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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