Market size o Insurance in Market size of vietnam’s insurance industry Life Non-life Gro Billion dong 200.000 180.000 160.000 140.000 120.000 100.000 80.000 60.000 40.000 20.000 0 2007 2009 2011 2013 2015 2017 2019 202 Real GDP growth rate (%) Investment in the economy Grow Billion dong 2009 2011 2013 2015 2017 2019 20 500.000 450.000 400.000 350.000 300.000 250.000 200.000 150.000 100.000 50.000 0 2007 23
of Vietnam’s ndustry y The market size has the tendency to expand y-o-y. Life insurance currently owth rate takes over the larger part of the market share. 50% 45% The industry growth rate was expected 40% to remain at around 20% by MOF. 35% 30% 25% 20% 15% 10% 5% 0% 20f wth rate % 2018 marked the highest level of 35% re-investment in the insurance industry’s 30% economy with a growth rate of 30%. 25% 20% Total investment in the insurance industry’s 15% economy continuously increased, from 10% VND56.4 trillion in 2008 to more than 5% VND370 trillion in 2019 (increasing nearly 0% 660%). 020f
The required reserves for the industry are Scale & increasing yearly due to the requirement from Government to ensure the stability of Billion dong industry development 400.000 350.000 300.000 250.000 200.000 150.000 100.000 50.000 0 20 Insuran Insurance claims increased by a small Billion dong amount compared to the lowest 50.000 compensation ratio in 2017. 45.000 40.000 The total insurance compensation amount 35.000 for insurance companies in 2017 reached 30.000 VND44,006 billion, which accounted for 25.000 nearly 29% of total premiums. 20.000 15.000 10.000 5.000 0 20
& growth rate of total operational reserves Life Non-life Growth rate 35% 30% 25% 20% 15% 10% 5% 0% 007 2009 2011 2013 2015 2017 2019 2020f nce claims Insurance compensation/ Premium income rate Total insurance claims 50% 45% 40% 35% 27.47% 30% 25% 20% 15% 10% 5% 0% 007 2009 2011 2013 2015 2017 2019 Source: ISA, MOF 24
Insurance, reinsurance and social insurance-VIETNAMCREDIT 2020
Market stru Top compan Life Insurance 66 Foreign Representative insurance Offices 21companies and Reinsurance representa- tive office Insurance Brokerages Non-life Insurance 25
ucture and nies
26
Top Life Insurance Companies ranked b Life Insurers Bao Viet Life Corporation Prudential Vietnam Assurance Pri Dai-ichi Life Insurance Company Manulife Vietnam Limited Chubb Life Insurance Company L Generali Vietnam Life Insurance L Hanwha Life Insurance Company Avia Vietnam Life Insurance Com MB Ageas Life Insurance Compan BIDV Metlife Life Insurance Liabilit 27
by Gross Written Premium Charter Capital 3,000 ivate Limited 4,125 of Vietnam, Ltd. 7,698 9,695 Limited 1,384 Limited Liability Company 4,853 y Limited 4,891 mpany Ltd. 2,557 ny Limited 1,500 ty Limited Company 1,000
Gross Market Claim Tot written Share payments Ass Premium 21,507 24.96% 6,009 87, 19,231 22.32% 6,703 90, 11,503 12.18% 1,229 24, 11,003 9.85% 1,315 36, 3,021 3.51% 424 8,8 2,292 2.66% 389 6,2 2,142 2.49% 235 7,6 1,457 1.69% 58 5,0 1,270 1.47% 4 1,8 858 1.00% 29 2,1
VND Billion tal Reserve Investment set ,937 63,140 83,880 ,024 75,817 82,741 ,042 13,957 20,280 ,365 25,840 31,172 886 5,765 8,082 239 4,169 5,456 681 4,023 6,975 081 33,771 4,034 899 691 1,535 140 1,508 1,886 28
Top Non-life Insurance Companies rank Non- Life Insur Bao Viet Insurance Corporation (B PVI Insurance Corporation (PVI) Post – Telecommunication Joint St Corporation (PTI) Bao Minh Insurance Corporation ( Petrolimex Insurance Corporation Vien Dong Joint Stock Assurance BIDV Insurance Corporation (BIC) Military Insurance Corporation (M Vietinbank Insurance Joint Stock C Agriculture Bank Insurance Joint S 29
ked by Gross Written Premium Charter rers Capital Bao Viet) 2,600 2,600 tock Insurance 804 (Bao Minh) 914 n (PJICO) 887 Company Ltd (VASS) 500 ) 1,173 MIC) 840 Corporation (VBI) 500 Stock Corporation (ABIC) 380
Gross Market Claim Tot written Share payments Ass Premium 9,852 20.98% 5,420 15,1 6,873 14.64% 3,829 13,0 4,159 8.86% 1,641 6,10 3,548 7.56% 1,551 5,47 2,809 5.98% 1,298 5,36 2,732 5.82% 109 1,46 2,072 4.41% 887 5,13 1,925 4.10% 637 3,67 1,475 3.14% 462 2,11 1,413 3.01% 339 2,14
VND Billion tal Reserve Investment set 154 4,814 7,419 003 2,029 5,176 09 2,060 3,613 79 1,204 2,480 60 1,982 2,897 65 785 252 33 1,185 3,344 78 1,203 2,025 12 958 1,232 40 1,063 1,631 30
Top Insurance Brokerages ranked by G Insurance Broker Marsh Vietnam Insurance Brokin Aon Vietnam Limited Gras Savoye Willis Vietnam Co., Jardine Lloyd Thompson Limited Cimeico Insurance Broker Joint Nam A Joint Stock Insurance Br Toyota-Tsuho Insurance Broker ( Sao Viet Broking Joint Stock Co A Dong Joint Stock Insurance B 31
Gross Written Premium Charter Capital rages (VND bil) ng Company LTD 9 8 , Ltd 8 d 45 Stock Company 30 roker Company 10 (Vietnam) Corporation 12 ompany 4 Broker 11
Total Asset (VND mil) 309,974 129,158 254,153 59,160 32,580 12,340 11,557 4,153 4,511
Gross written Premium (VND mil) 227,517 215,051 185,595 68,690 25,845 20,925 14,221 4,155 2,368 32
WRITTEN BY: RECHAL NHAT THU EDITED BY: JIMMY LE DESIGN BY: DANIEL NGUYEN
VIETNAMCREDIT - BUSINESS INFORMATION PROVIDER IN VIETNAM Company Report - Industry Report - Business Supporting Service Email: [email protected] Website: http://www.vietnamcredit.com.vn HANOI OFFICE HOCHIMINH.C OFFICE Address: Floor 15, LICOGI 13 tower Address: Floor 8, Master Building No.164, Khuat Duy Tien Street, No.41-43, Tran Cao Van Street, Thanh Xuan District, HN, Vietnam District 3, HCMC, Vietnam Tel: +84-246 262 0082 Tel: +84-283 521 0453 Fax: +84-246 262 0083 Fax: +84-283 521 0460
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