Non-Life Insurance in Vietnam, Key Trends and Opportunities to 2018

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


Synopsis

The gross written premium of the Vietnamese non-life insurance segment increased at a review-period (2009-2013) compound annual growth rate (CAGR) of 14.6%, from VND12.7 trillion (US$742.9 million) in 2009 to VND21.9 trillion (US$1.0 billion) in 2013. Factors such as economic growth, rising foreign participation, growth of the middle-class population, improving consumer awareness of the benefits of insurance, and the compulsory nature of motor third-party liability cover supported the segment's growth. Vietnamese GDP at constant prices grew at an annual rate of 5.4% in 2013, and is projected to grow by 5.5% in 2014, according to the World Bank. The inflation rate, however, fell from 18.7% in 2011 to 6.6% in 2013. The segment is expected to post a forecast-period CAGR of 13.7%, supported by positive economic growth and the expanding automobile, real estate and construction sectors.


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

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

 Key trends, drivers and challenges for the non-life insurance segment 

 The various distribution channels in the Vietnamese non-life insurance segment 

 The detailed competitive landscape in the non-life insurance segment in Vietnam

 Detailed regulatory policies of the Vietnamese insurance industry

 Analysis of various consumer segments in Vietnamese non-life insurance

 Key developments in the Vietnamese non-life insurance segment

 New products launched by Vietnamese non-life insurers 

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

 It provides historical values for Vietnam's non-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 Vietnam's non-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 non-life insurance products in Vietnam.

 It profiles the top non-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 non-life insurance segment and each category within it.

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

 Assess the competitive dynamics in the non-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
 The gross written premium of the Vietnamese non-life insurance segment increased at a review-period (2009-2013) compound annual growth rate (CAGR) of 14.6%.

 Factors such as economic growth, rising foreign participation, growth of the middle-class population, improving consumer awareness of the benefits of insurance, and the compulsory nature of motor third-party liability cover supported the segment's growth.

 High growth rates in automobile and construction industries have increased demand for property and motor insurance, supporting overall segment growth during the review period. 

 The Vietnamese government encouraged fishermen by providing subsidies on insurance premiums for ships and crew. 

 Declining deposit interest rates is likely to affect insurers' profitability, impacting short- and long-term liquidity requirements.

 Table of Contents
1 Key Facts and 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 Non-Life Insurance Outlook
5.1 Consumer Segmentation
5.2 Key Drivers
5.3 Key Trends
5.4 Challenges
5.5 Non-Life Insurance Growth Prospects by Category
5.6 Property Insurance
5.7 Motor Insurance
5.8 Liability Insurance
5.9 Marine, Aviation and Transit Insurance
5.9.1 Marine insurance
5.9.2 Aviation insurance
5.9.3 Transit insurance
6 Analysis by Distribution Channel
6.1 Direct Marketing
6.2 Bancassurance
6.3 Agencies
6.4 E-Commerce
6.5 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 Non-Life Insurance Segment
8.3 Comparison of the Top Five Insurers
8.3.1 Gross written premium
8.3.2 Gross claims
8.3.3 Total assets
8.4 Leading Non-Life Insurers - New Product Launches
8.5 Leading Non-Life Insurers - Key Developments
8.6 PVI Insurance Corporation - Company Overview
8.6.1 PVI Insurance Corporation - key facts
8.6.2 PVI Insurance Corporation - key financials
8.7 Bao Viet General Insurance Corporation - Company Overview
8.7.1 Bao Viet General Insurance Corporation - key facts
8.7.2 Bao Viet General Insurance Corporation - key financials
8.8 BaoMinh Insurance Corporation - Company Overview
8.8.1 BaoMinh Insurance Corporation - key facts
8.8.2 BaoMinh Insurance Corporation - key financials
8.9 PJICO Insurance Corporation - Company Overview
8.9.1 PJICO Insurance Corporation - key facts
8.9.2 PJICO Insurance Corporation - key financials
8.1 Post and Telecommunication Insurance Vietnam - Company Overview
8.10.1 Post and Telecommunication Insurance Vietnam - key facts
8.10.2 Post and Telecommunication Insurance Vietnam - key financials
8.11 Samsung Vina Insurance Company - Company Overview
8.11.1 Samsung Vina Insurance Company - key facts
8.11.2 Samsung Vina Insurance Company - key financials
8.12 BIDV Insurance Corporation - Company Overview
8.12.1 BIDV Insurance Corporation - key facts
8.12.2 BIDV Insurance Corporation - key financials
8.13 Military Insurance Company - Company Overview
8.13.1 Military Insurance Company - key facts
8.13.2 Military Insurance Company - key financials
8.14 Agriculture Bank Insurance Joint Stock Corporation (ABIC) - Company Overview
8.14.1 Agriculture Bank Insurance Joint Stock Corporation (ABIC) - key facts
8.14.2 Agriculture Bank Insurance Joint Stock Corporation (ABIC) - key financials
8.15 AAA Assurance Corporation - Company Overview
8.15.1 AAA Assurance Corporation - key facts
8.15.2 AAA Assurance Corporation - 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$)
9.12 Mining, Manufacturing and Utilities at Current Prices as a Percentage of GDP
9.13 Construction Net Output at Current Prices (US$)
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 Non-Life Insurance - 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 Non-Life Segment (%), 2013
Table 11: PVI Insurance Corporation - Key Facts
Table 12: PVI Insurance Corporation ? Key Financials (VND Trillion), 2009-2013
Table 13: Bao Viet General Insurance Corporation - Key Facts
Table 14: Bao Viet General Insurance Corporation ? Key Financials (VND Trillion), 2009-2013
Table 15: BaoMinh Insurance Corporation - Key Facts
Table 16: BaoMinh Insurance Corporation ? Key Financials (VND Trillion), 2009-2013
Table 17: PJICO Insurance Corporation - Key Facts
Table 18: PJICO Insurance Corporation ? Key Financials (VND Trillion), 2009-2013
Table 19: Post and Telecommunication Insurance Vietnam - Key Facts
Table 20: Post and Telecommunication Insurance Vietnam ? Key Financials (VND Billion), 2009-2013
Table 21: Samsung Vina Insurance Company - Key Facts
Table 22: Samsung Vina Insurance Company - Key Financials (VND Billion), 2008-2012
Table 23: BIDV Insurance Corporation - Key Facts
Table 24: BIDV Insurance Corporation ? Key Financials (VND Billion), 2008-2013
Table 25: Military Insurance Company - Key Facts
Table 26: Military Insurance Company ? Key Financials (VND Billion), 2009-2013
Table 27: Agriculture Bank Insurance Joint Stock Corporation (ABIC) - Key Facts
Table 28: Agriculture Bank Insurance Joint Stock Corporation (ABIC) ? Key Financials (VND Billion), 2012-2013
Table 29: AAA Assurance Corporation - Key Facts
Table 30: AAA Assurance Corporation ? Key Financials (VND Billion), 2012-2013