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Vietnam Insurance Report Q1 2016

  • December 2015
  • -
  • Business Monitor International
  • -
  • 64 pages

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.

Table Of Contents

Vietnam Insurance Report Q1 2016
BMI Industry View 7
Table: Headline Insurance Forecasts (Vietnam 2012-2019) . . 7
Insurance . 9
Industry Forecast .. 11
Life Premiums Forecast . 11
Table: Life Premiums (Vietnam 2012-2019) 14
Table: Life Insurance Claims (Vietnam 2009-2013) 15
Non-Life Premiums Forecast 15
Table: Non-Life Premiums (Vietnam 2012-2019) 18
Table: Non-Life Insurance Claims (Vietnam 2008-2014) . 20
Non-Life Sub-Sector Forecast .. 20
Table: Non-Life Insurance Premiums By Product Line (Vietnam 2012-2019) . 28
Insurance Risk/Reward Index 30
Asia Pacific Industry Risk/Reward Index 30
Table: Asia Pacific Insurance Risk/Reward Index 31
Market Overview 32
Life Market Overview . 32
The Product Offering 32
The Competitive Landscape 33
Table: Life Insurance Market (USDmn) 2008-2013 . 35
Non-Life Market Overview 35
The Product Offering 35
The Competitive Landscape 36
Table: Non-Life Insurance Market (USDmn) 2008-2013 . 38
Company Profile . 40
AIA Group 40
American International Group (AIG) .. 43
Bao Viet Holdings 45
Manulife Financial . 48
Prudential plc .. 50
PVI Holdings 53
Sun Life Financial .. 56
Methodology . 58
Industry Forecast Methodology . 58
Risk/Reward Index Methodology 61
Table: Indicators . 63
Table: Weighting of Indicators . 64

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