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Vietnam Insurance Report Q4 2010
Business Monitor International, Sep 2010, Pages: 70
The Vietnam Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Vietnam's insurance industry.
Writing in August 2010, we have been able to include final data for 2009 and to amend projections for the current year in order to take into account of results for H110 that have actually been released by major cross-border insurers in the Asia-Pacific. Total insurance premiums in Vietnam in 2009 amounted to VND25,478,635mn. This included non-life premiums of VND13,643,961mn and life premiums of VND11,834,674mn. In 2014, we estimate that the corresponding figures will be VND63,153,300mn, VND29,761,875mn and VND33,391,425mn. In terms of the key drivers that underpin our forecasts, we are looking for non-life penetration to rise from 0.84% of GDP in 2009 to 1.10% in 2014. We envisage that life density will increase from US$8 per capita in 2009 to US$19 in 2014. BMI’s proprietary Insurance Business Environment Rating for Vietnam is 44.2 out of 100.
As was the case in previous quarters, we provide a ranking of the major players in each of the two main segments – as they are seen by the organisation providing the data (which is usually the regulator or the trade association). In China, for instance, the three largest non-life companies in H109, in terms of gross written premiums, were Bao Viet, PVI and Bao Minh, whose market shares were 30.3%, 27.6% and 16.5% respectively. In the life segment, the leaders in H109 were Prudential, Bao Viet and Manulife, with market shares of 39.7%, 32.9% and 10.3% respectively. We emphasise though that a decline in share of gross written premiums is not automatically a bad thing and is often the result of a deliberate corporate decision to focus on more profitable business lines.
In this report, we also provide a breakdown of the insurance sector by line, from the point of view of the regulator or the trade association. Motor vehicle insurance accounted for less than a third of the non-life segment in H109. Shipping/hull insurance was the next largest line, accounting for just over 10% of nonlife premiums.
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