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Life Insurance in Vietnam, Key Trends and Opportunities to 2020

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Life Insurance in Vietnam, Key Trends and Opportunities to 2020


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Life Insurance in Vietnam, Key Trends and Opportunities to 2020

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Life Insurance in Vietnam, Key Trends and Opportunities to 2020



Executive Summary

Timetric's 'Life Insurance in Vietnam, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Vietnamese life insurance segment, and a comparison of the Vietnamese insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, 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, 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 'Life Insurance in Vietnam, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Vietnamese life insurance segment, including:

An overview of the Vietnamese life insurance segment

The Vietnamese life insurance segment's growth prospects by category

A comprehensive overview of the Vietnamese economy and demographics

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

The various distribution channels in the Vietnamese life insurance segment

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

Details of regulatory policy applicable to the Vietnamese insurance industry

Scope

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

It provides historical values for the Vietnamese 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 life insurance segment, and market forecasts to 2020.

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

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

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

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

Assess the competitive dynamics in the 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 2013, the Vietnamese government implemented a new regulatory framework for voluntary pension insurance.

Effective August 2012, investment-linked products (ILPs) were introduced in Vietnam. The MoF introduced new provisions for universal life insurance products, effective from June 1, 2016.

According to Circular 86 issued in July 2014, the Ministry of Finance (MoF) and the State Bank of Vietnam introduced new bancassurance rules for life insurers, effective September 2014.

The number of life insurers operating in Vietnam increased from 14 in 2012 to 18 in 2016

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 Policies Sold

4.2.3 Claims

4.2.4 Sum Assured

4.2.5 Assets and Investments

5 Outlook by Sub-Segment

5.1 Individual Life Insurance

5.1.1 Premium

5.1.2 Policies Sold

5.1.3 Penetration

6 Distribution Channel Outlook

6.1 Analysis by Distribution Channel

6.1.1 Agencies

6.1.2 Bancassurance

7 Competitive Landscape

7.1 Company Profiles

7.1.1 Cong ty TNHH B?o hi?m nhân th? Prudential Vi?tNam-company overview

7.1.2 T?ng Cong ty B?o Vi?t Nhân th? Bao Viet-company overview

7.1.3 Cong ty TNHH Manulife (Vi?t Nam)-company overview

7.1.4 Cong ty b?o hi?m nhân th? Dai-ichi Vi?t Nam-company overview

7.1.5 Cong ty B?o hi?m Nhân th? AIA Vi?t Nam-company overview

8 Governance, Risk and Compliance

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulation

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Motor third-party liability insurance

8.4.2 Aviation liability insurance

8.4.3 Fire and explosion insurance for high risk establishments

8.4.4 Social insurance

8.4.5 Construction insurance

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors (IAIS)

8.5.2 Ministry of Finance

8.5.3 Insurance Supervisory Authority

8.6 Non-Admitted Insurance Regulations

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and Penalties

8.7 Company Registration and Operations

8.7.1 Type of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margin

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure

8.8 Taxation

8.8.1 Insurance premium or policy taxation

8.8.2 Withholding taxes on premium paid overseas

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution

9 Databook

9.1 Policies and Premium

9.2 Claims and Expenses

9.3 Assets and Investments

9.4 Insurance Brokers and Agencies

9.5 Bancassurance and Other Distribution Channels

9.6 Individual Life Insurance

9.7 Individual Life Insurance by Product

9.8 Individual Life-Single vs. Non-Single Premium

9.9 Linked vs. Non-Linked Policies

10 Definitions and Methodology

10.1 Definitions

10.2 Methodology

11 About Timetric

11.1 Contact Timetric

11.2 About Timetric

11.3 Timetric's Services

11.4 Disclaimer

To know more information on Purchase by Section, please send a mail to sales@kenresearch.com

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 Life Insurance Penetration-Regional Comparison (%), 2015

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

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

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

Figure 11: Vietnamese Life Insurance-New Business Direct Written Premium (VND Trillion), 2011-2020

Figure 12: Vietnamese Life Insurance-Premium per Capita (VND), 2011-2020

Figure 13: Vietnamese Life Insurance-Number of Policies Sold (Million), 2011-2020

Figure 14: Vietnamese Life Insurance-Paid Claims (VND Trillion), 2011-2020

Figure 15: Vietnamese Life Insurance-Sum Assured (VND Trillion), 2011-2020

Figure 16: Vietnamese Life Insurance-Total Assets (VND Trillion), 2011-2020

Figure 17: Vietnamese Life Insurance-Total Investment Income (VND Trillion), 2011-2020

Figure 18: Vietnamese Life Insurance-Investment Portfolio (VND Trillion), 2011-2020

Figure 19: Vietnamese Life Insurance-Investment Portfolio Dynamics by Category, 2011-2020

Figure 20: Vietnamese Individual Life Insurance-Direct Written Premium by Category (VND Trillion), 2011-2020

Figure 21: Vietnamese Individual Life Insurance-Direct Written Premium Share by Category, 2011-2020

Figure 22: Vietnamese Individual Life Insurance-Direct Written Premium Dynamics by Category, 2011-2020

Figure 23: Vietnamese Individual Life Insurance-Number of Policies Sold by Category (Million), 2011-2020

Figure 24: Vietnamese Individual Life Insurance-Penetration (%), 2011-2015

Figure 25: Vietnamese Individual Life Insurance-Penetration (%), 2015-2020

Figure 26: Vietnamese Life Insurance-Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020

Figure 27: Vietnamese Life Segment-Market Shares of Leading Insurers (%), 2015

Figure 28: Vietnam-Insurance Supervision and Control at Various Levels

Figure 29: Vietnam-Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Vietnamese Life Insurance-Key Facts, 2015

Table 2: Vietnamese Life Insurance-Segment Shares of the Top Insurers, 2015

Table 3: Vietnamese Government Credit Ratings

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

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

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

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

Table 8: Vietnamese Life Insurance-New Business Direct Written Premium (VND Trillion and US$ Million), 2011-2015

Table 9: Vietnamese Life Insurance-New Business Direct Written Premium (VND Trillion and US$ Million), 2015-2020

Table 10: Vietnamese Life Insurance-Premium per Capita (VND and US$), 2011-2015

Table 11: Vietnamese Life Insurance-Premium per Capita (VND and US$), 2015-2020

Table 12: Vietnamese Life Insurance-Number of Policies Sold (Million), 2011-2015

Table 13: Vietnamese Life Insurance-Number of Policies Sold (Million), 2015-2020

Table 14: Vietnamese Life Insurance-Paid Claims (VND Trillion and US$ Million), 2011-2015

Table 15: Vietnamese Life Insurance-Paid Claims (VND Trillion and US$ Million), 2015-2020

Table 16: Vietnamese Life Insurance-Sum Assured (VND Trillion and US$ Billion), 2011-2015

Table 17: Vietnamese Life Insurance-Sum Assured (VND Trillion and US$ Billion), 2015-2020

Table 18: Vietnamese Life Insurance-Total Assets (VND Trillion and US$ Billion), 2011-2015

Table 19: Vietnamese Life Insurance-Total Assets (VND Trillion and US$ Billion), 2015-2020

Table 20: Vietnamese Life Insurance-Total Investment Income (VND Trillion and US$ Million), 2011-2015

Table 21: Vietnamese Life Insurance-Total Investment Income (VND Trillion and US$ Million), 2015-2020

Table 22: Vietnamese Life Insurance-Investment Portfolio (VND Trillion), 2011-2015

Table 23: Vietnamese Life Insurance-Investment Portfolio (VND Trillion), 2015-2020

Table 24: Vietnamese Individual Life Insurance-Direct Written Premium by Category (VND Trillion), 2011-2015

Table 25: Vietnamese Individual Life Insurance-Direct Written Premium by Category (VND Trillion), 2015-2020

Table 26: Vietnamese Individual Life Insurance-Number of Active Policies, 2011-2015

Table 27: Vietnamese Individual Life Insurance-Number of Active Policies, 2015-2020

Table 28: Vietnamese Life Insurance-Key Bancassurance Partnerships

Table 29: Vietnamese Life Insurance-Direct Written Premium by Distribution Channel (VND Billion), 2011-2015

Table 30: Vietnamese Life Insurance-Direct Written Premium by Distribution Channel (VND Billion), 2015-2020

Table 31: Vietnamese Life Insurance-Percentage of New Business Direct Written Premium Ceded, by Distribution Channel, 2011-2020

Table 32: Vietnamese Life Segment-Market Shares of Leading Insurers (%), 2015

Table 33: Cong ty TNHH B?o hi?m nhân th? Prudential Vi?tNam-Key Facts

Table 34: Cong ty TNHH B?o hi?m nhân th? Prudential Vi?tNam-Key Financials (VND Billion), 2011-2015

Table 35: T?ng Cong ty B?o Vi?t Nhân th? Bao Viet-Key Facts

Table 36: T?ng Cong ty B?o Vi?t Nhân th? Bao Viet-Key Financials (VND Billion), 2011-2015

Table 37: Cong ty TNHH Manulife (Vi?t Nam)-Key Facts

Table 38: Cong ty TNHH Manulife (Vi?t Nam)-Key Financials (VND Billion), 2011-2015

Table 39: Cong ty b?o hi?m nhân th? Dai-ichi Vi?t Nam-Key Facts

Table 40: Cong ty b?o hi?m nhân th? Dai-ichi Vi?t Nam-Key Financials (VND Billion), 2011-2015

Table 41: Cong ty B?o hi?m Nhân th? AIA Vi?t Nam-Key Facts

Table 42: Cong ty B?o hi?m Nhân th? AIA Vi?t Nam-Key Financials (VND Billion), 2011-2015

Table 43: Vietnam-Insurance Regulatory Framework Key Features

Table 44: Vietnam-Insurance Agent Commission Rate

Table 45: Vietnam-Life Insurance Regulatory Framework

Table 46: Vietnam-Property Insurance Regulatory Framework

Table 47: Vietnam- Motor Insurance Regulatory Framework

Table 48: Vietnam-Liability Insurance Regulatory Framework

Table 49: Vietnam-Tariff Rates for Motor Third-Party Liability Insurance

Table 50: Vietnam-Minimum Capital Requirements

Table 51: Vietnam-Corporate Tax Rates for the Financial Year 2017

Table 52: Vietnamese Life Insurance-Policies and Premium, 2011-2015

Table 53: Vietnamese Life Insurance-Policies and Premium, 2015-2020

Table 54: Vietnamese Life Insurance-Claims and Expenses, 2011-2015

Table 55: Vietnamese Life Insurance-Claims and Expenses, 2015-2020

Table 56: Vietnamese Life Insurance-Assets and Investments, 2011-2015

Table 57: Vietnamese Life Insurance-Assets and Investments, 2015-2020

Table 58: Vietnamese Life Insurance-Insurance Brokers and Agencies, 2011-2015

Table 59: Vietnamese Life Insurance-Insurance Brokers and Agencies, 2015-2020

Table 60: Vietnamese Life Insurance-Insurance Brokers and Agencies, 2011-2015

Table 61: Vietnamese Life Insurance-Insurance Brokers and Agencies, 2015-2020

Table 62: Vietnamese Life Insurance-Individual Life Insurance, 2011-2015

Table 63: Vietnamese Life Insurance-Individual Life Insurance, 2015-2020

Table 64: Vietnamese Life Insurance-Individual Life Insurance by Product, 2011-2015

Table 65: Vietnamese Life Insurance-Individual Life Insurance by Product, 2015-2020

Table 66: Vietnamese Life Insurance-Individual Life Insurance by Premium, 2011-2015

Table 67: Vietnamese Life Insurance-Individual Life Insurance by Premium, 2015-2020

Table 68: Vietnamese Life Insurance-Linked vs. Non-Linked Policies, 2011-2015

Table 69: Vietnamese Life Insurance-Linked vs. Non-Linked Policies, 2015-2020

Table 70: Insurance Industry Definitions

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Cong ty TNHH B?o hi?m nhân th? Prudential Vi?tNam, T?ng Cong ty B?o Vi?t Nhân th? Bao Viet, Cong ty TNHH Manulife (Vi?t Nam), Cong ty b?o hi?m nhân th? Dai-ichi Vi?t Nam, Cong ty B?o hi?m Nhân th? AIA Vi?t Nam, Chubb Life Insurance Vietnam, Cong ty TNHH B?o hi?m Nhân th? Sun Life Vi?t Nam, Cong ty b?o hi?m nhân th? Generali Vi?t Nam, Hanwha Life Insurance Co. Ltd. (Vietnam), Cong ty TNHH B?o hi?m nhân th? Prevoir Vi?t Nam,


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