Vietnam Insurance Report Q3 2012

Published : July 2012
No. of Pages : 87

Price:

The Vietnam Insurance Report considers the prospects for both life and non-life insurers in the country.
There was a time when Vietnam was one of the new frontiers of insurance in the Asia Pacific, but the sector has moved into a more exciting phase of its development. Foreign insurance companies (particularly in the life segment) are present, and see Vietnam as a natural extension of their regional or global footprints. New products are being developed. Agency networks are being built. As in the rest of South East Asia, bancassurance is being seen as an opportunity by some of the players. In the non-life segment, the local companies have generally shown more pricing discipline than have their counterparts elsewhere in the region. Motor insurance – so often a thankless and profitless line in emerging markets – accounts for only about one third of the premiums written in the non-life segment in Vietnam.
Nothing happened in H112 to make us to change our longstanding view that the entire sector will remain overshadowed by the challenges. The most important one is that the vast majority of Vietnamese people cannot afford to save – whether via life insurance or through other channels. In calendar 2010, the number of in-force life policies rose by 5% – and this was in a country where only 5% of people have life cover and where, as noted above, there has been an enormous expansion of the insurers’ agency forces. Most recently, a number of press reports have hinted that persistent inflation may be limiting the real disposable income of Vietnamese households – with the result that their ability to use life insurance has been
constrained further. In the non-life segment, the situation is the reverse. A fragmented segment, it contains nearly 30 sub-scale firms, most of which are Vietnamese companies with limited access to the capital they need. A clear trend through 2011 has been for leading non-life companies to seek listing on one of Vietnam’s two stock exchanges. As of June 2012, Germany’s Talanx and Australia’s Insurance Australia Group (IAG) are making strategic investments in PVI and AAA respectively. A recent initiative by PVI has to launch a separate reinsurance subsidiary.
Over the last quarter, BMI has made the following changes: 􀂃 The report incorporates the provisional statistics published by the Association of Vietnamese Insurers (AVI) in relation to calendar 2011.
􀂃 The arrivals of Generali Vietnam in the life segment and IAG in the non-life segment through its joint venture (JV) with AAA are discussed.
􀂃 Our analysis incorporates a significant amount of detailed comment published by the major life insurers, in some cases in relation to Q112.

Executive Summary ... 5
Table: Total Premiums, 2009-2016 ... 5
Key Insights And Key Risks . 5
SWOT Analysis . 7
Vietnam Insurance Industry SWOT 7
Vietnam Political SWOT 8
Vietnam Economic SWOT .. 8
Vietnam Business Environment SWOT... 9
Life Sector . 10
Asia Pacific Life Sector Overview ... 10
Table: Asia Pacific Life Premiums, 2008-2016 (US$mn) .. 10
Vietnam Life Sector Update .. 15
Life Industry Forecast Scenario .. 16
Table: Life Premiums, 2009-2016 16
Growth Drivers And Risk Management Projections . 17
Population ... 17
Table: Insurance Key Drivers – Demographics, 2009-2016 17
Non-Life Sector ... 19
Asia Pacific Non-Life Sector Overview . 19
Table: Asia Pacific Non-Life Premiums, 2008-2016 19
Vietnam Non-Life Sector Update 21
Non-Life Industry Forecast Scenario ... 23
Table: Non-Life Premiums, 2009-2016 23
Growth Drivers And Risk Management Projections . 24
Macroeconomic Outlook .. 24
Table: Vietnam Economic Activity, 2011-2016 27
Political Stability Outlook 27
Table: Asia Pacific Security Ratings 29
Healthcare ... 29
Healthcare Insurance .. 30
Epidemiology . 32
Table: Insurance Key Drivers – Disability-Adjusted Life Years, 2009-2016 ... 32
Motor . 34
Insurance Risk/Reward Ratings . 36
Table: Vietnam’s Insurance Risk/Reward Ratings ... 36
Table: Asia Pacific Insurance Risk/Reward Ratings 37
Competitive Landscape . 39
Competitive Landscape Analysis . 39
Major Players In Vietnam’s Insurance Sector 42
Table: Ranking Of Non-Life Companies By Gross Written Premiums, 9M10 .. 44
Table: Ranking Of Life Companies By Gross Written Premiums, 9M10 44
Company Profiles . 45
Local Company Profiles ... 45
Bao Minh . 45
Bao Viet ... 46
PJICO 47
Regional Company Profiles .. 48
Ageas . 48
AEGON 50
AIA Group Limited 51
Allianz 53
Aviva .. 55
AXA 56
BNP Paribas Cardif . 58
Chartis . 59
HSBC Insurance 61
Liberty Mutual ... 63
Manulife ... 64
MetLife ALICO .. 65
Prudential Financial 68
Prudential plc 70
QBE ... 72
RSA 74
Sun Life Financial .. 75
The Principal Financial Group .. 76
Zurich Insurance Group .. 77
Demographic Outlook .. 79
Table: Population By Age Group, 1990-2020 (‘000) . 80
Table: Population By Age Group, 1990-2020 (% of total) . 81
Table: Key Population Ratios, 1990-2020 . 82
Table: Rural/Urban Population Split, 1990-2020 82
BMI Methodology . 83
Insurance Risk/Reward Ratings .. 84
Table: Insurance Risk/Reward Indicators And Rationale .. 85
Table: Weighting Of Indicators . 86Table: Total Premiums, 2009-2016 . 5

Table: Asia Pacific Life Premiums, 2008-2016 (US$mn) . 10

Table: Life Premiums, 2009-2016 . 16

Table: Insurance Key Drivers – Demographics, 2009-2016 . 17

Table: Asia Pacific Non-Life Premiums, 2008-2016 . 19

Table: Non-Life Premiums, 2009-2016 . 23

Table: Vietnam Economic Activity, 2011-2016 . 27

Table: Asia Pacific Security Ratings . 29

Table: Insurance Key Drivers – Disability-Adjusted Life Years, 2009-2016 . 32

Table: Vietnam''s Insurance Risk/Reward Ratings . 36

Table: Asia Pacific Insurance Risk/Reward Ratings . 37

Table: Ranking Of Non-Life Companies By Gross Written Premiums, 9M10 . 44

Table: Ranking Of Life Companies By Gross Written Premiums, 9M10 . 44

Chartis . 59

Table: Population By Age Group, 1990-2020 (‘000) . 80

Table: Population By Age Group, 1990-2020 (% of total) . 81

Table: Key Population Ratios, 1990-2020 . 82

Table: Rural/Urban Population Split, 1990-2020 . 82

Table: Insurance Risk/Reward Indicators And Rationale . 85

Table: Weighting Of Indicators . 86

Vietnam Insurance Report Q3 2012

Published By: Business Monitor International

Price:

How to Purchase

Purchase products from our site in 5 easy steps. Please follow the description given below to complete your purchase process.

Step 1:

Select the report title of your interest, and Click on Buy Now button next to the Price option.

Step 2:

You will arrive at the Purchase page, where you will be requested to Signup (New User) or Login (Registered User). Please note that in-keeping with the security check on the website, you must submit your full details to avoid any inconvenience arising from incorrectly entered data or counterfeit information.

Step 3:

After SignUp/Login, you will arrive at the Online Invoice Page. Select a Payment option via various methods: Debit Card / Credit Card / by Invoice. MarketReportOnline accepts Visa, MasterCard, American Express and all major credit cards. MarketReportOnline uses ICICI, HDFC, Citibank, American Express & Paypal as our Online Payment Gateway Partners. Clicking on a payment option will take you to the corresponding Payment Gateway page.

Step 4:

Once at the Payment Gateway, please complete the Payment Process to purchase your desired report.

Step 5:

Once you have successfully completed the purchase process, you will receive a confirmation email. You will then either be able to download your report immediately (in PDF Format) from the Account Login button, or the report will be emailed to you directly, depending upon the agreement we have with the publisher. For Orders that are deliverable via email and placed after working hours, the delivery of the reports will be made on the next business day. Please note, if you select purchase by invoice, you will receive your report only once the payment has been received. If you have any queries about how to order, please Contact Us .

sales@marketreportsonline.com + 1 888 391 5441

Using our subscription option, you get access to market research reports and industry data of Industry Profiles market as per your needs. Get the best of Industry Profiles research reports by utilizing your research budgets in an optimum way.
More about our Subscription option

Get Email alerts about market research reports from industries and publishers of your interest: