New Market Research Report: Vietnam Insurance Report Q2 2011

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April 9, 2011 - PRLog -- Key Insights On Vietnam's Insurance Sector

Writing in March 2011, data for 2009 is actual and projections for 2010 have been updated take into account of results for H110 that have been released by major cross-border insurers in the Asia Pacific region. Numbers also include data based on published figures from Association of Vietnamese Insurers (AVI) for the nine months to September 2010.

We estimate total premiums for 2010 of VND32,103,079mn. This includes non-life premiums of VND17,191,390mn and life premiums of VND14,911,689mn. In 2015, the corresponding figures are forecast to be VND76,552,522mn, VND39,848,875mn and VND36,703,647mn. In terms of the key drivers that underpin our forecasts, we expect for non-life penetration to rise from 0.90% in 2010 to 1.10% in 2015 and for life density to increase from less than US$9 per capita to US$21 over the same period. BMI's proprietary Insurance Business Environment Rating for Vietnam is 43.6.

Although Vietnam's insurance sector is more open to foreign entrants than China, for example, four large local groups - Bao Viet, PVI, Bao Minh and PJICO - account for over 60% of premiums in the non-life segment. The life insurance subsidiary of Bao Viet, the former state-owned monopoly, accounts for about 30% of premiums in the segment. However, it appears that the UK's Prudential plc is the largest player in the segment, writing 39% of gross premiums in 9M10. Manulife and AIA, with market shares of 11% and 7% respectively, are the next largest life insurance companies.

Unlike other underdeveloped insurance markets that are growing rapidly, Vietnam's non-life segment is not dominated by car insurance. In fact, it accounted for less than 30% of gross written premiums in the segment in the first nine months of 2010. A key feature has been the extremely rapid rise in oil and gas and other engineering insurance, which accounts for nearly a quarter of non-life premiums.

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Report Table of Contents:

Executive Summary
- Table: Overview Of Vietnam's Insurance Sector
- Key Insights On Vietnam's Insurance Sector
SWOT Analysis
- Vietnam Insurance Industry SWOT
- Vietnam Political SWOT
- Vietnam Economic SWOT
- Vietnam Business Environment SWOT
What Might Have Been: Prudential's Acquisition Of AIA
- Tale: AIA - Key Facts
- Table: AIA's Market Positions
- Table: What The Combined Group Would Have Looked Like - Latest Rankings In Asia Pacific Life Insurance
- Table: Asia Highlights Of Prudential plc's 2009 Annual Report
- Table: Prudential plc's New Business In Annualised Premium Equivalent, 2009
- Table: Global Life Insurance Profitability - Selected Figures
- Table: Who's Who - Life Insurance Joint Ventures And Businesses In India And China
Asia Pacific Market Overview
- Table: Premium's In Asia Pacific's Non-Life Segment (US$mn)
- Table: Premiums In Asia Pacific's Life Segment (US$mn)
Projections And Forecasts
- Table: Insurance Premiums, 2008-2015
- Projections And Drivers Of Growth
- Table: Growth Drivers, 2008-2015
Country Update
- Macroeconomic Activity
- Table: Vietnam Economic Activity, 2008-2015
- Political Outlook
- Long-Term Political Outlook
Insurance Business Environment Ratings
- Table: Vietnam's Insurance Business Environment Rating
- Table: Asia Pacific Insurance Business Environment Ratings
Regional Context
- Table: Non-Life Premiums In A Regional Context, 2009
- Table: Life Premiums In A Regional Context, 2009
Major Players In Vietnam's Insurance Sector
- Table: Non-Life Sector - Breakdown Of Gross Written Premiums By Line, 9M10
- Table: Life Sector - Breakdown Of Gross Written Premiums By Line, 9M10
- Table: Rankings Of Non- Life Companies By Gross Written Premiums, 9M10
- Table: Rankings Of Life Companies By Gross Written Premiums, 9M10
Analysis Of Regional Competitive Conditions
Company Profiles
- Local Company Profiles
- Bao Minh
- Bao Viet
- Regional Company Profiles
- Allianz
- Aviva
- Cardif
- Fortis
- Generali
- Groupama
- HDI-Gerling
- HSBC Insurance
- ING Group
- Liberty Mutual
- Manulife
- MetLife
- Prudential Financial
- Prudential plc
- Sun Life Financial
- The Principal
- Zurich Financial Services
Country Snapshot: Vietnam Demographic Data
- Section 1: Population
- Table: Demographic Indicators, 2005-2030
- Table: Rural/Urban Breakdown, oflg 2005-2030
- Section 2: Education And Healthcare
- Table: Education, 2002-2005
- Table: Vital Statistics, 2005-2030
- Section 3: Labour Market And Spending Power
- Table: Employment Indicators, 1999-2004
- Table: Consumer Expenditure, 2000-2012 (US$)
BMI Methodology
- Insurance Business Environment Ratings
- Table: Insurance Business Environment Indicators And Rationale
- Table: Weighting Of Indicators

About Business Monitor International

Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets.  BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports.  Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports.  View more research from Business Monitor International at

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Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.
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Tags:Insurance, Premiums, Non-life, Bao, Writing, Viet, Auto
Industry:Finance, Research, Banking
Location:Massachusetts - United States
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