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Personal Accident and Health Insurance in Vietnam, Key Trends and Opportunities to 2019

Published: Jan 31, 2016 | Pages: 101 | Publisher: Timetric | Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
Timetric's 'Personal Accident and Health Insurance in Vietnam, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers, challenges in the Vietnamese personal accident and health insurance segment. It provides 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 (2010-2014) and forecast period (2014-2019). 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 'Personal Accident and Health Insurance in Vietnam, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Vietnamese personal accident and health insurance segment, including: The Vietnamese personal accident and health insurance segment's growth prospects by insurance category Key trends, drivers and challenges for the personal accident and health insurance segment A comprehensive overview of the Vietnamese economy and demographics Details of the competitive landscape in the personal accident and health insurance segment in Vietnam Details of regulatory policy applicable to the Vietnamese insurance industry

Scope
This report provides a comprehensive analysis of the personal accident and health insurance segment in Vietnam: It provides historical values for the Vietnamese personal accident and health insurance segment for the report's 2010-2014 review period, and projected figures for the 2014-2019 forecast period. It offers a detailed analysis of the key categories in the Vietnamese personal accident and health insurance segment, and market forecasts to 2019. It analyzes the various distribution channels for personal accident and health insurance products in Vietnam. It profiles the top personal accident and health 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 personal accident and health insurance segment, and each category within it. Understand the demand-side dynamics, key market trends and growth opportunities in the Vietnamese personal accident and health insurance segment. Assess the competitive dynamics in the personal accident and health 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 Vietnamese government is also in the process of implementing a universal healthcare system in the country, which will provide health insurance cover for low-income groups in the population at subsidized rates, which is likely to be a key growth inhibitor for private health insurers. The prevalence of non-communicable diseases increased demand for health insurance in the country. The participation of foreign insurers in the Vietnamese personal accident and health insurance segment increased during the review period, improving the competitiveness of the segment. While agencies and brokers have traditionally been the most popular channel for distributing personal accident and health insurance in Vietnam, bancassurance and e-commerce are popular and growing at a healthy pace. The segment is highly competitive, with the presence of both foreign and domestic insurers.
 Table of Contents
1 Key Facts and Highlights 2 Executive Summary 3 Introduction 3.1 What is this Report About? 3.2 Definitions 3.3 Methodology 4 Economy and Demographics 5 Personal Accident and Health Insurance Segment Outlook 5.1 Key Drivers 5.2 Key Trends 5.3 Challenges 5.4 Personal Accident and Health Insurance Growth Prospects by Category 5.4.1 Health insurance 6 Analysis by Distribution Channel 6.1 Bancassurance 7 Competitive Landscape and Strategic Insights 7.1 Overview 7.2 Leading Companies in the Vietnamese Personal Accident and Health Insurance Segment 7.2.1 T?p ?oan B?o Vi?t - company overview 7.2.2 T?ng Cong ty C? ph?n B?o Minh - company overview 7.2.3 Cong ty C? ph?n PVI - company overview 7.2.4 Cong ty C? ph?n BH NH Nong Nghi?p Vi?t Nam - company overview 7.2.5 T?ng Cong ty C? Ph?n B?o Hi?m B?u ?i?n - company overview 7.2.6 AAA Assurance Corporation - company overview 8 Governance, Risk and Compliance 8.1 Legislation Overview and Historical Evolution 8.2 Latest Changes in Regulations 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 third-party liability insurance 8.4.3 Social 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 Types of insurance organization 8.7.2 Establishing a domestic company 8.7.3 Foreign ownership 8.7.4 Types of license 8.7.5 Capital requirements 8.7.6 Solvency margins 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 (ADR) 9 Appendix 9.1 Methodology 9.2 Contact Timetric 9.3 About Timetric 9.4 Timetric's Services 9.5 Disclaimer
List of Tables
Table 1: Vietnamese Personal Accident and Health Insurance Segment - Key Facts, 2014 Table 2: Insurance Industry Definitions Table 3: Vietnamese Government Credit Ratings Table 4: Vietnamese Personal Accident and Health Insurance - Gross Written Premium (VND Trillion), 2010-2014 Table 5: Vietnamese Personal Accident and Health Insurance - Gross Written Premium by Category (VND Trillion), 2014-2019 Table 6: Vietnamese Personal Accident and Health Insurance - Direct Written Premium (VND Trillion), 2010-2014 Table 7: Vietnamese Personal Accident and Health Insurance - Direct Written Premium (VND Trillion), 2014-2019 Table 8: Vietnamese Personal Accident and Health Insurance - Net Earned Premium (VND Trillion), 2010-2014 Table 9: Vietnamese Personal Accident and Health Insurance - Net Earned Premium (VND Trillion), 2014-2019 Table 10: Vietnamese Personal Accident and Health Insurance - Paid Claims (VND Trillion), 2010-2014 Table 11: Vietnamese Personal Accident and Health Insurance - Paid Claims (VND Trillion), 2014-2019 Table 12: Vietnamese Personal Accident and Health Insurance - Incurred Loss (VND Trillion), 2010-2014 Table 13: Vietnamese Personal Accident and Health Insurance - Incurred Loss (VND Trillion), 2014-2019 Table 14: Vietnamese Personal Accident and Health Insurance - Net Written Premium (VND Trillion), 2010-2014 Table 15: Vietnamese Personal Accident and Health Insurance - Net Written Premium (VND Trillion), 2014-2019 Table 16: Vietnamese Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014 Table 17: Vietnamese Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019 Table 18: Vietnamese Personal Accident and Health Insurance - Commission and Expenses (VND Trillion), 2010-2014 Table 19: Vietnamese Personal Accident and Health Insurance - Commission and Expenses (VND Trillion), 2014-2019 Table 20: Vietnamese Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014 Table 21: Vietnamese Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019 Table 22: Vietnamese Personal Accident and Health Insurance - Total Assets (VND Trillion), 2010-2014 Table 23: Vietnamese Personal Accident and Health Insurance - Total Assets (VND Trillion), 2014-2019 Table 24: Vietnamese Personal Accident and Health Insurance - Total Investment Income (VND Trillion), 2010-2014 Table 25: Vietnamese Personal Accident and Health Insurance - Total Investment Income (VND Trillion), 2014-2019 Table 26: Vietnamese Personal Accident and Health Insurance - Net Written Premium (% of GWP), 2010-2014 Table 27: Vietnamese Personal Accident and Health Insurance - Net Written Premium (% of GWP), 2014-2019 Table 28: Vietnamese Health Insurance - Direct Written Premium (VND Trillion), 2010-2014 Table 29: Vietnamese Health Insurance - Direct Written Premium (VND Trillion), 2014-2019 Table 30: Vietnamese Health Insurance - Paid Claims (VND Trillion), 2010-2014 Table 31: Vietnamese Health Insurance - Paid Claims (VND Trillion), 2014-2019 Table 32: Vietnamese Health Insurance - Loss Ratio (%), 2010-2014 Table 33: Vietnamese Health Insurance - Loss Ratio (%), 2014-2019 Table 34: Vietnamese Health Insurance - Net Written Premium (VND Trillion), 2010-2014 Table 35: Vietnamese Health Insurance - Net Written Premium (VND Trillion), 2014-2019 Table 36: Vietnamese Personal Accident and Health Insurance - Number of Banking Entities, 2010-2014 Table 37: Vietnamese Personal Accident and Health Insurance - Number of Banking Entities, 2014-2019 Table 38: Key Insurers in the Vietnamese Personal Accident and Health Insurance Table 39: T?p ?oan B?o Vi?t - Key Facts Table 40: T?ng Cong ty C? ph?n B?o Minh - Key Facts Table 41: Cong ty C? ph?n PVI - Key Facts Table 42: Cong ty C? ph?n BH NH Nong Nghi?p Vi?t Nam - Key Facts Table 43: T?ng Cong ty C? Ph?n B?o Hi?m B?u ?i?n - Key Facts Table 44: AAA Assurance Corporation - Key Facts Table 45: Vietnam - Insurance Regulatory Framework Key Features Table 46: Vietnam - Life Insurance Regulatory Framework Table 47: Vietnam - Property Insurance Regulatory Framework Table 48: Vietnam - Motor Insurance Regulatory Framework Table 49: Vietnam - Liability Insurance Regulatory Framework Table 50: Vietnam - Minimum Capital Requirements Table 51: Vietnam - Corporate Tax Rates for the Financial Year 2015


List of Figures
Figure 1: Vietnamese Real GDP (VND Trillion), 2010-2019 Figure 2: VND - US$ Exchange Rate, 2010-2019 Figure 3: Vietnamese Consumer Price Inflation (%), 2010-2019 Figure 4: Vietnamese Current Account Balance as Percentage of GDP (%), 2009-2013 Figure 5: Vietnamese Unemployment Rate (%), 2010-2019 Figure 6: Vietnamese Population by Age Group (Million), 1990-2025 Figure 7: Vietnamese Personal Accident and Health Insurance - Gross Written Premium (VND Trillion), 2010-2014 Figure 8: Vietnamese Personal Accident and Health Insurance - Gross Written Premium (VND Trillion), 2014-2019 Figure 9: Vietnamese Personal Accident and Health Insurance - Direct Written Premium (VND Trillion), 2010-2014 Figure 10: Vietnamese Personal Accident and Health Insurance - Direct Written Premium (VND Trillion), 2014-2019 Figure 11: Vietnamese Personal Accident and Health Insurance - Net Earned Premium (VND Trillion), 2010-2014 Figure 12: Vietnamese Personal Accident and Health Insurance - Net Earned Premium (VND Trillion), 2014-2019 Figure 13: Vietnamese Personal Accident and Health Insurance - Paid Claims (VND Trillion), 2010-2014 Figure 14: Vietnamese Personal Accident and Health Insurance - Paid Claims (VND Trillion), 2014-2019 Figure 15: Vietnamese Personal Accident and Health Insurance - Incurred Loss (VND Trillion), 2010-2014 Figure 16: Vietnamese Personal Accident and Health Insurance - Incurred Loss (VND Trillion), 2014-2019 Figure 17: Vietnamese Personal Accident and Health Insurance - Net Written Premium (VND Trillion), 2010-2014 Figure 18: Vietnamese Personal Accident and Health Insurance - Net Written Premium (VND Trillion), 2014-2019 Figure 19: Vietnamese Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014 Figure 20: Vietnamese Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019 Figure 21: Vietnamese Personal Accident and Health Insurance - Commission and Expenses (VND Trillion), 2010-2014 Figure 22: Vietnamese Personal Accident and Health Insurance - Commission and Expenses (VND Trillion), 2014-2019 Figure 23: Vietnamese Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014 Figure 24: Vietnamese Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019 Figure 25: Vietnamese Personal Accident and Health Insurance - Total Assets (VND Trillion), 2010-2014 Figure 26: Vietnamese Personal Accident and Health Insurance - Total Assets (VND Trillion), 2014-2019 Figure 27: Vietnamese Personal Accident and Health Insurance - Total Investment Income (VND Trillion), 2010-2014 Figure 28: Vietnamese Personal Accident and Health Insurance - Total Investment Income (VND Trillion), 2014-2019 Figure 29: Vietnamese Personal Accident and Health Insurance - Net Written Premium (% of GWP), 2010-2014 Figure 30: Vietnamese Personal Accident and Health Insurance - Net Written Premium (% of GWP), 2014-2019 Figure 31: Vietnamese Personal Accident and Health Insurance - Investment Portfolio (VND Billion), 2010-2014 Figure 32: Vietnamese Personal Accident and Health Insurance - Investment Portfolio (% Share), 2010 and 2014 Figure 33: Vietnamese Personal Accident and Health Insurance Penetration (Ratio of Direct Premiums to GDP), 2010-2014 Figure 34: Vietnamese Personal Accident and Health Insurance - Density (Direct Premium per Capita) (Thousands), 2010-2014 Figure 35: Vietnamese Health Insurance - Direct Written Premium (VND Trillion), 2010-2014 Figure 36: Vietnamese Health Insurance - Direct Written Premium (VND Trillion), 2014-2019 Figure 37: Vietnamese Health Insurance - Paid Claims (VND Trillion), 2010-2014 Figure 38: Vietnamese Health Insurance - Paid Claims (VND Trillion), 2014-2019 Figure 39: Vietnamese Health Insurance - Loss Ratio (%), 2010-2014 Figure 40: Vietnamese Health Insurance - Loss Ratio (%), 2014-2019 Figure 41: Vietnamese Health Insurance - Net Written Premium (VND Trillion), 2010-2014 Figure 42: Vietnamese Health Insurance - Net Written Premium (VND Trillion), 2014-2019 Figure 43: Vietnamese Personal Accident and Health Insurance - Number of Banking Entities, 2010-2014 Figure 44: Vietnamese Personal Accident and Health Insurance - Number of Banking Entities, 2014-2019 Figure 45: Vietnam - Insurance Supervision and Control at Various Levels Figure 46: Vietnam - Insurance Regulatory Frameworks for Company Registration and Operation

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