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Vietnam Insurance Industry 1H10
Emerging Markets Direct, April 2010, Pages: 27
'Vietnam: Insurance' covers the Asia Pacific insurance, transformation of insurance sector in Vietnam, Vietnam insurance law, performance of insurance industry in Vietnam and regulatory issues. It also covers the market trends and outlook, Prudential regulatory and protection fund, bankassurance, the rural challenge, demographics and population, and consumer expenditure and purchasing power parity, plus the SWOT analysis of the industry leading players: Prudential Vietnam Assurance Private Limited, Vietnam Insurance Company (Bao Viet), Manulife (Vietnam) Limited, and Petrovietnam Insurance Corporation (PVI).
Vietnam Insurance provides an insight of the Insurance sector of Vietnam through the performance and the ranking of leading players in the industry. In 2009, despite the slowdown, the Vietnamese insurance market's total premiums revenue rose 20% year-on-year, with 50 insurers in the country. In life insurance segment, Prudential Vietnam takes the lead with 31% of the market share, followed by Bao Viet at 28% and Manulife at 10% respectively. Life insurance sector is expected to see annual growth of 8% to 10% through 2010.
This report also includes the breakdown of the components in non life market and in Vietnam; approximately 70% of its premiums were contributed by motor insurance. The non-life segment is expected to grow at a CAGR of around 24.5% between 2009 and 2013. Total insurance premiums of Vietnam in 2009 stood at VND 29769.5 billions. This is made up by life premiums of VND 16290.24 billions and non life premiums of VND 13479.27 billions. In 2010, the corresponding figures are forecasted at VND 22056.07 billion and VND 15969.01 billion respectively.
The better- performed insurance market was driven by various factors such merger and acquisition (M&A), Bancassurance activities, demand of micro insurance and etc. The driving forces would increase both life and non life density to USD 12.23 and USD 8.85 per capita respectively. In addition to that, financial highlights of the country’s major companies in insurance industry are also included, namely Prudential Vietnam Assurance Private Limited, Vietnam Insurance Company (Bao Viet), Manulife (Vietnam) Limited, Petrovietnam Insurance Corporation (PVI).
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