Personal Accident and Health Insurance in Vietnam, Key Trends and Opportunities to 2018

Published: Jan, 2015 | Pages: 146 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis

The personal accident and health insurance segment was the fastest-growing in terms of gross written premium, in the Vietnamese insurance industry during the review period (2009-2013). Initiatives such as the government's implementation of a universal healthcare system, insurers' expansion of distribution channels by insurers and the rising participation of foreign healthcare and insurance providers have increased demand for personal accident and health insurance products during the review period. As such, the segment grew at a compound annual growth rate (CAGR) of 27.0% during this time. These factors are expected to support the segment even over the forecast period. The segment is consequently projected to rise at a forecast-period (2013-2018) CAGR of 13.2%, to value VND9.5 trillion (US393.9 million) by 2018.


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

 The Vietnamese personal accident and health insurance segment's growth prospects by insurance category

 Key trends, drivers and challenges for the personal accident and health insurance segment 

 The various distribution channels in the Vietnamese personal accident and health insurance segment

 The detailed competitive landscape in the personal accident and health insurance segment in Vietnam

 Detailed regulatory policies of the Vietnamese insurance industry

 Analysis of various consumer segments in Vietnamese personal accident and health insurance

 Key developments in the Vietnamese personal accident and health insurance segment

 New products launched by Vietnamese personal accident and health insurers 

Scope
This report provides a comprehensive analysis of the personal accident and health insurance segment in Vietnam:

 It provides historical values for the Vietnamese personal accident and health 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 personal accident and health 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 personal accident and health insurance products in Vietnam.

 It profiles the top personal accident and health 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 Vietnamese personal accident and health insurance segment and each category within it.

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

 Assess the competitive dynamics in the personal accident and health 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 personal accident and health insurance segment was the fastest-growing in terms of gross written premium, in the Vietnamese insurance industry during the review period.

 Initiatives such as the government's implementation of a universal healthcare system, insurers' expansion of distribution channels by insurers and the rising participation of foreign healthcare and insurance providers have increased demand for personal accident and health insurance products during the review period. 

 A large portion of the population suffers from various chronic diseases, such as heart disease, diabetes and cancer, which are all frequent among the Vietnamese population. 

 The Vietnamese government's contribution to the healthcare sector remained low. 

 Foreign participants such as the Singapore-based investment and development firm Chandler Corporation, the Vancouver-based healthcare developer Triple Eye Infrastructure Corporation and the Philippines-based pharmaceutical firm United Lab entered the Vietnamese healthcare service sector during 2012-2013. 

 Vietnamese insurers such as Dai-ichi Life and Generali Vietnam launched new health insurance products to cover their customers against financial losses caused due to non-communicable diseases.

 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 Personal Accident and Health Insurance Outlook
5.1 Consumer Segmentation
5.2 Key Drivers
5.3 Key Trends
5.4 Challenges
5.5 Personal Accident and Health Insurance Growth Prospects by Category
5.5.1 Personal accident insurance
5.5.2 Travel insurance
5.5.3 Health 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 Vietnam Personal Accident and Health Insurance Segment
8.3 Leading Personal Accident and Health Insurers - New Product Launches
8.4 Leading Personal Accident and Health Insurers - Key Developments
8.5 Bao Viet General Insurance Corporation - Company Overview
8.5.1 Bao Viet General Insurance Corporation - key facts
8.6 Bao Minh Insurance Corporation - Company Overview
8.6.1 Bao Minh Insurance Corporation - key facts
8.7 PVI Insurance Corporation - Company Overview
8.7.1 PVI Insurance Corporation - key facts
8.8 Agriculture Bank Insurance Joint Stock Corporation (ABIC) - Company Overview
8.8.1 Agriculture Bank Insurance Joint Stock Corporation (ABIC) - key facts
8.9 Post and Telecommunication Insurance Vietnam - Company Overview
8.9.1 Post and Telecommunication Insurance Vietnam - key facts
8.1 AAA Assurance Corporation - Company Overview
8.10.1 AAA Assurance Corporation - key facts
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 Personal Accident and Health Insurance - Key Facts, 2013
Table 2: Insurance Industry Definitions
Table 3: Vietnamese Insurance Industry - Gross Written Premium by Segment (CAD Billion), 2009-2013
Table 4: Vietnamese Insurance Industry - Gross Written Premium by Segment (US$ Billion), 2009-2013
Table 5: Vietnamese Insurance Industry - Gross Written Premium by Segment (CAD Billion), 2013-2018
Table 6: Vietnamese Insurance Industry - Gross Written Premium by Segment (US$ Billion), 2013-2018
Table 7: Vietnamese Insurance Industry - Gross Written Premium by Segment (Percentage Share), 2009-2018
Table 8: Vietnamese Insurance Industry - Direct Written Premium by Segment (CAD Billion), 2009-2013
Table 9: Vietnamese Insurance Industry - Direct Written Premium by Segment (US$ Billion), 2009-2013
Table 10: Vietnamese Insurance Industry - Direct Written Premium by Segment (CAD Billion), 2013-2018
Table 11: Vietnamese Insurance Industry - Direct Written Premium by Segment (US$ Billion), 2013-2018
Table 12: Vietnamese Insurance Industry - Direct Written Premium by Segment (Percentage Share), 2009-2018
Table 13: Vietnamese Personal Accident and Health Insurance - Gross Written Premium by Category (CAD Billion), 2009-2013
Table 14: Vietnamese Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Billion), 2009-2013
Table 15: Vietnamese Personal Accident and Health Insurance - Gross Written Premium by Category (CAD Billion), 2013-2018
Table 16: Vietnamese Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Billion), 2013-2018
Table 17: Vietnamese Personal Accident and Health Insurance - Direct Written Premium by Category (CAD Billion), 2009-2013
Table 18: Vietnamese Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Billion), 2009-2013
Table 19: Vietnamese Personal Accident and Health Insurance - Direct Written Premium by Category (CAD Billion), 2013-2018
Table 20: Vietnamese Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Billion), 2013-2018
Table 21: Vietnamese Personal Accident and Health Insurance - Earned Premium (CAD Billion), 2009-2013
Table 22: Vietnamese Personal Accident and Health Insurance - Earned Premium (CAD Billion), 2013-2018
Table 23: Vietnamese Personal Accident and Health Insurance - Paid Claims by Category (CAD Billion), 2009-2013
Table 24: Vietnamese Personal Accident and Health Insurance - Paid Claims by Category (US$ Billion), 2009-2013
Table 25: Vietnamese Personal Accident and Health Insurance - Paid Claims by Category (CAD Billion), 2013-2018
Table 26: Vietnamese Personal Accident and Health Insurance - Paid Claims by Category (US$ Billion), 2013-2018
Table 27: Vietnamese Personal Accident and Health Insurance - Incurred Loss by Category (CAD Billion), 2009-2013
Table 28: Vietnamese Personal Accident and Health Insurance - Incurred Loss by Category (US$ Billion), 2009-2013
Table 29: Vietnamese Personal Accident and Health Insurance - Incurred Loss by Category (CAD Billion), 2013-2018
Table 30: Vietnamese Personal Accident and Health Insurance - Incurred Loss by Category (US$ Billion), 2013-2018
Table 31: Vietnamese Personal Accident and Health Insurance - Retentions by Category (CAD Billion), 2009-2013
Table 32: Vietnamese Personal Accident and Health Insurance - Retentions by Category (US$ Billion), 2009-2013
Table 33: Vietnamese Personal Accident and Health Insurance - Retentions by Category (CAD Billion), 2013-2018
Table 34: Vietnamese Personal Accident and Health Insurance - Retentions by Category (US$ Billion), 2013-2018
Table 35: Vietnamese Personal Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 36: Vietnamese Personal Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 37: Vietnamese Personal Accident and Health Insurance - Commission and Expenses (CAD Billion), 2009-2013
Table 38: Vietnamese Personal Accident and Health Insurance - Commission and Expenses (CAD Billion), 2013-2018
Table 39: Vietnamese Personal Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 40: Vietnamese Personal Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 41: Vietnamese Personal Accident and Health Insurance - Frauds and Crimes (CAD Billion), 2009-2013
Table 42: Vietnamese Personal Accident and Health Insurance - Frauds and Crimes (CAD Billion), 2013-2018
Table 43: Vietnamese Personal Accident and Health Insurance - Total Assets (CAD Billion), 2009-2013
Table 44: Vietnamese Personal Accident and Health Insurance - Total Assets (CAD Billion), 2013-2018
Table 45: Vietnamese Personal Accident and Health Insurance - Total Investment Income (CAD Billion), 2009-2013
Table 46: Vietnamese Personal Accident and Health Insurance - Total Investment Income (CAD Billion), 2013-2018
Table 47: Vietnamese Personal Accident and Health Insurance - Retentions (CAD Billion), 2009-2013
Table 48: Vietnamese Personal Accident and Health Insurance - Retentions (CAD Billion), 2013-2018
Table 49: Vietnamese Personal Accident Insurance - Number of Policies Sold (Thousand), 2009-2013
Table 50: Vietnamese Personal Accident Insurance - Number of Policies Sold (Thousand), 2013-2018
Table 51: Vietnamese Personal Accident Insurance - Gross Written Premium (CAD Billion), 2009-2013
Table 52: Vietnamese Personal Accident Insurance - Gross Written Premium (CAD Billion), 2013-2018
Table 53: Vietnamese Personal Accident Insurance - Loss Ratio (%), 2009-2013
Table 54: Vietnamese Personal Accident Insurance - Loss Ratio (%), 2013-2018
Table 55: Vietnamese Travel Insurance - Number of Policies Sold (Thousand), 2009-2013
Table 56: Vietnamese Travel Insurance - Number of Policies Sold (Thousand), 2013-2018
Table 57: Vietnamese Travel Insurance - Gross Written Premium (CAD Billion), 2009-2013
Table 58: Vietnamese Travel Insurance - Gross Written Premium (CAD Billion), 2013-2018
Table 59: Vietnamese Travel Insurance - Loss Ratio (%), 2009-2013
Table 60: Vietnamese Travel Insurance - Loss Ratio (%), 2013-2018
Table 61: Vietnamese Health Insurance - Number of Policies Sold (Thousand), 2009-2013
Table 62: Vietnamese Health Insurance - Number of Policies Sold (Thousand), 2013-2018
Table 63: Vietnamese Health Insurance - Gross Written Premium (CAD Billion), 2009-2013
Table 64: Vietnamese Health Insurance - Gross Written Premium (CAD Billion), 2013-2018
Table 65: Vietnamese Health Insurance - Direct Written Premium (CAD Billion), 2009-2013
Table 66: Vietnamese Health Insurance - Direct Written Premium (CAD Billion), 2013-2018
Table 67: Vietnamese Health Insurance - Loss Ratio (%), 2009-2013
Table 68: Vietnamese Health Insurance - Loss Ratio (%), 2013-2018
Table 69: Vietnamese Health Insurance - Retentions (CAD Billion), 2009-2013
Table 70: Vietnamese Health Insurance - Retentions (CAD Billion), 2013-2018
Table 71: Vietnamese Personal Accident and Health Insurance - Direct Marketing Commission Paid (CAD Million), 2009-2013
Table 72: Vietnamese Personal Accident and Health Insurance - Direct Marketing Commission Paid (CAD Million), 2013-2018
Table 73: Vietnamese Personal Accident and Health Insurance - Gross Written Premium (CAD Billion), 2009-2013
Table 74: Vietnamese Personal Accident and Health Insurance - Gross Written Premium (CAD Billion), 2013-2018
Table 75: Vietnamese Personal Accident and Health Insurance - Policies Sold Through Direct Marketing (Thousand), 2009-2013
Table 76: Vietnamese Personal Accident and Health Insurance - Policies Sold Through Direct Marketing (Thousand), 2013-2018
Table 77: Vietnamese Personal Accident and Health Insurance - Number of Direct Marketing Distributors, 2009-2013
Table 78: Vietnamese Personal Accident and Health Insurance - Number of Direct Marketing Distributors, 2013-2018
Table 79: Vietnamese Personal Accident and Health Insurance - Bancassurance Commission Paid (CAD Million), 2009-2013
Table 80: Vietnamese Personal Accident and Health Insurance - Bancassurance Commission Paid (CAD Million), 2013-2018
Table 81: Vietnamese Personal Accident and Health Insurance - Gross Written Premium (CAD Million), 2009-2013
Table 82: Vietnamese Personal Accident and Health Insurance - Gross Written Premium (CAD Million), 2013-2018
Table 83: Vietnamese Personal Accident and Health Insurance - Policies Sold Through Bancassurance (Thousand), 2009-2013
Table 84: Vietnamese Personal Accident and Health Insurance - Policies Sold Through Bancassurance (Thousand), 2013-2018
Table 85: Vietnamese Personal Accident and Health Insurance - Number of Bancassurance Distributors, 2009-2013
Table 86: Vietnamese Personal Accident and Health Insurance - Number of Bancassurance Distributors, 2013-2018
Table 87: Vietnamese Personal Accident and Health Insurance - Commission Paid to Agencies (CAD Billion), 2009-2013
Table 88: Vietnamese Personal Accident and Health Insurance - Commission Paid to Agencies (CAD Billion), 2013-2018
Table 89: Vietnamese Personal Accident and Health Insurance - Gross Written Premium (CAD Billion), 2009-2013
Table 90: Vietnamese Personal Accident and Health Insurance - Gross Written Premium (CAD Billion), 2013-2018
Table 91: Vietnamese Personal Accident and Health Insurance - Policies Sold Through Agencies (Thousand), 2009-2013
Table 92: Vietnamese Personal Accident and Health Insurance - Policies Sold Through Agencies (Thousand), 2013-2018
Table 93: Vietnamese Personal Accident and Health Insurance - Number of Agencies, 2009-2013
Table 94: Vietnamese Personal Accident and Health Insurance - Number of Agencies, 2013-2018
Table 95: Vietnamese Personal Accident and Health Insurance - E-Commerce Commission Paid (CAD Million), 2009-2013
Table 96: Vietnamese Personal Accident and Health Insurance - E-Commerce Commission Paid (CAD Million), 2013-2018
Table 97: Vietnamese Personal Accident and Health Insurance - Gross Written Premium (CAD Million), 2009-2013
Table 98: Vietnamese Personal Accident and Health Insurance - Gross Written Premium (CAD Million), 2013-2018
Table 99: Vietnamese Personal Accident and Health Insurance - Policies Sold Through E-Commerce (Thousand), 2009-2013
Table 100: Vietnamese Personal Accident and Health Insurance - Policies Sold Through E-Commerce (Thousand), 2013-2018
Table 101: Vietnamese Personal Accident and Health Insurance - Number of E-Commerce Distributors, 2009-2013
Table 102: Vietnamese Personal Accident and Health Insurance - Number of E-Commerce Distributors, 2013-2018
Table 103: Vietnamese Personal Accident and Health Insurance - Commission Paid to Brokers (CAD Billion), 2009-2013
Table 104: Vietnamese Personal Accident and Health Insurance - Commission Paid to Brokers (CAD Billion), 2013-2018
Table 105: Vietnamese Personal Accident and Health Insurance - Gross Written Premium (CAD Billion), 2009-2013
Table 106: Vietnamese Personal Accident and Health Insurance - Gross Written Premium (CAD Billion), 2013-2018
Table 107: Vietnamese Personal Accident and Health Insurance - Policies Sold Through Brokers (Thousand), 2009-2013
Table 108: Vietnamese Personal Accident and Health Insurance - Policies Sold Through Brokers (Thousand), 2013-2018
Table 109: Vietnamese Personal Accident and Health Insurance - Number of Brokers, 2009-2013
Table 110: Vietnamese Personal Accident and Health Insurance - Number of Brokers, 2013-2018
Table 111: Vietnamese Personal Accident and Health Insurance - Commission Paid to Other Channels (CAD Million), 2009-2013
Table 112: Vietnamese Personal Accident and Health Insurance - Commission Paid to Other Channels (CAD Million), 2013-2018
Table 113: Vietnamese Personal Accident and Health Insurance - Gross Written Premium (CAD Million), 2009-2013
Table 114: Vietnamese Personal Accident and Health Insurance - Gross Written Premium (CAD Million), 2013-2018
Table 115: Vietnamese Personal Accident and Health Insurance - Policies Sold Through Other Channels (Thousand), 2009-2013
Table 116: Vietnamese Personal Accident and Health Insurance - Policies Sold Through Other Channels (Thousand), 2013-2018
Table 117: Vietnamese Personal Accident and Health Insurance - Number of Distributors in Other Channels, 2009-2013
Table 118: Vietnamese Personal Accident and Health Insurance - Number of Distributors in Other Channels, 2013-2018
Table 119: Canada - Life Insurance Regulatory Framework
Table 120: Canada - Property Insurance Regulatory Framework
Table 121: Canada - Motor Insurance Regulatory Framework
Table 122: Canada - Liability  Insurance Regulatory Framework
Table 123: Canada - Legislations Governing Automobile Insurance in Each Province and Territory
Table 124: Canada - Workmen's Compensation
Table 125: Canada - Non-Admitted Insurance Regulatory Framework
Table 126: Canada - Legislations Governing Motor Insurance in Each Province and Territory
Table 127: Canada - Solvency Margin Requirements for Federally Regulated Insurance Companies
Table 128: Canada - Insurance Premium Taxation
Table 129: Canada - Corporate Tax Rates for the Financial Year 2014
Table 130: Leading Companies in Vietnamese Personal Accident and Health Insurance Segment, 2013
Table 131: Manufacturers Life Insurance Company, Key Facts
Table 132: Sun Life Assurance Company, Key Facts
Table 133: Great-West Life Assurance Company, Key Facts
Table 134: RBC Life Insurance Company, Key Facts
Table 135: Canada Life Assurance Company, Key Facts
Table 136: Standard Life Assurance Company of Canada, Key Facts
Table 137: State Farm Mutual Automobile Insurance Company, Key Facts
Table 138: The Dominion of Canada General Insurance Company, Key Facts
Table 139: Economical Mutual Insurance Company, Key Facts