance (NHI) program.
  • Effective from July 2016, the New Penal Code criminalizes insurance fraud and holds both violating individuals and commercial legal entities liable. In June 2016, government introduced health insurance medical information system, with an objective to ensure transparency and prevent insurance fraud.
1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHICS

4 SEGMENT OUTLOOK

4.1 Regional Comparison
4.2 Segment Indicators
  4.2.1 Gross Written Premium and Penetration
  4.2.2 Claims
  4.2.3 Profitability
  4.2.4 Assets and Investments

5 DISTRIBUTION CHANNEL OUTLOOK

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles
  6.1.1 Tập đoàn Bảo Việt – Company Overview
  6.1.2 Tổng Công ty Cổ phần Bảo Minh – Company Overview
  6.1.3 Công ty Cổ phần PVI – Company Overview
  6.1.4 Công ty Cổ phần BH NH Nông Nghiệp Việt Nam – Company Overview
  6.1.5 Tổng Công ty Cổ Phần Bảo Hiểm Bưu Điện – Company Overview

7 GOVERNANCE, RISK AND COMPLIANCE

7.1 Legislation Overview and Historical Evolution
7.2 Latest Changes in Regulation
7.3 Legislation and Market Practice by Type of Insurance
  7.3.1 Life insurance
  7.3.2 Property insurance
  7.3.3 Motor insurance
  7.3.4 Liability insurance
  7.3.5 Marine, aviation and transit insurance
  7.3.6 Personal accident and health insurance
7.4 Compulsory Insurance
  7.4.1 Motor third-party liability insurance
  7.4.2 Aviation liability insurance
  7.4.3 Fire and explosion insurance for high risk establishments
  7.4.4 Social insurance
  7.4.5 Construction insurance
7.5 Supervision and Control
  7.5.1 International Association of Insurance Supervisors (IAIS)
  7.5.2 Ministry of Finance
  7.5.3 Insurance Supervisory Authority
7.6 Non-Admitted Insurance Regulations
  7.6.1 Overview
  7.6.2 Intermediaries
  7.6.3 Market practices
  7.6.4 Fines and Penalties
7.7 Company Registration and Operations
  7.7.1 Type of insurance organization
  7.7.2 Establishing a local company
  7.7.3 Foreign ownership
  7.7.4 Types of license
  7.7.5 Capital requirements
  7.7.6 Solvency margin
  7.7.7 Reserve requirements
  7.7.8 Investment regulations
  7.7.9 Statutory return requirements
  7.7.10 Fee structure
7.8 Taxation
  7.8.1 Insurance premium or policy taxation
  7.8.2 Withholding taxes on premium paid overseas
  7.8.3 Corporate tax
  7.8.4 VAT
  7.8.5 Captives
7.9 Legal System
  7.9.1 Introduction
  7.9.2 Access to court
  7.9.3 Alternative dispute resolution

8 DATABOOK

8.1 Policies and Premium
  8.1.1 Claims and Expenses
  8.1.2 Assets and Investments

9 DEFINITIONS AND METHODOLOGY

9.1 Definitions
9.2 Methodology

10 ABOUT TIMETRIC

10.1 Contact Timetric
10.2 About Timetric
10.3 Timetric’s Services
10.4 Disclaimer

LIST OF TABLES

Table 1: Vietnamese Personal Accident and Health Insurance – Key Facts, 2015
Table 2: Vietnamese Personal Accident and Health Insurance –Top Insurers, 2015
Table 3: Vietnamese Government Credit Ratings
Table 4: Vietnamese Personal Accident and Health Insurance – Gross Written Premium (VND Trillion and US$ Million), 2011–2015
Table 5: Vietnamese Personal Accident and Health Insurance – Penetration (%), 2011–2015
Table 6: Vietnamese Personal Accident and Health Insurance – Gross Written Premium (VND Trillion and US$ Million), 2015–2020
Table 7: Vietnamese Personal Accident and Health Insurance – Penetration (%), 2015–2020
Table 8: Vietnamese Personal Accident and Health Insurance – Premium per Capita (VND and US$), 2011–2015
Table 9: Vietnamese Personal Accident and Health Insurance – Premium per Capita (VND and US$), 2015–2020
Table 10: Vietnamese Personal Accident and Health Insurance – Paid Claims (VND Trillion and US$ Million), 2011–2015
Table 11: Vietnamese Personal Accident and Health Insurance – Paid Claims (VND Trillion and US$ Million), 2015–2020
Table 12: Vietnamese Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2015
Table 13: Vietnamese Personal Accident and Health Insurance – Profitability Ratio (%), 2015–2020
Table 14: Vietnamese Personal Accident and Health Insurance – Total Assets (VND Trillion and US$ Million), 2011–2015
Table 15: Vietnamese Personal Accident and Health Insurance – Total Assets (VND Trillion and US$ Million), 2015–2020
Table 16: Vietnamese Personal Accident and Health Insurance – Total Investment Income (VND Billion and US$ Million), 2011–2015
Table 17: Vietnamese Personal Accident and Health Insurance – Total Investment Income (VND Billion and US$ Million), 2015–2020
Table 18: Vietnamese Personal Accident and Health Insurance – Investment Portfolio (VND Billion), 2011–2015
Table 19: Vietnamese Personal Accident and Health Insurance – Investment Portfolio (VND Billion), 2015–2020
Table 20: Vietnamese Personal Accident and Health Insurance –Leading Insurers, 2015
Table 21: Insurance Company – Key Facts
Table 22: Insurance Company – Key Facts
Table 23: Insurance Company – Key Facts
Table 24: Insurance Company – Key Facts
Table 25: Insurance Company – Key Facts
Table 26: Vietnam – Insurance Regulatory Framework Key Features
Table 27: Vietnam – Insurance Agent Commission Rate
Table 28: Vietnam – Life Insurance Regulatory Framework
Table 29: Vietnam – Property Insurance Regulatory Framework
Table 30: Vietnam– Motor Insurance Regulatory Framework
Table 31: Vietnam – Liability Insurance Regulatory Framework
Table 32: Vietnam – Tariff Rates for Motor Third-Party Liability Insurance
Table 33: Vietnam – Minimum Capital Requirements
Table 34: Vietnam – Corporate Tax Rates for the Financial Year 2017
Table 35: Vietnamese Personal Accident and Health Insurance Industry – Policies and Premium, 2011–2015
Table 36: Vietnamese Personal Accident and Health Insurance Industry – Policies and Premium, 2015–2020
Table 37: Vietnamese Personal Accident and Health Insurance – Claims and Expenses, 2011–2015
Table 38: Vietnamese Personal Accident and Health Insurance – Claims and Expenses, 2015–2020
Table 39: Vietnamese Personal Accident and Health Insurance – Assets and Investments, 2011–2015
Table 40: Vietnamese Personal Accident and Health Insurance – Assets and Investments, 2015–2020
Table 41: Insurance Industry Definitions

LIST OF FIGURES

Figure 1: Vietnamese Real GDP (VND Trillion), 2011–2020
Figure 2: Vietnamese Exchange Rate (%), 2011–2020
Figure 3: Vietnamese Consumer Price Inflation (%), 2011–2020
Figure 4: Vietnamese Current Account Balance as Percentage of GDP (%), 2011–2015
Figure 5: Vietnamese Unemployment Rate, 2011–2020
Figure 6: Vietnamese Population by Age Group, 1990–2025
Figure 7: Vietnamese Personal Accident and Health Insurance Penetration – Regional Comparison (%), 2015
Figure 8: Vietnamese Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015
Figure 9: Vietnamese Personal Accident and Health Insurance – Gross Written Premium (VND Trillion), 2011–2020
Figure 10: Vietnamese Personal Accident and Health Insurance – Penetration (%), 2011–2020
Figure 11: Vietnamese Personal Accident and Health Insurance – Premium per Capita (VND), 2011–2020
Figure 12: Vietnamese Personal Accident and Health Insurance – Paid Claims (VND Trillion), 2011–2020
Figure 13: Vietnamese Personal Accident and Health Insurance – Profitability Ratio (%), 2011–2020
Figure 14: Vietnamese Personal Accident and Health Insurance – Total Assets (VND Trillion), 2011–2020
Figure 15: Vietnamese Personal Accident and Health Insurance – Total Investment Income (VND Billion), 2011–2020
Figure 16: Vietnamese Personal Accident and Health Insurance – Investment Portfolio (VND Trillion), 2011–2020
Figure 17: Vietnamese Personal Accident and Health Insurance – Investment Portfolio Dynamics by Category, 2011–2020
Figure 18: Vietnam – Insurance Supervision and Control at Various Levels
Figure 19: Vietnam – Insurance Regulatory Frameworks for Company Registration and Operation

COMPANIES MENTIONED

Tập đoàn Bảo Việt
Tổng Công ty Cổ phần Bảo Minh
Công ty Cổ phần PVI
Công ty Cổ phần BH NH Nông Nghiệp Việt Nam
Tổng Công ty Cổ Phần Bảo Hiểm Bưu Điện
Bảo hiểm AAA
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