Non-Life Insurance in Vietnam, Key Trends and Opportunities to 2019

Published: Jan, 2016 | Pages: 112 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
Timetric's 'Non-Life Insurance in Vietnam, Key Trends and Opportunities to 2019' report provides a detailed outlook by product category for the Vietnamese non-life insurance segment, and a comparison of the Vietnamese insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2010-2014) and forecast period (2014-2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Vietnamese economy and demographics, explains the various types of natural hazard and their impact on the Vietnamese insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric's research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary
Timetric's 'Non-Life Insurance in Vietnam, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Vietnamese non-life insurance segment, including:

 The Vietnamese non-life insurance segment's detailed outlook by product category

 A comprehensive overview of the Vietnamese economy and demographics

 A comparison of the Vietnamese insurance industry with its regional counterparts

 Detailed analysis of natural hazards and their impact on the Vietnamese insurance industry

 Details of the competitive landscape in the non-life insurance segment in Vietnam

 Details of regulatory policy applicable to the Vietnamese insurance industry

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

 It provides historical values for the Vietnamese non-life insurance segment for the report's 2010-2014 review period, and projected figures for the 2014-2019 forecast period.

 It offers a detailed analysis of the key categories in the Vietnamese non-life insurance segment, and market forecasts to 2019.

 It analyzes 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.

Reasons 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 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's non-life insurance segment is still in its nascent stages of development, registering a penetration rate of 0.61% in 2014. 

 The increase was primarily due to rise in construction activity, the high uptake of agriculture insurance, growth in the automobile sector and a rise in trade activity. 

 Property insurance was the largest category and accounted for 38.3% of the segment's gross written premium in 2014. 

 Motor insurance was the second-largest category, which posted a review-period CAGR of 9.4%.

 Liability insurance accounted for 3.1% of the segment's gross written premium in 2014.

 Improved trading activity, combined with a growth in imports and exports, is likely to generate more business for transit insurance over the forecast period.

 Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Claims
4.2.3 Profitability
4.2.4 Assets and investments
5 Outlook by Category
5.1 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Claims
5.1.4 Profitability
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Claims
5.2.4 Profitability
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.3.3 Claims
5.3.4 Profitability
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
5.4.3 Claims
5.4.4 Profitability
6 Distribution Channel Outlook
6.1 Agencies
6.2 Brokers
6.3 Bancassurance
6.4 E-commerce
6.5 Direct marketing
6.6 Other channels
7 Natural Hazards
7.1 Storms/Typhoons
7.2 Flooding
7.3 Others
7.4 Exposure
8 Competitive Landscape
8.1 Company Rankings
8.2 Comparison of the Top Five Insurers
8.2.1 Gross written premium
8.3 Company Profiles
8.3.1 Cong ty C? ph?n PVI
8.3.2 T?p ?oan B?o Vi?t
8.3.3 T?ng Cong ty C? ph?n B?o Minh
8.3.4 T?ng Cong ty C? Ph?n B?o Hi?m Petrolimex
8.3.5 T?ng Cong ty C? Ph?n B?o Hi?m B?u ?i?n
9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulations
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Motor third-party liability insurance
9.4.2 Aviation third-party liability insurance
9.4.3 Social insurance
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors (IAIS)
9.5.2 Ministry of Finance
9.5.3 Insurance Supervisory Authority
9.6 Non-Admitted Insurance Regulations
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and penalties
9.7 Company Registration and Operations
9.7.1 Types of insurance organization
9.7.2 Establishing a domestic company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margins
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding taxes on premium paid overseas
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution (ADR)
10 Databook
10.1 Policies and Premium
11 Definitions and Methodology
11.1 Definitions
11.2 Methodology
12 About Timetric
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric's Services
12.4 Disclaimer

List of Tables
Table 1: Vietnamese Non-Life Insurance - Key Facts, 2014
Table 2: Vietnamese Non-Life Insurance - Segment Shares of the Top Insurers, 2014
Table 3: Vietnamese Government Credit Ratings
Table 4: Vietnamese Non-Life Insurance - Gross Written Premium (VND Trillion and US$ Billion), 2010-2014
Table 5: Vietnamese Non-Life Insurance - Penetration (%), 2010-2014
Table 6: Vietnamese Non-Life Insurance - Gross Written Premium (VND Trillion and US$ Billion), 2014-2019
Table 7: Vietnamese Non-Life Insurance - Penetration (%), 2014-2019
Table 8: Vietnamese Non-Life Insurance - Premium per Capita (VND Thousand and US$), 2010-2014
Table 9: Vietnamese Non-Life Insurance - Premium per Capita (VND Thousand and US$), 2014-2019
Table 10: Vietnamese Non-Life Insurance - Paid Claims (VND Trillion and US$ Million), 2010-2014
Table 11: Vietnamese Non-Life Insurance - Paid Claims (VND Trillion and US$ Million), 2014-2019
Table 12: Vietnamese Non-Life Insurance - Profitability Ratio (%), 2010-2014
Table 13: Vietnamese Non-Life Insurance - Profitability Ratio (%), 2014-2019
Table 14: Vietnamese Non-Life Insurance - Total Assets (VND Trillion and US$ Billion), 2010-2014
Table 15: Vietnamese Non-Life Insurance - Total Assets (VND Trillion and US$ Billion), 2014-2019
Table 16: Vietnamese Non-Life Insurance - Total Investment Income (VND Trillion and US$ Million), 2010-2014
Table 17: Vietnamese Non-Life Insurance - Total Investment Income (VND Trillion and US$ Million), 2014-2019
Table 18: Vietnamese Non-Life Insurance - Investment Portfolio (VND Billion), 2010-2014
Table 19: Vietnamese Non-Life Insurance - Investment Portfolio (VND Billion), 2014-2019
Table 20: Vietnamese Non-Life Insurance - Gross Written Premium by Category (VND Trillion), 2010-2014
Table 21: Vietnamese Non-Life Insurance - Gross Written Premium by Category (VND Trillion), 2014-2019
Table 22: Vietnamese Property Insurance - Gross Written Premium by Sub-Category (VND Billion), 2010-2014
Table 23: Vietnamese Property Insurance - Gross Written Premium by Sub-Category (VND Billion), 2014-2019
Table 24: Vietnamese Property Insurance - Paid Claims (VND Trillion and US$ Million), 2010-2014
Table 25: Vietnamese Property Insurance - Paid Claims (VND Trillion and US$ Million), 2014-2019
Table 26: Vietnamese Property Insurance - Loss Ratio (%), 2010-2014
Table 27: Vietnamese Property Insurance - Loss Ratio (%), 2014-2019
Table 28: Vietnamese Motor Insurance - Gross Written Premium by Sub-Category (VND Trillion), 2010-2014
Table 29: Vietnamese Motor Insurance - Gross Written Premium by Sub-Category (VND Trillion), 2014-2019
Table 30: Vietnamese Motor Insurance - Paid Claims (VND Trillion and US$ Million), 2010-2014
Table 31: Vietnamese Motor Insurance - Paid Claims (VND Trillion and US$ Million), 2014-2019
Table 32: Vietnamese Motor Insurance - Loss Ratio (%), 2010-2014
Table 33: Vietnamese Motor Insurance - Loss Ratio (%), 2014-2019
Table 34: Vietnamese Liability Insurance - Gross Written Premium (VND Billion), 2010-2014
Table 35: Vietnamese Liability Insurance - Gross Written Premium (VND Billion), 2014-2019
Table 36: Vietnamese Liability Insurance - Paid Claims (VND Billion and US$ Million), 2010-2014
Table 37: Vietnamese Liability Insurance - Paid Claims (VND Billion and US$ Million), 2014-2019
Table 38: Vietnamese Liability Insurance - Loss Ratio (%), 2010-2014
Table 39: Vietnamese Liability Insurance - Loss Ratio (%), 2014-2019
Table 40: Vietnamese Marine, Aviation and Transit Insurance - Gross Written Premium (VND Billion), 2010-2014
Table 41: Vietnamese Marine, Aviation and Transit Insurance - Gross Written Premium (VND Billion), 2014-2019
Table 42: Vietnamese Marine, Aviation and Transit Insurance - Paid Claims (VND Trillion and US$ Million), 2010-2014
Table 43: Vietnamese Marine, Aviation and Transit Insurance - Paid Claims (VND Trillion and US$ Million), 2014-2019
Table 44: Vietnamese Marine, Aviation and Transit Insurance - Loss Ratio (%), 2010-2014
Table 45: Vietnamese Marine, Aviation and Transit Insurance - Loss Ratio (%), 2014-2019
Table 46: Vietnamese Natural Hazards - Frequency, 1990-2014
Table 47: Vietnamese Natural Hazards - Leading 10 in Terms of Economic Damages (US$ Million), 1990-2014
Table 48: Vietnamese Natural Hazards - Total Deaths, Affected and Damages (US$ Million) by Types of Floods, 1990-2014
Table 49: Vietnamese Non-Life Insurance - Shares of Top Insurers (%), 2014
Table 50: Cong ty C? ph?n PVI - Key Facts
Table 51: Cong ty C? ph?n PVI - Key Financials (VND Billion), 2010-2014
Table 52: T?p ?oan B?o Vi?t - Key Facts
Table 53: T?p ?oan B?o Vi?t - Key Financials (VND Trillion), 2010-2014
Table 54: T?ng Cong ty C? ph?n B?o Minh - Key Facts
Table 55: T?ng Cong ty C? ph?n B?o Minh - Key Financials (VND Billion), 2010-2014
Table 56: T?ng Cong ty C? Ph?n B?o Hi?m Petrolimex - Key Facts
Table 57: T?ng Cong ty C? Ph?n B?o Hi?m Petrolimex - Key Financials (VND Billion), 2010-2014
Table 58: T?ng Cong ty C? Ph?n B?o Hi?m B?u ?i?n - Key Facts
Table 59: T?ng Cong ty C? Ph?n B?o Hi?m B?u ?i?n - Key Financials (VND Billion), 2010-2014
Table 60: Vietnam - Insurance Regulatory Framework Key Features
Table 61: Vietnam - Life Insurance Regulatory Framework
Table 62: Vietnam - Property Insurance Regulatory Framework
Table 63: Vietnam - Motor Insurance Regulatory Framework
Table 64: Vietnam - Liability Insurance Regulatory Framework
Table 65: Vietnam - Minimum Capital Requirements
Table 66: Vietnam - Corporate Tax Rates for the Financial Year 2015
Table 67: Vietnamese Insurance Industry - Policies and Premium, 2010-2014
Table 68: Vietnamese Insurance Industry - Policies and Premium, 2014-2019
Table 69: Vietnamese Non-Life Insurance - Policies and Premium, 2010-2014
Table 70: Vietnamese Non-Life Insurance - Policies and Premium, 2014-2019
Table 71: Vietnamese Non-Life Insurance - Property Insurance Policies and Premium, 2010-2014
Table 72: Vietnamese Non-Life Insurance - Property Insurance Policies and Premium, 2014-2019
Table 73: Vietnamese Non-Life Insurance - Motor Insurance Policies and Premium, 2010-2014
Table 74: Vietnamese Non-Life Insurance - Motor Insurance Policies and Premium, 2014-2019
Table 75: Vietnamese Non-Life Insurance - Liability Insurance Policies and Premium, 2010-2014
Table 76: Vietnamese Non-Life Insurance - Liability Insurance Policies and Premium, 2014-2019
Table 77: Vietnamese Non-Life Insurance - Marine, Aviation and Transit Insurance Policies and Premium, 2010-2014
Table 78: Vietnamese Non-Life Insurance - Marine, Aviation and Transit Insurance Policies and Premium, 2014-2019
Table 79: Vietnamese Non-Life Insurance - Gross Written Premium by Sub-Category (VND Billion), 2010-2014
Table 80: Vietnamese Non-Life Insurance - Gross Written Premium by Sub-Category (VND Billion), 2014-2019
Table 81: Vietnamese Non-Life Insurance - Direct Written Premium by Sub-Category (VND Billion), 2010-2014
Table 82: Vietnamese Non-Life Insurance - Direct Written Premium by Sub-Category (VND Billion), 2014-2019
Table 83: Vietnamese Non-Life Insurance - Penetration by Sub-Category (%), 2010-2014
Table 84: Vietnamese Non-Life Insurance - Penetration by Sub-Category (%), 2014-2019
Table 85: Insurance Industry Definitions