Non-Life Insurance in Vietnam, Key Trends and Opportunities to 2019

Non-Life Insurance in Vietnam, Key Trends and Opportunities to 2019


  • Products Id :- IS1130MR
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  • Pages: 112
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Executive Summary

Synopsis

Timetric's 'Non-Life Insurance in Vietnam, Key Trends and Opportunities to 2019' report provides a detailed outlook by product category for the Vietnamese non-life insurance segment, and a comparison of the Vietnamese insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2010-2014) and forecast period (2014-2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Vietnamese economy and demographics, explains the various types of natural hazard and their impact on the Vietnamese insurance industry, 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 'Non-Life Insurance in Vietnam, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Vietnamese non-life insurance segment, including:

The Vietnamese non-life insurance segment's detailed outlook by product category

A comprehensive overview of the Vietnamese economy and demographics

A comparison of the Vietnamese insurance industry with its regional counterparts

Detailed analysis of natural hazards and their impact on the Vietnamese insurance industry

Details of the competitive landscape in the non-life insurance segment in Vietnam

Details of regulatory policy applicable to the Vietnamese insurance industry

Scope

This report provides a comprehensive analysis of the non-life insurance segment in Vietnam:

It provides historical values for the Vietnamese non-life insurance segment for the report's 2010-2014 review period, and projected figures for the 2014-2019 forecast period.

It offers a detailed analysis of the key categories in the Vietnamese non-life insurance segment, and market forecasts to 2019.

It analyzes the various distribution channels for non-life insurance products in Vietnam.

It profiles the top non-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 non-life insurance segment, and each category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the Vietnamese non-life insurance segment.

Assess the competitive dynamics in the non-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

Vietnam's non-life insurance segment is still in its nascent stages of development, registering a penetration rate of 0.61% in 2014.

The increase was primarily due to rise in construction activity, the high uptake of agriculture insurance, growth in the automobile sector and a rise in trade activity.

Property insurance was the largest category and accounted for 38.3% of the segment's gross written premium in 2014.

Motor insurance was the second-largest category, which posted a review-period CAGR of 9.4%.

Liability insurance accounted for 3.1% of the segment's gross written premium in 2014.

Improved trading activity, combined with a growth in imports and exports, is likely to generate more business for transit insurance over the forecast period.



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1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook

4.1 Regional Comparison

4.2 Segment Indicators

4.2.1 Gross written premium and penetration

4.2.2 Claims

4.2.3 Profitability

4.2.4 Assets and investments

5 Outlook by Category

5.1 Property Insurance

5.1.1 Product overview

5.1.2 Premium

5.1.3 Claims

5.1.4 Profitability

5.2 Motor Insurance

5.2.1 Product overview

5.2.2 Premium

5.2.3 Claims

5.2.4 Profitability

5.3 Liability Insurance

5.3.1 Product overview

5.3.2 Premium

5.3.3 Claims

5.3.4 Profitability

5.4 Marine, Aviation and Transit Insurance

5.4.1 Product overview

5.4.2 Premium

5.4.3 Claims

5.4.4 Profitability

6 Distribution Channel Outlook

6.1 Agencies

6.2 Brokers

6.3 Bancassurance

6.4 E-commerce

6.5 Direct marketing

6.6 Other channels

7 Natural Hazards

7.1 Storms/Typhoons

7.2 Flooding

7.3 Others

7.4 Exposure

8 Competitive Landscape

8.1 Company Rankings

8.2 Comparison of the Top Five Insurers

8.2.1 Gross written premium

8.3 Company Profiles

8.3.1 Cong ty C? ph?n PVI

8.3.2 T?p ?on B?o Vi?t

8.3.3 T?ng Cong ty C? ph?n B?o Minh

8.3.4 T?ng Cong ty C? Ph?n B?o Hi?m Petrolimex

8.3.5 T?ng Cong ty C? Ph?n B?o Hi?m B?u ?i?n

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulations

9.3 Legislation and Market Practice by Type of Insurance

9.3.1 Life insurance

9.3.2 Property insurance

9.3.3 Motor insurance

9.3.4 Liability insurance

9.3.5 Marine, aviation and transit insurance

9.3.6 Personal accident and health insurance

9.4 Compulsory Insurance

9.4.1 Motor third-party liability insurance

9.4.2 Aviation third-party liability insurance

9.4.3 Social insurance

9.5 Supervision and Control

9.5.1 International Association of Insurance Supervisors (IAIS)

9.5.2 Ministry of Finance

9.5.3 Insurance Supervisory Authority

9.6 Non-Admitted Insurance Regulations

9.6.1 Overview

9.6.2 Intermediaries

9.6.3 Market practices

9.6.4 Fines and penalties

9.7 Company Registration and Operations

9.7.1 Types of insurance organization

9.7.2 Establishing a domestic company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margins

9.7.7 Reserve requirements

9.7.8 Investment regulations

9.7.9 Statutory return requirements

9.7.10 Fee structure

9.8 Taxation

9.8.1 Insurance premium or policy taxation

9.8.2 Withholding taxes on premium paid overseas

9.8.3 Corporate tax

9.8.4 VAT

9.8.5 Captives

9.9 Legal System

9.9.1 Introduction

9.9.2 Access to court

9.9.3 Alternative dispute resolution (ADR)

10 Databook

10.1 Policies and Premium

11 Definitions and Methodology

11.1 Definitions

11.2 Methodology

12 About Timetric

12.1 Contact Timetric

12.2 About Timetric

12.3 Timetric's Services

12.4 Disclaimer

Figure 1: Vietnamese Real GDP (VND Trillion), 2010-2019

Figure 2: VND-USD Exchange Rate, 2010-2019

Figure 3: Vietnamese Consumer Price Inflation (%), 2010-2019

Figure 4: Vietnamese Current Account Balance as Percentage of GDP (%), 2009-2013

Figure 5: Vietnamese Unemployment Rate (%), 2010-2019

Figure 6: Vietnamese Population by Age Group (Million), 1990-2025

Figure 7: Vietnamese Non-Life Insurance Penetration-Regional Comparison (%), 2014

Figure 8: Vietnamese Insurance Segment Direct Written Premium Shares-Regional Comparison (%), 2014

Figure 9: Vietnamese Non-Life Insurance-Gross Written Premium (VND Trillion), 2010-2019

Figure 10: Vietnamese Non-Life Insurance-Penetration (%), 2010-2019

Figure 11: Vietnamese Non-Life Insurance-Premium per Capita (VND Thousand), 2010-2019

Figure 12: Vietnamese Non-Life Insurance-Paid Claims (VND Trillion), 2010-2019

Figure 13: Vietnamese Non-Life Insurance-Profitability Ratio (%), 2010-2019

Figure 14: Vietnamese Non-Life Insurance-Total Assets (VND Trillion), 2010-2019

Figure 15: Vietnamese Non-Life Insurance-Total Investment Income (VND Trillion), 2010-2019

Figure 16: Vietnamese Non-Life Insurance-Investment Portfolio (VND Trillion), 2010-2019

Figure 17: Vietnamese Non-Life Insurance-Investment Portfolio Dynamics by Category, 2010-2019

Figure 18: Vietnamese Non-Life Insurance-Gross Written Premium by Category (VND Trillion), 2010-2019

Figure 19: Vietnamese Non-Life Insurance-Gross Written Premium Dynamics by Category, 2010-2019

Figure 20: Vietnamese Property Insurance-Construction Value Output by Category (VND Trillion), 2010-2014

Figure 21: Vietnamese Property Insurance-Gross Written Premium by Sub-Category (VND Billion), 2010-2019

Figure 22: Vietnamese Property Insurance-Gross Written Premium Dynamics by Sub-Category, 2010-2019

Figure 23: Vietnamese Property Insurance-Paid Claims (VND Trillion), 2010-2019

Figure 24: Vietnamese Property Insurance-Earned Premium, Incurred Loss and Loss Ratio (VND Billion and %), 2010-2019

Figure 25: Vietnamese Motor Insurance-Number of Vehicle Sales by Category, January, 2015-October, 2015

Figure 26: Vietnamese Motor Insurance-Gross Written Premium by Sub-Category (VND Trillion), 2010-2019

Figure 27: Vietnamese Motor Insurance-Paid Claims (VND Trillion), 2010-2019

Figure 28: Vietnamese Motor Insurance-Earned Premium, Incurred Loss and Loss Ratio (VND Billion and %), 2010-2019

Figure 29: Vietnamese Liability Insurance-Gross Written Premium (VND Billion), 2010-2019

Figure 30: Vietnamese Liability Insurance-Paid Claims (VND Billion), 2010-2019

Figure 31: Vietnamese Liability Insurance-Earned Premium, Incurred Loss and Loss Ratio (VND Billion and %), 2010-2019

Figure 32: Vietnamese Marine, Aviation and Transit Insurance-Merchandise Exports, Merchandise Imports and Trade Balance, 2010-2014

Figure 33: Vietnamese Marine, Aviation and Transit Insurance-Gross Written Premium by Sub-Category (VND Billion), 2010-2019

Figure 34: Vietnamese Marine, Aviation and Transit Insurance-Gross Written Premium Dynamics by Sub-Category, 2010-2019

Figure 35: Vietnamese Marine, Aviation and Transit Insurance-Paid Claims (VND Trillion), 2010-2019

Figure 36: Vietnamese Marine, Aviation and Transit Insurance-Earned Premium, Incurred Loss and Loss Ratio (VND Trillion and %), 2010-2019

Figure 37: Vietnamese Natural Hazards-Mortality by Type (%), 1990-2014

Figure 38: Vietnamese Natural Hazards-AAL by Type (%), 1990-2014

Figure 39: Vietnamese Non-Life Insurance-Shares of Top Insurers (%), 2014

Figure 40: Vietnamese Non-Life Insurance-Top Insurers' Gross Written Premium Growth Relative to Segment Overall (%), 2010-2014

Figure 41: Vietnam-Insurance Supervision and Control at Various Levels

Figure 42: Vietnam-Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Vietnamese Non-Life Insurance-Key Facts, 2014

Table 2: Vietnamese Non-Life Insurance-Segment Shares of the Top Insurers, 2014

Table 3: Vietnamese Government Credit Ratings

Table 4: Vietnamese Non-Life Insurance-Gross Written Premium (VND Trillion and USD Billion), 2010-2014

Table 5: Vietnamese Non-Life Insurance-Penetration (%), 2010-2014

Table 6: Vietnamese Non-Life Insurance-Gross Written Premium (VND Trillion and USD Billion), 2014-2019

Table 7: Vietnamese Non-Life Insurance-Penetration (%), 2014-2019

Table 8: Vietnamese Non-Life Insurance-Premium per Capita (VND Thousand and USD), 2010-2014

Table 9: Vietnamese Non-Life Insurance-Premium per Capita (VND Thousand and USD), 2014-2019

Table 10: Vietnamese Non-Life Insurance-Paid Claims (VND Trillion and USD Million), 2010-2014

Table 11: Vietnamese Non-Life Insurance-Paid Claims (VND Trillion and USD Million), 2014-2019

Table 12: Vietnamese Non-Life Insurance-Profitability Ratio (%), 2010-2014

Table 13: Vietnamese Non-Life Insurance-Profitability Ratio (%), 2014-2019

Table 14: Vietnamese Non-Life Insurance-Total Assets (VND Trillion and USD Billion), 2010-2014

Table 15: Vietnamese Non-Life Insurance-Total Assets (VND Trillion and USD Billion), 2014-2019

Table 16: Vietnamese Non-Life Insurance-Total Investment Income (VND Trillion and USD Million), 2010-2014

Table 17: Vietnamese Non-Life Insurance-Total Investment Income (VND Trillion and USD Million), 2014-2019

Table 18: Vietnamese Non-Life Insurance-Investment Portfolio (VND Billion), 2010-2014

Table 19: Vietnamese Non-Life Insurance-Investment Portfolio (VND Billion), 2014-2019

Table 20: Vietnamese Non-Life Insurance-Gross Written Premium by Category (VND Trillion), 2010-2014

Table 21: Vietnamese Non-Life Insurance-Gross Written Premium by Category (VND Trillion), 2014-2019

Table 22: Vietnamese Property Insurance-Gross Written Premium by Sub-Category (VND Billion), 2010-2014

Table 23: Vietnamese Property Insurance-Gross Written Premium by Sub-Category (VND Billion), 2014-2019

Table 24: Vietnamese Property Insurance-Paid Claims (VND Trillion and USD Million), 2010-2014

Table 25: Vietnamese Property Insurance-Paid Claims (VND Trillion and USD Million), 2014-2019

Table 26: Vietnamese Property Insurance-Loss Ratio (%), 2010-2014

Table 27: Vietnamese Property Insurance-Loss Ratio (%), 2014-2019

Table 28: Vietnamese Motor Insurance-Gross Written Premium by Sub-Category (VND Trillion), 2010-2014

Table 29: Vietnamese Motor Insurance-Gross Written Premium by Sub-Category (VND Trillion), 2014-2019

Table 30: Vietnamese Motor Insurance-Paid Claims (VND Trillion and USD Million), 2010-2014

Table 31: Vietnamese Motor Insurance-Paid Claims (VND Trillion and USD Million), 2014-2019

Table 32: Vietnamese Motor Insurance-Loss Ratio (%), 2010-2014

Table 33: Vietnamese Motor Insurance-Loss Ratio (%), 2014-2019

Table 34: Vietnamese Liability Insurance-Gross Written Premium (VND Billion), 2010-2014

Table 35: Vietnamese Liability Insurance-Gross Written Premium (VND Billion), 2014-2019

Table 36: Vietnamese Liability Insurance-Paid Claims (VND Billion and USD Million), 2010-2014

Table 37: Vietnamese Liability Insurance-Paid Claims (VND Billion and USD Million), 2014-2019

Table 38: Vietnamese Liability Insurance-Loss Ratio (%), 2010-2014

Table 39: Vietnamese Liability Insurance-Loss Ratio (%), 2014-2019

Table 40: Vietnamese Marine, Aviation and Transit Insurance-Gross Written Premium (VND Billion), 2010-2014

Table 41: Vietnamese Marine, Aviation and Transit Insurance-Gross Written Premium (VND Billion), 2014-2019

Table 42: Vietnamese Marine, Aviation and Transit Insurance-Paid Claims (VND Trillion and USD Million), 2010-2014

Table 43: Vietnamese Marine, Aviation and Transit Insurance-Paid Claims (VND Trillion and USD Million), 2014-2019

Table 44: Vietnamese Marine, Aviation and Transit Insurance-Loss Ratio (%), 2010-2014

Table 45: Vietnamese Marine, Aviation and Transit Insurance-Loss Ratio (%), 2014-2019

Table 46: Vietnamese Natural Hazards-Frequency, 1990-2014

Table 47: Vietnamese Natural Hazards-Leading 10 in Terms of Economic Damages (USD Million), 1990-2014

Table 48: Vietnamese Natural Hazards-Total Deaths, Affected and Damages (USD Million) by Types of Floods, 1990-2014

Table 49: Vietnamese Non-Life Insurance-Shares of Top Insurers (%), 2014

Table 50: Cong ty C? ph?n PVI-Key Facts

Table 51: Cong ty C? ph?n PVI-Key Financials (VND Billion), 2010-2014

Table 52: T?p ?on B?o Vi?t-Key Facts

Table 53: T?p ?on B?o Vi?t-Key Financials (VND Trillion), 2010-2014

Table 54: T?ng Cong ty C? ph?n B?o Minh-Key Facts

Table 55: T?ng Cong ty C? ph?n B?o Minh-Key Financials (VND Billion), 2010-2014

Table 56: T?ng Cong ty C? Ph?n B?o Hi?m Petrolimex-Key Facts

Table 57: T?ng Cong ty C? Ph?n B?o Hi?m Petrolimex-Key Financials (VND Billion), 2010-2014

Table 58: T?ng Cong ty C? Ph?n B?o Hi?m B?u ?i?n-Key Facts

Table 59: T?ng Cong ty C? Ph?n B?o Hi?m B?u ?i?n-Key Financials (VND Billion), 2010-2014

Table 60: Vietnam-Insurance Regulatory Framework Key Features

Table 61: Vietnam-Life Insurance Regulatory Framework

Table 62: Vietnam-Property Insurance Regulatory Framework

Table 63: Vietnam-Motor Insurance Regulatory Framework

Table 64: Vietnam-Liability Insurance Regulatory Framework

Table 65: Vietnam-Minimum Capital Requirements

Table 66: Vietnam-Corporate Tax Rates for the Financial Year 2015

Table 67: Vietnamese Insurance Industry-Policies and Premium, 2010-2014

Table 68: Vietnamese Insurance Industry-Policies and Premium, 2014-2019

Table 69: Vietnamese Non-Life Insurance-Policies and Premium, 2010-2014

Table 70: Vietnamese Non-Life Insurance-Policies and Premium, 2014-2019

Table 71: Vietnamese Non-Life Insurance-Property Insurance Policies and Premium, 2010-2014

Table 72: Vietnamese Non-Life Insurance-Property Insurance Policies and Premium, 2014-2019

Table 73: Vietnamese Non-Life Insurance-Motor Insurance Policies and Premium, 2010-2014

Table 74: Vietnamese Non-Life Insurance-Motor Insurance Policies and Premium, 2014-2019

Table 75: Vietnamese Non-Life Insurance-Liability Insurance Policies and Premium, 2010-2014

Table 76: Vietnamese Non-Life Insurance-Liability Insurance Policies and Premium, 2014-2019

Table 77: Vietnamese Non-Life Insurance-Marine, Aviation and Transit Insurance Policies and Premium, 2010-2014

Table 78: Vietnamese Non-Life Insurance-Marine, Aviation and Transit Insurance Policies and Premium, 2014-2019

Table 79: Vietnamese Non-Life Insurance-Gross Written Premium by Sub-Category (VND Billion), 2010-2014

Table 80: Vietnamese Non-Life Insurance-Gross Written Premium by Sub-Category (VND Billion), 2014-2019

Table 81: Vietnamese Non-Life Insurance-Direct Written Premium by Sub-Category (VND Billion), 2010-2014

Table 82: Vietnamese Non-Life Insurance-Direct Written Premium by Sub-Category (VND Billion), 2014-2019

Table 83: Vietnamese Non-Life Insurance-Penetration by Sub-Category (%), 2010-2014

Table 84: Vietnamese Non-Life Insurance-Penetration by Sub-Category (%), 2014-2019

Table 85: Insurance Industry Definitions

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Cong ty C? ph?n PVI

T?p ?on B?o Vi?t

T?ng Cong ty C? ph?n B?o Minh

T?ng Cong ty C? Ph?n B?o Hi?m Petrolimex

T?ng Cong ty C? Ph?n B?o Hi?m B?u ?i?n

Cong ty TNHH B?o Hi?m Samsung Vina

T?ng Cong ty C? Ph?n B?o Hi?m Quan ??i

T?ng Cong ty C? Ph?n B?o Hi?m NH ??u T? & Phat Tri?n Vi?t Nam

Cong ty C? ph?n BH NH Nong Nghi?p Vi?t Nam

Cong ty C? ph?n B?o Hi?m Ton C?u

Non-life insurance

Economy and demographics

Motor insurance

Property insurance

Liability insurance

Marine insurance

Aviation insurance

Transit insurance

Distribution channels

Direct Marketing

Agencies

E-commerce

Bancassurance

Brokers

Leading companies

Legislation

Compulsory insurance

Supervision and control

Non-admitted insurance

Types of insurance organization

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