Personal Accident and Health Insurance in Vietnam, Trends and Opportunities to 2016: Lack of Developed Government-Funded Health Insurance to Drive Private Health Insurance Growth

Synopsis

The report provides top-level market analysis, information and insights into the Vietnamese personal accident and health insurance market, including:

• The Vietnamese personal accident and health insurance market’s growth prospects by personal accident and health insurance categories
• The various distribution channels in the Vietnamese personal accident and health insurance market
• The competitive landscape in the personal accident and health insurance market
• A description of the personal accident and health reinsurance market in Vietnam

Summary

The Vietnamese personal accident and health insurance segment recorded a double digit CAGR during the review period (2007-2011) backed by rising medical expenditure and rising disposable incomes. Vietnam is working on a universal health care system which will cover all Vietnamese people. This new system in Vietnam would ensure all citizens are covered under the universal health care system, even if some would be on a private plan with more benefits. The initiatives to achieve universal health insurance are expected to drive the growth of health insurance over the forecast period

Scope

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

• It provides historical values for Vietnam’s personal accident and health insurance market for the report’s 2007–2011 review period and forecast figures for the 2012–2016 forecast period
• It offers a detailed analysis of the key sub-segments in Vietnam’s personal accident and health insurance market, along with market forecasts until 2016
• 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
• Using Porter’s industry-standard “Five Forces” analysis, it details the competitive landscape in Vietnam for the personal accident and health insurance business
• It provides a detailed analysis of the reinsurance market in Vietnam and its growth prospects
• It profiles the top personal accident and health insurance companies in Vietnam, and outlines the key regulations affecting them

Reasons To Buy

• Make strategic business decisions using top-level historic and forecast market data related to the Vietnamese personal accident and health insurance market and each sector within it
• Understand the demand-side dynamics, key market trends and growth opportunities within the Vietnamese personal accident and health insurance market
• Assess the competitive dynamics in the personal accident and health insurance market, along with the reinsurance segment
• Identify the growth opportunities and market dynamics within key product categories
• Gain insights into key regulations governing the Vietnamese insurance market and its impact on companies and the market's future

Key Highlights

• The poor state of the Vietnamese healthcare system is leading people to choose private facilities, although the high cost of private healthcare makes it inaccessible to all but the upper classes. In 2010, 61.3% of overall healthcare expenditure was for private healthcare
• The largest category in the personal accident and health insurance market is health insurance, which generated 60.4% of the market’s total written premiums in 2011. Vietnamese healthcare expenditure is expected to increase significantly over the forecast period, driving the health insurance market
• Agencies and brokers were the leading distribution channel for personal accident and health insurance products in Vietnam in 2011 owing to their strong, national networks which enabled insurance companies to increase the market reach of their products
• The Vietnamese personal accident and health insurance market is concentrated, with the top four companies accounting for more than 70% of the market share in 2010. The Vietnamese personal accident and health insurance segment was dominated by Dong Bao Viet with a market share of 43.3% in 2010