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Report Published: "Vietnam Insurance Report Q1 2014"

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2014-01-05 01:52:28 - Fast Market Research recommends "Vietnam Insurance Report Q1 2014" from Business Monitor International, now available

At first glance, Vietnam's insurance sector appears to be one of the most dynamic in South East Asia. By many metrics, it is growing rapidly. In both of the main segments, companies are undertaking initiatives to grow premiums and profits. Nevertheless, a number of constraints and challenges remain. The small absolute size of the market, and a very challenging business environment mean that it may be some years before multinationals who have been attracted to Vietnam come close to building substantial local businesses in the way that they have in other countries in South East Asia.

Full Report Details at

Key Insights And Key Risks

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. In 2012, Sun Life Financial (through a JV with PVI) was a newcomer to the life segment, as was Generali.

In the non-life segment, Australia's IAG has taken a strategic stake in AAA, while Talanx has increased its shareholding in PVI. 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.

Nevertheless, there are reasons for caution. Non-life penetration stopped growing in 2012 (although it appears to have recovered somewhat). The double-digit growth in overall premiums last year has been mainly the result of very strong rises in particular lines. In key areas such as property insurance, premiums stagnated at the levels of the previous corresponding period. Although the non-life segment is less fragmented than its peers in other countries in South East Asia, most of the players are sub-scale local firms that do not necessarily have access to the capital that they need to grow.

In the life segment, the main challenge is that most of the households who can afford to use life insurance products understand the benefits, and are already doing so. In the short-to-medium term, there are not actually all that many potential new users. Most of the more than 90% of households who lack cover are too poor to pay for life insurance. How this is reconciled by the life insurers with the substantial expansions in agency forces through 2013 remains to be seen.

Report Table of Contents:

BMI Industry View
- Table: Total Premiums, 2010-2017
- Insurance
- Political
- Economic
- Business Environment
Industry Forecast
- Life
- Table: Life Premiums, 2010-2017
- Non-Life
- Table: Non Life Premiums, 2010-2017
Industry Risk Reward Ratings
- Vietnam Insurance Risk/Reward Ratings
- Table: Vietnam's Insurance Risk/Reward Ratings
- Asia Pacific Industry Risk/Reward Ratings
- Table: Asia Pacific Insurance Risk/Reward Ratings
Market Overview
- Life Sector Update
- Non-Life Sector Update
Industry Trends And Developments
- Life Growth Drivers and Risk Management Projections
- Population
- Table: Insurance Key Drivers, Demographics, 2010-2017
- Non-Life Growth Drivers and Risk Management Projections
- Macroeconomic Outlook
- Table: Vietnam - Economic Activity
- Political Stability Outlook
- Table: Asia Pacific Regional Security Ratings
- Healthcare Sector
- Healthcare Insurance
- Healthcare And Pharmaceutical Reform
- Epidemiology
- Table: Insurance Key Drivers, Disease Adjusted Life Years 2010-2017
- Motor
- Table: Insurance Key Drivers, Autos 2010-2017
Competitive Landscape
- Vietnam Competitive Landscape
- Asia Pacific Competitive Landscape
Company Profile
- AIA Group
- American International Group (AIG)
- Bao Viet Holdings
- Manulife Financial
- Prudential plc
- PVI Holdings
- Sun Life Financial
Regional Overview
- Asia Life Sector Overview
- Table: Asia Pacific Life Premiums, 2010-2017 (US$mn)
- Asia Non-Life Sector Overview
- Table: Asia Pacific's Non Life Premiums, 2010-2017 (US$mn)
Demographic Forecast
- Demographic Outlook
- Table: Vietnam's Population By Age Group, 1990-2020 ('000)
- Table: Vietnam's Population By Age Group, 1990-2020 (% of total)
- Table: Vietnam's Key Population Ratios, 1990-2020
- Table: Vietnam's Rural And Urban Population, 1990-2020
- Industry Forecast Methodology
- Risk/Reward Rating Methodology
- Table: Insurance Risk/Reward Ratings Indicators
- 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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