Life Insurance in Vietnam, Key Trends and Opportunities to 2016

Recently published research from Timetric, "Life Insurance in Vietnam, Key Trends and Opportunities to 2016", is now available at Fast Market Research

The Vietnamese life insurance segment has recorded significant growth since 2000, growth that was supported by the country's strong macroeconomic and microeconomic fundamentals, as well as an increase in consumer awareness regarding the benefits of insurance products. As a result of these factors, the country's life insurance segment registered a strong compound annual growth rate (CAGR) of 14.3% during the review period (2007-2011). Over the same timeframe, the majority of life insurance policies sold in Vietnam were endowment policies, with such polices accounting for a 70.9% share of the segment's total written premiums in 2011. Meanwhile, individual life insurance products accounted for a 22% share, and supplementary insurance products accounted for a 5.1% share. The life insurance segment is expected to continue to expand over the forecast period, driven by the country's economic growth, increasing annual disposable income levels, and expanding middle-class population.

                                     

Key Highlights of Life Insurance in Vietnam

- The life insurance segment is expected to expand during the forecast period, due to the country's growing economy, increasing annual disposable income levels and the expanding middle-class population.

- The majority of life insurance policies sold in Vietnam were endowment policies, which accounted for a 70.9% share of the total written premium in 2011.

- The Vietnamese life insurance segment is widely considered to be an emerging market with greater potential for further growth than the life insurance segments of other Asian countries, such as China and India.

- In 2011, there was one domestic and eleven foreign life insurers operating in Vietnam, with the country's foreign life insurers accounting for approximately two thirds of the country's total life insurance written premiums.

- With the entry of multinational insurers into the country during the review period, life insurance companies are increasingly recognizing bancassurance's potential to be an important distribution channel and to help increase the penetration of insurance products in the country.

Scope of Life Insurance in Vietnam

This report provides a comprehensive analysis of the life insurance market in Vietnam:

- It provides historical values for Vietnam's life insurance market for the report's 2007-2011 review period and forecast figures for the 2012-2016 forecast period

- It offers a detailed analysis of the key sub-segments in Vietnam's life insurance market, along with market forecasts until 2016

- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions

- It analyses the various distribution channels for life insurance products in Vietnam

Companies Mentioned in this Report: Prudential Vietnam Assurance Private Limited, Manulife life insurance (Vietnam) Limited, AIA (Vietnam) Life Insurance Co. Ltd, Dai-ichi Life Insurance Company of Vietnam Limited, Cathay Life Insurance Co. Ltd (Vietnam), PVI Insurance Corporation, Korea Life Insurance (Vietnam)