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Vietnam Insurance Report Q2 2016

  • March 2016
  • -
  • Business Monitor International
  • -
  • 64 pages

Includes 3 FREE quarterly updates

BMI View: Vietnam's insurance sector will expand at a fast pace over the next few years, as robusteconomic growth supports demand for both personal and corporate insurance lines. The market'sdevelopment, and in particular the life insurance sector, has so far been hindered by the low income levelsand disposable household income; however, we are seeing a gradual push towards higher expenditure asthe economy expands and insurers develop products specifically targeted at low-income groups. We alsonote the increase participation of multinationals which are driving innovation and product development.Sun Life Financial's growing exposure to the market is a case in point and also illustrates a graduallyimproving investment climate. Against this backdrop, we envisage insurance premiums growing at around10% a year through the forecast period to 2020.

Key Updates And Forecasts

- Vietnam's non-life insurance sector will outperform the life segment over the next few years, with motorand health/personal accident insurance premiums set to be the main drivers of underwriting activity. Nonlifepremiums will expand by 10.9% on average over 2016-2020 to reach USD2.4bn.

- Life premiums will grow at a slightly slower rate of 8.4% a year over the forecast period to reachUSD1.8bn. The share of life premiums to total insurance sales will therefore fall from just under 45% in2015 to 42% in 2020.

- Foreign interest in Vietnam's insurance market continues to grow as multinationals look to profit fromrising income levels and the market's relatively low level of development. November 2015 saw Canada'sSun Life Financial increase its stake in its life insurance joint venture with PVI Holdings, PVI SunLife, from 49% to 75%.

Table Of Contents

Vietnam Insurance Report Q2 2016
BMI Industry View 7
Table: Headline Insurance Forecasts (Vietnam 2013-2020) 7
Insurance 9
Industry Forecast 11
Life Premiums Forecast 11
Table: Life Premiums (Vietnam 2013-2020) 14
Table: Life Insurance Claims (Vietnam 2008-2015) 15
Non-Life Premiums Forecast 15
Table: Non-Life Premiums (Vietnam 2013-2020) 18
Table: Non-Life Insurance Claims (Vietnam 2009-2015) 20
Non-Life Sub-Sector Forecast 20
Table: Non-Life Insurance Premiums by Product Line (Vietnam 2013-2020) 29
Insurance Risk/Reward Index 31
Asia Pacific Industry Risk/Reward Index 31
Table: Asia Pacific Insurance Risk/Reward Index Q216 32
Market Overview 33
Life Market Overview 33
The Product Offering 33
The Competitive Landscape 34
Table: Life Insurance Market (USDmn) 2008-2013 35
Non-Life Market Overview 36
The Product Offering 36
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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