Vietnam Insurance Sector Forecast to 2013 : Market Research Report

Vietnam Insurance Sector Forecast to 2013

Published by: RNCOS

Published: Jun. 1, 2009 - 70 Pages

1. Analyst View
2. Vietnam - Key Growth Factors: 2.1 Economic Stability; 2.2 Entry in WTO; 2.3 Income Level; 2.4 Young Population; 2.5 Insurance Awareness; 2.6 Untapped Potential
3. Market Overview
4. Market Performance and Future Outlook: 4.1 By Life Insurance; 4.2 By Non-life Insurance; 4.3 By Insurance Intermediaries
5. Growth Prospects: 5.1 Life Insurance; 5.2 Investment-linked Insurance; 5.3 Car Insurance; 5.4 Energy Price Insurance; 5.5 Export Credit Insurance; 5.6 Medical Insurance; 5.7 Agriculture Insurance; 5.8 Expatriate Healthcare Insurance
6. Growth Barriers: 6.1 Unhealthy Competition; 6.2 Weak Regulatory System; 6.3 Human Resource Crunch; 6.4 Limited Financial Capacity; 6.5 Market Concentration; 6.6 Widening Gap between Rich and Poor
7. Key Players: 7.1 Prudential Vietnam; 7.2 Bao Viet; 7.3 Manulife; 7.4 Bao Minh; 7.5 PV Insurance
List of Figures:: Figure 2-1: Nominal GDP (Billion US$), 2002-2008; Figure 2-2: Forecast for Nominal GDP (Billion US$), 2009-2013; Figure 2-3: Per Head Disposable Income (US$), 2002-2008; Figure 2-4: Forecast for Per Head Disposable Income (US$), 2009-2013; Figure 2-5: Population (Million), 2002-2008; Figure 2-6: Population Breakup by Age Group (%), 2008; Figure 2-7: Forecast for Population (Million), 2009-2013; Figure 2-8: Unemployment Rate (%), 2002-2008; Figure 2-9: Life Insurance Penetration by Population (%); Figure 3-1: Insurance Premium (Trillion VND), 2002-2008; Figure 3-2: Share of Life and Non-life Insurance Premium (2008); Figure 3-3: Forecast for Insurance Premium (Trillion VND), 2009-2013; Figure 3-4: Insurance Claims Paid (Trillion VND), 2006-2008; Figure 4-1: Life Insurance Premium (Trillion VND), 2005-2008; Figure 4-2: Share of Key Insurance Players in Life Insurance Premium (2008); Figure 4-3: Forecast for Life Insurance Premium (Trillion VND), 2009-2013; Figure 4-4: Life Insurance Premium by Business Line (%), 2008; Figure 4-5: Whole Life Insurance Premium (Billion VND), 2005 & 2008; Figure 4-6: Pure Endowment Insurance Premium (Billion VND), 2005 & 2008; Figure 4-7: Term Insurance Premium (Billion VND), 2005 & 2008; Figure 4-8: Endowment Insurance Premium (Billion VND), 2005 & 2008; Figure 4-9: Annuity Insurance Premium (Billion VND), 2005 & 2008; Figure 4-10: Insurance Premium written under Rider (Billion VND), 2005 & 2008; Figure 4-11: Non-life Insurance Premium (Trillion VND), 2005-2008; Figure 4-12: Share of Key Insurance Players in Non-life Insurance Premium (2008); Figure 4-13: Forecast for Non-life Insurance Premium (Trillion VND), 2009-2013; Figure 4-14: Non-life Insurance Premium by Business Line (%), 2008; Figure 4-15: Net Retained Non-life Insurance Premium by Business Line (%), 2006; Figure 4-16: Motor Insurance Premium (Billion VND), 2005-2008; Figure 4-17: Forecast for Motor Insurance Premium (Billion VND), 2009-2013; Figure 4-18: Property and Casualty Insurance Premium (Billion VND), 2005-2008; Figure 4-19: Forecast for Property and Casualty Insurance Premium (Billion VND), 2009-2013; Figure 4-20: Personal Accident and Health Insurance Premium (Billion VND), 2005-2008; Figure 4-21: Forecast for Personal Accident and Health Insurance Premium (Billion VND), 2009-2013; Figure 4-22: Fire Insurance Premium (Billion VND), 2005-2008; Figure 4-23: Forecast for Fire Insurance Premium (Billion VND), 2009-2013; Figure 4-24: Cargo, Hull and P&I Insurance Premium (Billion VND), 2005-2008; Figure 4-25: Forecast for Cargo, Hull and P&I Insurance Premium (Billion VND), 2009-2013; Figure 4-26: Aviation Insurance Premium (Billion VND), 2005-2008; Figure 4-27: Forecast for Aviation Insurance Premium (Billion VND), 2009-2013; Figure 4-28: Non-life Insurance Premium Arranged by Insurance Brokers (Billion VND), 2005-2008; Figure 4-29: Non-life Insurance Premium of Brokers by Business Line (%), 2006; Figure 4-30: Insurance Brokerage Commission by Business Line (%), 2006; Figure 4-31: Number of Insurance Agents (2005 & 2007); Figure 4-32: Share of Agents in Life and Non-life Insurance Industry (%), 2006; Figure 5-1: Forecast for Passenger Cars Registration (‘000 Units), 2009-2013
List of Table:: Table 3-1: Number of Insurance Companies by Category

Abstract

Vietnam’s insurance market is one of the fastest growing markets in the world. The market has expanded rapidly over the past few years. With a population of over 85 Million and a penetration level of below 10%, the life insurance sector has immense growth potential in this market.

As per our research “Vietnam Insurance Sector Forecast to 2013”, despite a global economic recession, Vietnam has been able to attract foreign investments from countries like Japan and South Korea. Besides this, several international players are also lining up to enter the country. We believe that Vietnamese may be reluctant to use life insurance as a saving or investment option; however, there is a need for protection against financial losses arising out of major medical treatment expenses, disablement or death of bread winners will continue to remain high.

In the life insurance segment that includes endowment, pure endowment, term, annuity, etc., it was found that endowment products hold the largest share whereas annuity and term are the fastest growing products of the segment. By premium, life insurance is expected to grow at a CAGR of around 11% between 2009 and 2013.

In the non-life insurance segment motor, property & casualty and health & personal accident insurance account for majority of the premium. The non-life segment is expected to grow at a CAGR of around 24.5% between 2009 and 2013.

We also believe that export credit and energy prices are some of the emerging segments which are almost fully untapped and offer immense potential. In addition to this, the research also provides information on the future trends of the industry, based on past market growth, present trends and possible impact of recession in the economy. It also answers some of the critical questions that will help client to have a better understanding of the industry, like:

Who are the key players in the industry?
How much market share the key players account for?
What are the growth barriers for the industry?

We have also done forecast analysis (2009-2013) on the following insurance segments:

Life
Non-life
Motor Vehicle
Property & Casualty
Personal Accident & Health
Fire
Cargo, Hull and P&I
Aviation

The Key Player section of the report provides business overview of key players in the insurance market of Vietnam, like Prudential Vietnam, Bao Minh, PV Insurance etc.

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Vietnam Insurance Sector Forecast to 2013

Table of Contents

Abstract