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Life Insurance in Vietnam, Key Trends and Opportunities to 2020

Life Insurance in Vietnam, Key Trends and Opportunities to 2020

Synopsis

Timetric’s 'Life Insurance in Vietnam, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Vietnamese life insurance segment, and a comparison of the Vietnamese insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Vietnamese economy and demographics, 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 'Life Insurance in Vietnam, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Vietnamese life insurance segment, including:

  • An overview of the Vietnamese life insurance segment
  • The Vietnamese life insurance segment’s growth prospects by category
  • A comprehensive overview of the Vietnamese economy and demographics
  • A comparison of the Vietnamese life insurance segment with its regional counterparts
  • The various distribution channels in the Vietnamese life insurance segment
  • Details of the competitive landscape in the life insurance segment in Vietnam
  • Details of regulatory policy applicable to the Vietnamese insurance industry
Scope

This report provides a comprehensive analysis of the life insurance segment in Vietnam:
  • It provides historical values for the Vietnamese life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.
  • It offers a detailed analysis of the key categories in the Vietnamese life insurance segment, and market forecasts to 2020.
  • It provides a comparison of the Vietnamese life insurance segment with its regional counterparts
  • It analyzes the various distribution channels for life insurance products in Vietnam.
  • It profiles the top 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 life insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Vietnamese life insurance segment.
  • Assess the competitive dynamics in the 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
  • The government issued Decree No. 73/2016/ND-CP on implementation and amendments to certain articles of the Law on Insurance Business, effective July 1, 2016.
  • In October 2013, the Vietnamese government implemented a new regulatory framework for voluntary pension insurance.
  • Effective August 2012, investment-linked products (ILPs) were introduced in Vietnam. The MoF introduced new provisions for universal life insurance products, effective from June 1, 2016.
  • According to Circular 86 issued in July 2014, the Ministry of Finance (MoF) and the State Bank of Vietnam introduced new bancassurance rules for life insurers, effective September 2014.
  • The number of life insurers operating in Vietnam increased from 14 in 2012 to 18 in 2016


  • Key Facts and Highlights
    • Table Vietnamese Life Insurance - Key Facts, 2015
    • Table Vietnamese Life Insurance - Segment Shares of the Top Insurers, 2015
  • Executive Summary
  • Economy and Demographics
    • Table Vietnamese Government Credit Ratings
  • Segment Outlook
    • Regional Comparison
    • Segment Indicators
      • Gross written premium and penetration
        • Table Vietnamese Life Insurance - Gross Written Premium (VND Trillion and US$ Million), 2011-2015
        • Table Vietnamese Life Insurance - Penetration (%), 2011-2015
        • Table Vietnamese Life Insurance - Gross Written Premium (VND Trillion and US$ Billion), 2015-2020
        • Table Vietnamese Life Insurance - Penetration (%), 2015-2020
        • Table Vietnamese Life Insurance - New Business Direct Written Premium (VND Trillion and US$ Million), 2011-2015
        • Table Vietnamese Life Insurance - New Business Direct Written Premium (VND Trillion and US$ Million), 2015-2020
        • Table Vietnamese Life Insurance - Premium per Capita (VND and US$), 2011-2015
        • Table Vietnamese Life Insurance - Premium per Capita (VND and US$), 2015-2020
      • Policies Sold
        • Table Vietnamese Life Insurance - Number of Policies Sold (Million), 2011-2015
        • Table Vietnamese Life Insurance - Number of Policies Sold (Million), 2015-2020
      • Claims
        • Table Vietnamese Life Insurance - Paid Claims (VND Trillion and US$ Million), 2011-2015
        • Table Vietnamese Life Insurance - Paid Claims (VND Trillion and US$ Million), 2015-2020
      • Sum Assured
        • Table Vietnamese Life Insurance - Sum Assured (VND Trillion and US$ Billion), 2011-2015
        • Table Vietnamese Life Insurance - Sum Assured (VND Trillion and US$ Billion), 2015-2020
      • Assets and Investments
        • Table Vietnamese Life Insurance - Total Assets (VND Trillion and US$ Billion), 2011-2015
        • Table Vietnamese Life Insurance - Total Assets (VND Trillion and US$ Billion), 2015-2020
        • Table Vietnamese Life Insurance - Total Investment Income (VND Trillion and US$ Million), 2011-2015
        • Table Vietnamese Life Insurance - Total Investment Income (VND Trillion and US$ Million), 2015-2020
        • Table Vietnamese Life Insurance - Investment Portfolio (VND Trillion), 2011-2015
        • Table Vietnamese Life Insurance - Investment Portfolio (VND Trillion), 2015-2020
  • Outlook by Sub-Segment
    • Individual Life Insurance
      • Premium
        • Table Vietnamese Individual Life Insurance - Direct Written Premium by Category (VND Trillion), 2011-2015
        • Table Vietnamese Individual Life Insurance - Direct Written Premium by Category (VND Trillion), 2015-2020
      • Policies Sold
        • Table Vietnamese Individual Life Insurance - Number of Active Policies, 2011-2015
        • Table Vietnamese Individual Life Insurance - Number of Active Policies, 2015-2020
      • Penetration
  • Distribution Channel Outlook
    • Analysis by Distribution Channel
      • Agencies
      • Bancassurance
        • Table Vietnamese Life Insurance - Key Bancassurance Partnerships
        • Table Vietnamese Life Insurance - Direct Written Premium by Distribution Channel (VND Billion), 2011-2015
        • Table Vietnamese Life Insurance - Direct Written Premium by Distribution Channel (VND Billion), 2015-2020
        • Table Vietnamese Life Insurance - Percentage of New Business Direct Written Premium Ceded, by Distribution Channel, 2011-2020
  • Competitive Landscape
    • Table Vietnamese Life Segment - Market Shares of Leading Insurers (%), 2015
    • Company Profiles
      • Công ty TNHH B.o hi.m nhân th. Prudential Vi.tNam - company overview
        • Table Công ty TNHH B.o hi.m nhân th. Prudential Vi.tNam - Key Facts
        • Table Công ty TNHH B.o hi.m nhân th. Prudential Vi.tNam - Key Financials (VND Billion), 2011-2015
      • T.ng Công ty B.o Vi.t Nhân th. Bao Viet - company overview
        • Table T.ng Công ty B.o Vi.t Nhân th. Bao Viet - Key Facts
        • Table T.ng Công ty B.o Vi.t Nhân th. Bao Viet - Key Financials (VND Billion), 2011-2015
      • Công ty TNHH Manulife (Vi.t Nam) - company overview
        • Table Công ty TNHH Manulife (Vi.t Nam) - Key Facts
        • Table Công ty TNHH Manulife (Vi.t Nam) - Key Financials (VND Billion), 2011-2015
      • Công ty b.o hi.m nhân th. Dai-ichi Vi.t Nam - company overview
        • Table Công ty b.o hi.m nhân th. Dai-ichi Vi.t Nam - Key Facts
        • Table Công ty b.o hi.m nhân th. Dai-ichi Vi.t Nam - Key Financials (VND Billion), 2011-2015
      • Công ty B.o hi.m Nhân th. AIA Vi.t Nam - company overview
        • Table Công ty B.o hi.m Nhân th. AIA Vi.t Nam - Key Facts
        • Table Công ty B.o hi.m Nhân th. AIA Vi.t Nam - Key Financials (VND Billion), 2011-2015
  • Governance, Risk and Compliance
    • Table Vietnam - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Table Vietnam - Insurance Agent Commission Rate
      • Life insurance
        • Table Vietnam - Life Insurance Regulatory Framework
      • Property insurance
        • Table Vietnam - Property Insurance Regulatory Framework
      • Motor insurance
        • Table Vietnam- Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Vietnam - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third-party liability insurance
        • Table Vietnam - Tariff Rates for Motor Third-Party Liability Insurance
      • Aviation liability insurance
      • Fire and explosion insurance for high risk establishments
      • Social insurance
      • Construction insurance
    • Supervision and Control
      • International Association of Insurance Supervisors (IAIS)
      • Ministry of Finance
      • Insurance Supervisory Authority
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
        • Table Vietnam - Minimum Capital Requirements
      • Solvency margin
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Vietnam - Corporate Tax Rates for the Financial Year 2017
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Databook
    • Policies and Premium
      • Table Vietnamese Life Insurance - Policies and Premium, 2011-2015
      • Table Vietnamese Life Insurance - Policies and Premium, 2015-2020
    • Claims and Expenses
      • Table Vietnamese Life Insurance - Claims and Expenses, 2011-2015
      • Table Vietnamese Life Insurance - Claims and Expenses, 2015-2020
    • Assets and Investments
      • Table Vietnamese Life Insurance - Assets and Investments, 2011-2015
      • Table Vietnamese Life Insurance - Assets and Investments, 2015-2020
    • Insurance Brokers and Agencies
      • Table Vietnamese Life Insurance - Insurance Brokers and Agencies, 2011-2015
      • Table Vietnamese Life Insurance - Insurance Brokers and Agencies, 2015-2020
    • Bancassurance and Other Distribution Channels
      • Table Vietnamese Life Insurance - Insurance Brokers and Agencies, 2011-2015
      • Table Vietnamese Life Insurance - Insurance Brokers and Agencies, 2015-2020
    • Individual Life Insurance
      • Table Vietnamese Life Insurance - Individual Life Insurance, 2011-2015
      • Table Vietnamese Life Insurance - Individual Life Insurance, 2015-2020
    • Individual Life Insurance by Product
      • Table Vietnamese Life Insurance - Individual Life Insurance by Product, 2011-2015
      • Table Vietnamese Life Insurance - Individual Life Insurance by Product, 2015-2020
    • Individual Life - Single vs Non-Single Premium
      • Table Vietnamese Life Insurance - Individual Life Insurance by Premium, 2011-2015
      • Table Vietnamese Life Insurance - Individual Life Insurance by Premium, 2015-2020
    • Linked vs Non-Linked Policies
      • Table Vietnamese Life Insurance - Linked vs Non-Linked Policies, 2011-2015
      • Table Vietnamese Life Insurance - Linked vs Non-Linked Policies, 2015-2020
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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