Life Insurance in Vietnam, Key Trends and Opportunities to 2018

Published: Jan, 2015 | Pages: 169 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Vietnam has one of the world's most dynamic and rapidly expanding insurance industries, providing growth potential for life insurers. Vietnamese GDP rose from VND1.3 quadrillion (US$73.6 billion) in 2009 to VND1.9 quadrillion (US$92.3 billion) in 2013, at a review-period (2009-2013) compound annual growth rate (CAGR) of 5.8%, placing it as one of the fastest-growing economies in the South East Asian region. The life segment was the largest industry segment, accounting for 45.6% of the industry's gross written premium in 2013. The segment's growth was partly supported by a rise in the volume of middle class individuals.

Summary
The report provides in-depth market analysis, information and insights into the Vietnamese life insurance segment, including:

The Vietnamese life insurance segment's growth prospects by life insurance category

Key trends, drivers and challenges for the life insurance segment

The various distribution channels in the Vietnamese life insurance segment

The detailed competitive landscape in the life insurance segment in Vietnam

Detailed regulatory policies of the Vietnamese insurance industry

Analysis of various consumer segments in Vietnamese life insurance

Key developments in the Vietnamese life insurance segment

New products launched by Vietnamese life insurers

Scope
This report provides a comprehensive analysis of the life insurance segment in Vietnam:

It provides historical values for the Vietnamese life insurance segment for the report's 2009-2013 review period, and projected figures for the 2013-2018 forecast period.

It offers a detailed analysis of the key categories in the Vietnamese life insurance segment, along with market forecasts until 2018.

It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.

It analyses the various distribution channels for life insurance products in Vietnam.

It profiles the top life insurance companies in Vietnam and outlines the key regulations affecting them.

Reason To Buy
Make strategic business decisions using in-depth historic and forecast market data related to the Vietnamese life insurance segment and each category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the Vietnamese life insurance segment.

Assess the competitive dynamics in the life insurance segment.

Identify the growth opportunities and market dynamics in key product categories.

Gain insights into key regulations governing the Vietnamese insurance industry and their impact on companies and the industry's future.

Key Highlights
Vietnam has one of the world's most dynamic and rapidly expanding insurance industries, providing growth potential for life insurers.

The life segment was the largest industry segment, accounting for 45.6% of the industry's gross written premium in 2013.

The segment's growth was partly supported by a rise in the volume of middle class individuals.

The country's unemployment rate also decreased from 2.3% in 2009 to 2.1% in 2013. This created employment opportunities and improved the spending power of the middle classes.

Private pension insurance in Vietnam was non-existence during the review period due to absence of regulatory provision to sell pension products and low awareness.

The Vietnamese government brought in a new regulatory framework for pension insurance in October 2013.

 Table of Contents
1 Key Facts and Top Events
2 Executive Summary
3 Introduction
3.1 What is this Report About?
3.2 Definitions
3.3 Methodology
4 Vietnamese Insurance Industry Attractiveness
4.1 Insurance Industry Size, 2009-2018
5 Life Insurance Outlook
5.1 Consumer Segmentation
5.2 Key Drivers
5.3 Key Trends
5.4 Challenges
5.5 Life Insurance Growth Prospects by Category
5.6 Individual Life Insurance
5.6.1 Individual whole life insurance
5.6.2 Individual general annuity insurance
5.6.3 Individual endowment insurance
5.6.4 Individual term life insurance
5.6.5 Individual supplementary insurance
5.6.6 Other individual insurance
5.7 Group Life Insurance
5.8 Life Insurance Growth Prospects by Customer Segment
5.8.1 Individual single-premium insurance
5.8.2 Individual non-single-premium insurance
5.8.3 Group non-single-premium insurance
5.9 Life Insurance Growth Prospects by Product Type
5.9.1 Total linked insurance business
5.9.2 Total non-linked insurance business
6 Analysis by Distribution Channel
6.1 Bancassurance
6.2 Agencies
6.3 E-Commerce
6.4 Brokers
7 Governance, Risk and Compliance
7.1 Legislation Overview and Historical Evolution
7.2 Legislation and Market Practice by Type of Insurance
7.2.1 Life insurance
7.2.2 Property insurance
7.2.3 Motor insurance
7.2.4 Marine, aviation and transit insurance
7.2.5 Personal accident and health insurance
7.3 Compulsory Insurance
7.3.1 Motor third-party liability insurance
7.3.2 Social insurance
7.3.3 Aviation third-party liability insurance
7.4 Supervision and Control
7.4.1 International Association of Insurance Supervisors (IAIS)
7.4.2 Ministry of Finance (MOF)
7.4.3 Insurance Supervisory Authority (ISA)
7.5 Non-Admitted Insurance Regulations
7.5.1 Overview
7.5.2 Intermediaries
7.5.3 Market practices
7.5.4 Fines and penalties
7.6 Company Registration and Operations
7.6.1 Types of insurance organization
7.6.2 Establishing a domestic company
7.6.3 Foreign ownership
7.6.4 Types of license
7.6.5 Capital requirements
7.6.6 Solvency margins
7.6.7 Reserve requirements
7.6.8 Investment regulations
7.6.9 Statutory return requirements
7.6.10 Fee structure
7.7 Taxation
7.7.1 Insurance premium or policy taxation
7.7.2 Withholding taxes on premium paid overseas
7.7.3 Corporate tax
7.7.4 VAT
7.7.5 Captives
7.8 Legal System
7.8.1 Introduction
7.8.2 Access to court
7.8.3 Alternative dispute resolution (ADR)
8 Competitive Landscape and Strategic Insights
8.1 Overview
8.2 Leading Companies in the Vietnamese Life Segment
8.3 Leading Life Insurers - New Product Launches
8.4 Leading Life Insurers - Key Developments
8.5 Prudential Vietnam Assurance Private Ltd - Company Overview
8.5.1 Prudential Vietnam Assurance Private Ltd - key facts
8.5.2 Prudential Vietnam Assurance Private Ltd - key financials
8.6 Bao Viet Life Insurance Corp - Company Overview
8.6.1 Bao Viet Life Insurance Corp - key facts
8.6.2 Bao Viet Life Insurance Corp - key financials
8.7 Manulife (Vietnam) Ltd - Company Overview
8.7.1 Manulife (Vietnam) Ltd - key facts
8.8 Dai-ichi Life Insurance Company of Vietnam Ltd - Company Overview
8.8.1 Dai-ichi Life Insurance Company of Vietnam Ltd - key facts
8.8.2 Dai-ichi Life Insurance Company of Vietnam Ltd - key financials
8.9 AIA (Vietnam) Life Insurance Co. Ltd - Company Overview
8.9.1 AIA (Vietnam) Life Insurance Co. Ltd - key facts
8.1 PVI Sun Life Insurance Company Ltd - Company Overview
8.10.1 PVI Sun Life Insurance Company Ltd - key facts
8.11 ACE Life Insurance Company Ltd - Company Overview
8.11.1 ACE Life Insurance Company Ltd - key facts
8.11.2 ACE Life Insurance Company Ltd - key financials
8.12 Prevoir Vietnam Life Insurance Co., Ltd - Company Overview
8.12.1 Prevoir Vietnam Life Insurance Co., Ltd - key facts
8.13 Hanwha Life Insurance Co. Ltd - Company Overview
8.13.1 Hanwha Life Insurance Co. Ltd - key facts
8.14 Cathay Life Insurance (Vietnam) Co. Ltd - Company Overview
8.14.1 Cathay Life Insurance (Vietnam) Co. Ltd - key facts
8.14.2 Cathay Life Insurance (Vietnam) Co. Ltd - key financials
9 Appendix - 1
9.1 Market Capitalization Trend - Ho Chi Minh Stock Exchange (HOSE), Vietnam
9.2 GDP at Constant Prices (US$)
9.3 GDP per Capita at Constant Prices (US$)
9.4 GDP at Current Prices (US$)
9.5 GDP per Capita at Current Prices (US$)
9.6 GDP by Key Sector
9.7 Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices (US$)
9.8 Agriculture, Hunting, Forestry and Fishing Net Output at Current Prices as a Percentage of GDP
9.9 Manufacturing Net Output at Current Prices (US$)
9.1 Manufacturing Net Output at Current Prices as a Percentage of GDP
9.11 Mining, Manufacturing and Utilities at Current Prices (US$)
9.12 Mining, Manufacturing and Utilities at Current Prices, as Percentage of GDP
9.13 Construction Net Output at Current Prices, (US$)
9.14 Construction Net Output at Current Prices as a Percentage of GDP
9.15 Inflation Rate
9.16 Exports as a Percentage of GDP
9.17 Imports as a Percentage of GDP
9.18 Merchandise Exports Growth
9.19 Merchandise Imports Growth
9.2 Annual Average Exchange Rate VND-US$
9.21 Commercial Vehicle Exports - Total Value
9.22 Commercial Vehicle Imports - Total Value
9.23 Automotive Exports - Total Value
9.24 Automotive Imports - Total Value
9.25 Total Internet Subscribers
9.26 Labor Force
9.27 Unemployment Rate
9.28 Household Consumption Expenditure (US$)
9.29 Total Population
9.3 Urban and Rural Populations
9.31 Age Distribution of the Total Population
9.32 Life Expectancy
10 Appendix - 2
10.1 Methodology
10.2 Contact Timetric
10.3 About Timetric
10.4 Timetric's Services
10.5 Disclaimer

List of Tables
Table 1: Vietnamese Life Insurance Segment - Key Facts, 2013
Table 2: Insurance Industry Definitions
Table 3: Vietnamese Insurance - Segmentation, Gross Written Premium (Percentage Share), 2009-2018
Table 4: Vietnamese Insurance - Segmentation, Direct Written Premium (Percentage Share), 2009-2018
Table 5: Vietnam - Life Insurance Regulatory Framework
Table 6: Vietnam - Property Insurance Regulatory Framework
Table 7: Vietnam - Motor Insurance Regulatory Framework
Table 8: Vietnam - Minimum Capital Requirements
Table 9: Vietnam - Corporate Tax Rates for the Financial Year 2013
Table 10: Shares of Key Insurers in the Vietnamese Life Segment (%), 2013
Table 11: Prudential Vietnam Assurance Private Ltd - Key Facts
Table 12: Prudential Vietnam Assurance Private Ltd - Key Financials (VND Trillion), 2009-2013
Table 13: Bao Viet Life Insurance Corp - Key Facts
Table 14: Bao Viet Life Insurance Corp - Key Financials (VND Trillion), 2009-2013
Table 15: Manulife (Vietnam) Ltd - Key Facts
Table 16: Dai-ichi Life Insurance Company of Vietnam Ltd - Key Facts
Table 17: Dai-ichi Life Insurance Company of Vietnam Ltd - Key Financials (VND Billion), 2009-2013
Table 18: AIA (Vietnam) Life Insurance Co. Ltd - Key Facts
Table 19: PVI Sun Life Insurance Company Ltd - Key Facts
Table 20: ACE Life Insurance Company Ltd - Key Facts
Table 21: ACE Life Insurance Company Ltd - Key Financials (VND Billion), 2011-2013
Table 22: Prevoir Vietnam Life Insurance Co., Ltd - Key Facts
Table 23: Hanwha Life Insurance Co. Ltd - Key Facts
Table 24: Cathay Life Insurance (Vietnam) Co. Ltd - Key Facts
Table 25: Cathay Life Insurance (Vietnam) Co. Ltd - Key Financials (VND Billion), 2009-2013