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  4. > Vietnam Insurance Report Q4 2016

Vietnam Insurance Report Q4 2016

  • August 2016
  • -
  • Business Monitor International
  • -
  • 61 pages

Includes 3 FREE quarterly updates

BMI View: Vietnam's insurance market is still in the very early stages of development and as such offerssignificant scope to grow rapidly from a low base. The country is expected to record robust economicgrowth in the coming years, and as household income and consumption rates rise, we expect to see growingdemand for a range of life and non-life products. Vital to the expansion of the insurance segment is furtherdevelopment of the range of products available, including, in particular, microinsurance and other low-costinsurance options to cater for the large number of lower-income households. The entry of major regionaland multinational providers, bringing much-needed capital and expertise to the market, is a positive signfor the Vietnamese insurance industry.Key Updates And Forecasts

- Awareness and understanding of the benefits of insurance are developing rapidly in Vietnam. In July2016, the government stated it was targeting 90% coverage for health insurance by 2020 (up from aprevious target of 80%).

- The government is keen to see insurance premiums remain in the domestic market, and in April 2016 itwas reported that the finance ministry was drafting a decree to implement a minimum mandatoryretention level for reinsurance taken with overseas providers.

- Vietnam's life insurance sector is forecast to see steady premium growth over the forecast period, withsolid double-digit growth expected in local currency terms, while in US dollar terms premiums willincrease 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 limitedproduct offering outside of the basic motor and property lines. Overall non-life premiums written areforecast to increase from USD1.4bn in 2016 to USD2.1bn in 2020.

Table Of Contents

Vietnam Insurance Report Q4 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Vietnam 2013-2020) 5
Insurance 7
Industry Forecast 9
Life Premiums Forecast 9
Table: Life Premiums (Vietnam 2013-2020) 12
Table: Life Insurance Claims (Vietnam 2009-2015) 13
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (Vietnam 2013-2020) 16
Table: Non-Life Insurance Claims (Vietnam 2009-2015) 18
Non-Life Sub-Sector Forecast 18
Table: Non-Life Insurance Premiums by Product Line (Vietnam 2013-2020) 26
Insurance Risk/Reward Index 29
Asia Pacific Industry Risk/Reward Index 29
Table: Asia Pacific Insurance Risk/Reward Index Q416 30
Market Overview 31
Life Market Overview 31
The Product Offering 31
The Competitive Landscape 32
Table: Life Insurance Market (USDmn) 2012-2014 33
Non-Life Market Overview 34
The Product Offering 34
The Competitive Landscape 34
Table: Non-Life Market (USDmn) 2009-2014 36
Company Profile 38
AIA Group 38
American International Group (AIG) 41
Bao Viet Holdings 44
Manulife Financial 47
Prudential plc 49
Sun Life Financial 52
Methodology 55
Industry Forecast Methodology 55
Risk/Reward Index Methodology 58
Table: Indicators 60
Table: Weighting of Indicators 61

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