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Published: Mar, 2017 | Pages:
146 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)
Synopsis
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.
Table of Contents
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
List of Tables
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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