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Commercial Non-Life Insurance Brokers in Vietnam

  • May 2015
  • -
  • Finaccord
  • -
  • 18 pages

Commercial Non-Life Insurance Brokers in Vietnam plus the BrokerBASE™ and market data file that accompany it investigate the importance of brokers in the distribution of non-life insurance for businesses in Vietnam. This report first provides unique data for the size, segmentation and growth of the Vietnamese commercial non-life insurance market itself. It then quantifies the share of this market that is intermediated by brokers and, based on extensive primary research of the country’s leading brokers, it ranks the top ten in Vietnam according to their revenues from commercial non-life insurance, excluding income from other activities such as personal lines and employee benefits.

Table Of Contents

Commercial Non-Life Insurance Brokers in Vietnam
Table of Contents

Executive Summary

Introduction

Market Analysis

List of Graphics / Tables



0.0 EXECUTIVE SUMMARY

1.0 INTRODUCTION

What is this report about?

The focus is uniquely on commercial non-life insurance, excluding other types of business...

...and on brokerage, even where intermediaries can act as both agents and brokers

Rationale

Methodology

Research program

Market data analysis

Definitions

Premiums

Abbreviations

Exchange rate

BrokerBASE

Finaccord

2.0 MARKET ANALYSIS

Introduction

Regulatory information

Vietnamese law recognises the difference between insurance brokers and insurance agents

It is officially the case that broking commissions should not exceed 15% of premiums

For local clients with no foreign investors, insurance cover must be sourced locally

Commercial non-life insurance market

In nominal terms, the Vietnamese commercial lines insurance market has been growing quite rapidly…

...with the small market for commercial liability insurance having been particularly buoyant in this respect

Commercial non-life insurance brokers

Overview of brokers' presence in the distribution of commercial non-life insurance

Brokers have been pushing up their distribution share in commercial non-life insurance…

....although the value of the commercial lines broking market remains comparatively small

Competitor trends and specialisms

The commercial lines broking market is characterised by a high degree of concentration…

… as a consequence of the fact that there are only 12 authorised firms in this field

Toyota Tsusho Insurance Broker was established as a joint venture in 2011

Commercial non-life insurance is by far the most important revenue stream for most brokers

Brokers' distribution strategies

Two brokers specialise mainly in MAT insurance for clients in the shipping and aviation sectors

In several cases, broker network members in Vietnam have not yet been authorised

Future outlook

Commercial lines broking revenues in Vietnam will carry on growing in both nominal and real terms

LIST OF GRAPHICS / TABLES

0.0 EXECUTIVE SUMMARY

Key market data for commercial non-life insurance brokers in Vietnam

1.0 INTRODUCTION

2.0 MARKET ANALYSIS

Segmentation of the commercial non-life insurance market in Vietnam, 2014

Growth in the commercial non-life insurance market in Vietnam by segment, 2010 to 2014

Size and growth of the commercial non-life insurance market in Vietnam by segment, 2010 to 2014 (table)

Brokers' share of the commercial non-life insurance market and revenues earned from it in Vietnam, 2010 and 2014

Brokers' share of the commercial non-life insurance market and revenues earned from it in Vietnam, 2010 and 2014 (table)

Market concentration for commercial non-life insurance broking in Vietnam, 2014

Market shares of commercial non-life insurance broking revenues of the top ten brokers in Vietnam, 2014

Importance of different types of insurance broking for the top ten commercial non-life insurance brokers in Vietnam

Partners of broker networks in Vietnam, 2015

Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in Vietnam, 2018

Brokers' forecast share of the commercial non-life insurance market and revenues earned from it in Vietnam, 2018 (table)

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