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Vietnam Insurance Report Q1

  • Publication Date:January 2012
  • Publisher:Business Monitor
  • Product Type: Report
  • Pages:87
  • ISBN:1752-8410

Vietnam Insurance Report Q1 2012

In the context of Southeast Asia and generally, Vietnam stands out as a small and under-developed insurance market that is growing extremely rapidly. It is patently open to access by foreign insurers, many of whom see the country as a natural extension of their regional (or global) footprints. Relative to other countries in the region, the life segment is not dominated by one or two local titans. Life agency channels are being expanded rapidly. Some players are focusing on bancassurance opportunities. In the non-life segment, the government is promoting the development of export credit insurance - a very new line in Vietnam. As far as we can see, the Vietnamese non-life companies have shown more discipline than have their counterparts in other countries in the region. The motor-related lines - so often unprofitable and thankless for non-life insurers in emerging markets only account for about one third of the premiums written in Vietnam's non-life segment.

Unfortunately, nothing has happened in Q411 for us to change our long-standing view that the entire sector will remain overshadowed by the challenges. The most important one is that the vast majority of Vietnamese people cannot afford to save - whether via life insurance or through other channels. In calendar 2010, the number of in-force life policies rose by 5% - and this was in a country where only 5% of people have life cover and where, as noted above, there has been an enormous expansion of the insurers' agency forces. Most recently, a number of press reports have hinted that persistent inflation may be limiting the real disposable income of Vietnamese households - with the result that their ability to use life insurance has been constrained further.

In the non-life segment, the situation is the reverse. A fragmented segment, it contains nearly 30 sub-scale firms, most of which are Vietnamese companies with limited access to the capital they need. A clear trend through 2011 has been for leading non-life companies to seek listing on one of Vietnam's two stock exchanges. As of the end of 2010, there had been just four listed insurers - Bao Viet Holdings, Bao Minh, PVI and VinaRe. By the end of 2011, they had been joined by PJICO, BIC Insurance and PTI Insurance. It may be that the consequent need for new capital is met by foreign non-life groups who make strategic investments in Vietnamese companies. As of late 2011, Germany's Talanx and Australia's IAG are making strategic investments in PVI and BIC Insurance respectively. A very recent initiative by PVI has been to launch a separate reinsurance subsidiary.

  • Executive Summary
    • Table: Vietnam's Total Premiums 2008-2016
  • Key Insights And Key Risks
  • SWOT Analysis
  • Vietnam Insurance Industry SWOT
  • Vietnam Political SWOT
  • Vietnam Economic SWOT
  • Vietnam Business Environment SWOT
  • Life Sector
  • Asia Pacific Life Sector Overview
    • Table: Asia Pacific Life Premiums, 2008-2016 (US$mn)
  • Vietnam Life Sector Update
    • Table: Vietnam's Life Premiums Breakdown, 2010 (VNDmn)
  • Life Industry Forecast Scenario
    • Table: Vietnam's Life Premiums, 2008-2016
  • Growth Drivers And Risk Management Projections
  • Population
    • Table: Vietnam's Insurance Key Drivers, Demographics 2008-2016
  • Non-Life Sector
  • Asia Pacific Non-Life Sector Overview
    • Table: Asia Pacific Non-life Premiums, 2008-2016
  • Vietnam Non-Life Sector Update
    • Table: Vietnam's Breakdown Of Non-Life Premiums, 2010 (VNDmn)
  • Non-Life Industry Forecast Scenario
    • Table: Vietnam's Total Non-Life Premiums 2008-2016
  • Growth Drivers And Risk Management Projections
  • Macroeconomic Outlook
    • Table: Vietnam Economic Activity, 2011-2016
  • Political Stability Outlook
    • Table: Asia Pacific Regional Security Ratings
  • Healthcare
  • Epidemiology
    • Table: Vietnam's Insurance Key Drivers, Disability-Adjusted Life Years 2008-2016
  • Motor
    • Table: Vietnam's Insurance Key Drivers, Autos 2008-2015
  • Insurance Risk/Reward Ratings
    • Table: Vietnam's Insurance Risk/Reward Ratings
    • Table: Asia Pacific Insurance Risk/Reward Ratings
  • Competitive Landscape
  • Competitive Landscape Analysis
  • Major Players In Vietnam's Insurance Sector
    • Table: Ranking Of Non-Life Companies By Gross Written Premiums, 9M10
    • Table: Ranking Of Life Companies By Gross Written Premiums, 9M10
  • Vietnam Insurance Report Q1
  • © Business Monitor International Ltd Page
  • Company Profiles
  • Local Company Profiles
  • Bao Minh
  • Bao Viet
  • Regional Company Profiles
  • Ageas
  • AIA Group Limited
  • Allianz
  • Aviva
  • AXA
  • BNP Paribas Cardif
  • Chartis
  • HDI-Gerling
  • HSBC Insurance
  • ING Group
  • Liberty Mutual
  • Manulife
  • MetLife ALICO
  • Prudential Financial
  • Prudential plc
  • QBE
  • RSA
  • Sun Life Financial
  • The Principal
  • Zurich Financial Services
  • BMI Methodology
  • Insurance Risk/Reward Ratings
    • Table: Insurance Risk/Reward Indicators And Rationale
    • Table: Weighting Of Indicators
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