Non-Life Insurance in Vietnam, Key Trends and Opportunities to 2020

Non-Life Insurance in Vietnam, Key Trends and Opportunities to 2020


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Executive Summary

Timetric's 'Non-Life Insurance in Vietnam, Key Trends and Opportunities to 2020' 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 (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, 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 2020' report provides in-depth market analysis, information and insights into the Vietnamese non-life insurance segment, including:

The Vietnamese non-life segment outlook by product category

A comprehensive overview of the Vietnamese economy and demographics

A comparison of the Vietnamese non-life insurance segment with its regional counterparts

The various distribution channels in the Vietnamese non-life insurance segment

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 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 non-life insurance segment, and market forecasts to 2020.

It provides a comparison of the Vietnamese non-life insurance segment with its regional counterparts

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

It analyzes various natural hazards and their impact on the Vietnamese insurance industry

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

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 2015, the Ministry of Finance (MoF) introduced a decree on compulsory construction insurance for project owners and contractors, effective from February 2016.

In 2015, the MoF proposed the listing of non-life insurers on the stock exchange, as an effort to increase transparency. Approval from the government was awaited at end of 2016.

According to the Vietnam Association of Motorcycle Manufacturers (VAMM), the volume of motorcycle sales increased from 2,849,060 units in 2015 to 3,121,023 units in 2016, at an annual growth rate of 9.5%. This provides huge growth potential.

The Law on Notarization was effective from January 2015. This has made it mandatory for notarial practice organizations to purchase professional liability insurance for their notaries.



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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 Analysis by Distribution Channel

6.1.1 Agencies

6.1.2 Bancassurance

6.1.3 Brokers

6.1.4 E-commerce

7 Natural and Man-Made Hazards

7.1 Flooding

7.2 Storms/Typhoons

7.3 Landslides

7.4 Others

7.5 Exposure

8 Competitive Landscape

8.1 Company Profiles

8.1.1 PetroVietnam Insurance Corporation-company overview

8.1.2 Bao Viet General Insurance Corporation-company overview

8.1.3 Bao Minh Insurance Corporation-company overview

8.1.4 Post and Telecommunication Joint Stock Insurance Company-company overview

8.1.5 Pjico Insurance Corporation-company overview

9 Governance, Risk and Compliance

9.1 Legislation Overview and Historical Evolution

9.2 Latest Changes in Regulation

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 liability insurance

9.4.3 Fire and explosion insurance for high risk establishments

9.4.4 Social insurance

9.4.5 Construction 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 Type of insurance organization

9.7.2 Establishing a local company

9.7.3 Foreign ownership

9.7.4 Types of license

9.7.5 Capital requirements

9.7.6 Solvency margin

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

10 Databook

10.1 Policies and Premium

10.2 Claims and Expenses

10.3 Assets and Investments

10.4 Property Insurance

10.5 Property Insurance by Product

10.6 Motor Insurance

10.7 Liability Insurance

10.8 Marine, Aviation and Transit Insurance

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), 2011-2020

Figure 2: Vietnamese Exchange Rate (%), 2011-2020

Figure 3: Vietnamese Consumer Price Inflation (%), 2011-2020

Figure 4: Vietnamese Current Account Balance as Percentage of GDP (%), 2011-2015

Figure 5: Vietnamese Unemployment Rate, 2011-2020

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

Figure 7: Vietnamese Non-Life Insurance Penetration-Regional Comparison (%), 2015

Figure 8: Vietnamese Insurance Segment Direct Written Premium Shares-Regional Comparison (%), 2015

Figure 9: Vietnamese Non-Life Insurance-Gross Written Premium (VND Trillion), 2011-2020

Figure 10: Vietnamese Non-Life Insurance-Penetration (%), 2011-2020

Figure 11: Vietnamese Non-Life Insurance-Premium per Capita (VND), 2011-2020

Figure 12: Vietnamese Non-Life Insurance-Paid Claims (VND Trillion), 2011-2020

Figure 13: Vietnamese Non-Life Insurance-Profitability Ratio (%), 2011-2020

Figure 14: Vietnamese Non-Life Insurance-Total Assets (VND Trillion), 2011-2020

Figure 15: Vietnamese Non-Life Insurance-Total Investment Income (VND Trillion), 2011-2020

Figure 16: Vietnamese Non-Life Insurance-Investment Portfolio (VND Trillion), 2011-2020

Figure 17: Vietnamese Non-Life Insurance-Investment Portfolio Dynamics by Category, 2011-2020

Figure 18: Vietnamese Non-Life Insurance-Direct Written Premium by Category (VND Trillion), 2011-2020

Figure 19: Vietnamese Non-Life Insurance-Direct Written Premium Dynamics by Category, 2011-2020

Figure 20: Vietnamese Property Insurance-Construction Value Output by Category (VND Trillion), 2011-2015

Figure 21: Vietnamese Property Insurance-Direct Written Premium by Sub-Category (VND Trillion), 2011-2020

Figure 22: Vietnamese Property Insurance-Direct Written Premium Dynamics by Sub-Category, 2011-2020

Figure 23: Vietnamese Property Insurance-Paid Claims (VND Trillion), 2011-2020

Figure 24: Vietnamese Property Insurance-Earned Premium, Incurred Loss and Loss Ratio (VND Trillion and %), 2011-2020

Figure 25: Vietnamese Number of Vehicle Sales by Category, 2013-2016

Figure 26: Vietnamese Number of Road Traffic Accidents, Injuries and Deaths, 2013-2016

Figure 27: Vietnamese Motor Insurance-Direct Written Premium (VND Trillion), 2011-2020

Figure 28: Vietnamese Motor Insurance-Paid Claims (VND Trillion), 2011-2020

Figure 29: Vietnamese Motor Insurance-Earned Premium, Incurred Loss and Loss Ratio (VND Trillion and %), 2011-2020

Figure 30: Vietnamese Liability Insurance-Direct Written Premium (VND Billion), 2011-2020

Figure 31: Vietnamese Liability Insurance-Paid Claims (VND Billion), 2011-2020

Figure 32: Vietnamese Liability Insurance-Earned Premium, Incurred Loss and Loss Ratio (VND Billion and %), 2011-2020

Figure 33: Vietnamese Merchandise Exports and Imports, 2011-2016

Figure 34: Vietnamese Marine, Aviation and Transit Insurance-Direct Written Premium (VND Trillion), 2011-2020

Figure 35: Vietnamese Marine, Aviation and Transit Insurance-Paid Claims (VND Billion), 2011-2020

Figure 36: Vietnamese Marine, Aviation and Transit Insurance-Earned Premium, Incurred Loss and Loss Ratio (VND Trillion and %), 2011-2020

Figure 37: Vietnam-Frequency of Hazards by Type, 1990-2015

Figure 38: Vietnamese Mortality by Hazards Type, 1990-2015

Figure 39: Vietnamese Economic Loss by Hazards Type, 1990-2014

Figure 40: Vietnamese Non-Life Insurance-Segment Shares of the Leading Insurers (%), 2015

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, 2015

Table 3: Vietnamese Government Credit Ratings

Table 4: Vietnamese Non-Life Insurance-Gross Written Premium (VND Trillion and US$ Million), 2011-2015

Table 5: Vietnamese Non-Life Insurance-Penetration (%), 2011-2015

Table 6: Vietnamese Non-Life Insurance-Gross Written Premium (VND Trillion and US$ Million), 2015-2020

Table 7: Vietnamese Non-Life Insurance-Penetration (%), 2015-2020

Table 8: Vietnamese Non-Life Insurance-Premium per Capita (VND and US$), 2011-2015

Table 9: Vietnamese Non-Life Insurance-Premium per Capita (VND and US$), 2015-2020

Table 10: Vietnamese Non-Life Insurance-Paid Claims (VND Trillion and US$ Million), 2011-2015

Table 11: Vietnamese Non-Life Insurance-Paid Claims (VND Trillion and US$ Million), 2015-2020

Table 12: Vietnamese Non-Life Insurance-Profitability Ratio (%), 2011-2015

Table 13: Vietnamese Non-Life Insurance-Profitability Ratio (%), 2015-2020

Table 14: Vietnamese Non-Life Insurance-Total Assets (VND Trillion and US$ Billion), 2011-2015

Table 15: Vietnamese Non-Life Insurance-Total Assets (VND Trillion and US$ Billion), 2015-2020

Table 16: Vietnamese Non-Life Insurance-Total Investment Income (VND Trillion and US$ million), 2011-2015

Table 17: Vietnamese Non-Life Insurance-Total Investment Income (VND Trillion and US$ million), 2015-2020

Table 18: Vietnamese Non-Life Insurance-Investment Portfolio (VND Billion), 2011-2015

Table 19: Vietnamese Non-Life Insurance-Investment Portfolio (VND Billion), 2015-2020

Table 20: Vietnamese Non-Life Insurance-Direct Written Premium by Category (VND Billion), 2011-2015

Table 21: Vietnamese Non-Life Insurance-Direct Written Premium by Category (VND Billion), 2015-2020

Table 22: Vietnamese Property Insurance-Direct Written Premium by Sub-Category (VND Billion), 2011-2015

Table 23: Vietnamese Property Insurance-Direct Written Premium by Sub-Category (VND Billion), 2015-2020

Table 24: Vietnamese Property Insurance-Paid Claims (VND Billion and US$ Million), 2011-2015

Table 25: Vietnamese Property Insurance-Paid Claims (VND Trillion and US$ Million), 2015-2020

Table 26: Vietnamese Property Insurance-Loss Ratio (%), 2011-2015

Table 27: Vietnamese Property Insurance-Loss Ratio (%), 2015-2020

Table 28: Vietnamese Motor Insurance-Direct Written Premium (VND Trillion and US$ Million), 2011-2015

Table 29: Vietnamese Motor Insurance-Direct Written Premium (VND Trillion and US$ Million), 2015-2020

Table 30: Vietnamese Motor Insurance-Paid Claims (VND Trillion and US$ Million), 2011-2015

Table 31: Vietnamese Motor Insurance-Paid Claims (VND Trillion and US$ Million), 2015-2020

Table 32: Vietnamese Motor Insurance-Loss Ratio (%), 2011-2015

Table 33: Vietnamese Motor Insurance-Loss Ratio (%), 2015-2020

Table 34: Vietnamese Liability Insurance-Direct Written Premium by Sub-Category (VND Billion and US$ Million), 2011-2015

Table 35: Vietnamese Liability Insurance-Direct Written Premium by Sub-Category (VND Billion and US$ Million), 2015-2020

Table 36: Vietnamese Liability Insurance-Paid Claims (VND Billion and US$ Million), 2011-2015

Table 37: Vietnamese Liability Insurance-Paid Claims (VND Billion and US$ Million), 2015-2020

Table 38: Vietnamese Liability Insurance-Loss Ratio (%), 2011-2015

Table 39: Vietnamese Liability Insurance-Loss Ratio (%), 2015-2020

Table 40: Vietnamese Marine, Aviation and Transit Insurance-Direct Written Premium (VND Billion), 2011-2015

Table 41: Vietnamese Marine, Aviation and Transit Insurance-Direct Written Premium (VND Billion), 2015-2020

Table 42: Vietnamese Marine, Aviation and Transit Insurance-Paid Claims (VND Billion and US$ Million), 2011-2015

Table 43: Vietnamese Marine, Aviation and Transit Insurance-Paid Claims (VND Billion and US$ Million), 2015-2020

Table 44: Vietnamese Marine, Aviation and Transit Insurance-Loss Ratio (%), 2011-2015

Table 45: Vietnamese Marine, Aviation and Transit Insurance-Loss Ratio (%), 2015-2020

Table 46: Vietnamese Non-Life Insurance-Segment Shares of the Leading Insurers (%), 2015

Table 47: PetroVietnam Insurance Corporation-Key Facts

Table 48: PetroVietnam Insurance Corporation-Key Financials (VND Trillion), 2011-2015

Table 49: Bao Viet General Insurance Corporation-Key Facts

Table 50: Bao Viet General Insurance Corporation-Key Financials (VND Trillion), 2011-2015

Table 51: Bao Minh Insurance Corporation-Key Facts

Table 52: Bao Minh Insurance Corporation-Key Financials (VND Trillion), 2011-2015

Table 53: Post and Telecommunication Joint Stock Insurance Company-Key Facts

Table 54: Post and Telecommunication Joint Stock Insurance Company-Key Financials (VND VND Trillion), 2011-2015

Table 55: Pjico Insurance Corporation-Key Facts

Table 56: Pjico Insurance Corporation-Key Financials (VND Trillion), 2011-2015

Table 57: Vietnam-Insurance Regulatory Framework Key Features

Table 58: Vietnam-Insurance Agent Commission Rate

Table 59: Vietnam-Life Insurance Regulatory Framework

Table 60: Vietnam-Property Insurance Regulatory Framework

Table 61: Vietnam- Motor Insurance Regulatory Framework

Table 62: Vietnam-Liability Insurance Regulatory Framework

Table 63: Vietnam-Tariff Rates for Motor Third-Party Liability Insurance

Table 64: Vietnam-Minimum Capital Requirements

Table 65: Vietnam-Corporate Tax Rates for the Financial Year 2017

Table 66: Vietnamese Insurance Industry-Policies and Premium, 2011-2015

Table 67: Vietnamese Insurance Industry-Policies and Premium, 2015-2020

Table 68: Vietnamese Non-Life Insurance-Claims and Expenses, 2011-2015

Table 69: Vietnamese Non-Life Insurance-Claims and Expenses, 2015-2020

Table 70: Vietnamese Non-Life Insurance-Assets and Investments, 2011-2015

Table 71: Vietnamese Non-Life Insurance-Assets and Investments, 2015-2020

Table 72: Vietnamese Non-Life Insurance-Property Insurance, 2011-2015

Table 73: Vietnamese Non-Life Insurance-Property Insurance, 2015-2020

Table 74: Vietnamese Non-Life Insurance-Property Insurance by Product, 2011-2015

Table 75: Vietnamese Non-Life Insurance-Property Insurance by Product, 2015-2020

Table 76: Vietnamese Non-Life Insurance-Motor Insurance, 2011-2015

Table 77: Vietnamese Non-Life Insurance-Motor Insurance, 2015-2020

Table 78: Vietnamese Non-Life Insurance-Liability Insurance, 2011-2015

Table 79: Vietnamese Non-Life Insurance-Liability Insurance, 2015-2020

Table 80: Vietnamese Non-Life Insurance-Marine, Aviation and Transit Insurance, 2011-2015

Table 81: Vietnamese Non-Life Insurance-Marine, Aviation and Transit Insurance, 2015-2020

Table 82: Insurance Industry Definitions

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