Vietnam Insurance Market 2017

Top FAQs for Vietnam Insurance Market 2017

Vietnam Insurance Research & Analysis 2017 | Oxford Business Group

Strong economic growth and demographic change are catalysing the rapid expansion of Vietnam’s insurance sector, with premiums growing at double-digit rates and likely to do so for some years to come. Thanks to successive liberalising reforms since the 1990s, a range of foreign insurers and investors are benefitting from this growth, and competition looks set to grow as new entrants eye the opportunities available. Awareness of the benefits of insurance is growing, particularly for middle-class families acquiring a-sets and planning for the future. This chapter contains an interview with Dao Dinh Thi, Chairman, BaoViet Holdings.

Strong economic growth and demographic change are catalysing the rapid expansion of Vietnam’s insurance sector, with premiums growing at double-digit rates and likely to do so for some years to come. Thanks to successive liberalising reforms since the 1990s, a range of foreign insurers and investors are benefitting from this growth, and competition looks set to grow as new entrants eye the opportunities available. Awareness of the benefits of insurance is growing, particularly for middle-class families acquiring a-sets and planning for the future.

Stay updated on how some of the world’s most promising markets are being affected by the Covid-19 pandemic, and what actions governments and private businesses are taking to mitigate challenges and ensure their long-term growth story continues.

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Vietnam Insurance Industry Governance, Risk and Compliance Report 2017 - ResearchAndMarkets.com | Business Wire

Category: Vietnam Insurance Industry

The

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together the research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

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Insurance Market in Vietnam - B-Company

Category: Insurance Market

Insurance Market in Vietnam

Insurance companies in Vietnam are operated in life insurance or non-life insurance. Life insurance market makes the growth of 29.8%, reaching USD 2.25 billion with 18 operating companies in 2016. Prudential is the biggest companies in terms of insurance premiums revenue with the market share of 27.11%.

Non-life insurance market has increased to USD 1.65 billion,making a rising rate at 14.04% with 29 operating companies in 2016. PVI is the leader of market with the market share of 18.65%, followed by Bao Viet (17.41%), Bao Minh (8.34%), PTI (8.3%) and PJICO (6.78%).

Japanese companies offen join in Viet Nam non-life insurance market in two ways. The first way is to establish a join venture company with domestic partners such as a cooporation between Bao Viet and Tokio Marine in 1996 or Sompo Japan NipponKoa, Mitsui Sumitumo Insurance with Ho Chi Minh City Insurance (now is Bao Minh) in 1997.

According to survey in 2014, the propotion of Vietnamese joining in life insurance is only at 8% of population, which shows the fact that Vietnamese people are not care very much about their life insurance. One of the reasons is their low income as they can not afford the fee for private insurance.

Another reason is that people are not satisfied with the terms of risks in insurance contract. The same situation is observed in Non-life insurance. For example, Bao Viet has health insurance for many ages, ranges from USD 50-320 per year only for main combo, which does not include out-patient treament, dental and maternity insurance.

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DataQuest 9th Financial Analysis with vnquant package

1:26:11 - 2 years ago

Quantitative analysis is a practical domain widely applied in many sectors like banking, stock market, and insurance,... Especially ...

Vietnam Insurance Market Research Reports & Analysis page 1

Category: Insurance Market

Vietnam Insurance Reports: Our 2022 Vietnam report include trends, statistics, opportunities, sales data, market share, segmentation projections on the Insurance market. page 1

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Vietnam Travel & Tourism Market, By Product/Service Offering (Ticket Reservation, Hotel Booking, Holiday/Tour Packages, Travel Insurance, Foreign Exchange, Visa Services, Conference/Trade Fair Services and Others), By Destination (Domestic Tourist Vs International Tourist), By Purpose of Visit (Business, Leisure & Recreation, Education, Medical, Social Activity and Others), By Region, Competition Forecast & Opportunities, 2027

... of Visit (Business, Leisure & Recreation, Education, Medical, Social Activity and Others), By Region, Competition Forecast & Opportunities, 2027 Vietnam travel & tourism market is projected to grow at a formidable rate during the forecast ... Read More

... period. ·Non- Life insurance grew 12.89% in 2018, sales of non-life insurance reached 46,957 VND billion. In 2018, the original insurance premium revenue of most of the business increased compared to 2017, some insurance businesses ... Read More

... profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market. Key Highlights - The insurance market consists of the non-life and life insurance sectors. The ... Read More

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(PDF) OVERVIEW OF VIETNAM'S INSURANCE …

Category: Insurance Market

Jul 05, 2022 · Vietnam's insurance market in recent years has been extremely active, showing the continuous development of the industry. ... Lin et al. 2017; Tien 2021). It is a type of …

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VIETNAM INSURANCE GUIDE – Duane Morris Vietnam

Market overview Global Member of International A-sociation of Insurance Supervisors (IAIS) ? Yes, Vietnam became member of IAIS in 2007. Global regulators, bodies and legislation applicable to country A project “ComFrame” set up by the Internationally Active Insurance Groups (IAIG related to IAIS), is planned to establish regulatory framework with mandatory standards. For now, it...

A project “ComFrame” set up by the Internationally Active Insurance Groups (IAIG related to IAIS), is planned to establish regulatory framework with mandatory standards. For now, it remains at the test phase but would become effective by 2019. Vietnam, as a member of the IAIS will have to comply with its regulations.

As a member of the WTO and WHO, Vietnam must also comply with regulations of these organizations with respect to insurance. In its bilateral / multilateral agreements such as Korea – Vietnam FTA, EU- Vietnam FTA, Hong Kong – ASEAN FTA, ASEAN- China FTA, ASEAN – Australia – New Zealand FTA, commitments on insurance are also binding on Vietnam

The Ministry of Finance is in charge of the state regulation on insurance business. In addition, on 12 February 2009, the Ministry of Finance (MOF) issued Decision No. 288/QD-TTg to establish the Insurance Supervisory Authority (ISA) under the MOF. The ISA will a-sist the Minister of the MOF to regulate insurance business nationwide; directly govern and supervise insurance business activities and services related to insurance business in accordance with law.

In June 2009, Insurance Research and Training Centre (IRTC) under the ISA was established according to Decision No. 1379/QD-BTC . The IRTC is tasked with organizing scientific study and training on insurance and insurance market.

Supervision of insurance business activities via professional activities, financial status, enterprise management, risk management and compliance with the law on insurers and brokers; application of necessary measures to ensure that insurers satisfy the financial requirements and fulfil their undertakings to purchasers of insurance;

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Vietnam insurance market Archives - Insurance Journal

Category: Vietnam Insurance Market

Aviva Plc, the U.K. insurer that’s overhauling some businesses as part of its chief executive officer’s turnaround plan, is to retain its Chinese joint venture as well as a-sets in its biggest market, Singapore. The firm will continue to explore …

German insurer Allianz, Nippon Life and MS&AD Insurance are vying with rivals to buy the Singapore and Vietnam businesses of Britain’s Aviva in a deal likely to be worth up to $2.5 billion, sources said. Canada’s Sun Life Financial and …

Thailand, one of Asia’s top pork producers, is intensifying efforts to hold off a lethal pig virus that’s causing havoc as it spreads across the region. African swine fever — a disease that kills nearly all the pigs it infects …

Vietnam has culled more than 1.2 million farmed pigs infected with African swine fever, the government said on Monday, as the virus continues to spread rapidly in the Southeast Asian country. Pork accounts for three-quarters of total meat consumption in …

Allianz announces its intention to enter the general insurance sector in Vietnam through a digital joint venture (JV) to be set up with the FPT Group – driving long-term success in the market and expanding Allianz’s footprint in Asia. FPT …

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VIETNAM INSURANCE MARKET - RNRC

Category: VIETNAM INSURANCE MARKET

VIETNAM INSURANCE MARKET Turning opportunities into growth ... Average growth (2011-2017): 20% p.a Life insurance: 27% p.a Non-life insurance: 12% p.a Source: Insurance …

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2. Le Thi Ngoc Huong - An Overview of the Insurance Market …

JARDINE%LLOYD%THOMPSON%VIETNAM%|%2017 16 LIFE%INSURANCE%MARKET%SHARE Source:(Ministry(of(Finance(from24/01/2017( (notyet …

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Vietnam Life Insurance Industry - Digitalisation Trends

Category: Insurance Industry Insurance Market

The life insurance industry in Vietnam is expected to grow by double digits in the next few years. Life insurance industry has seen rapid growth The life insurance market in 2015 was …

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Vietnam Insurance Industry Governance, Risk and Compliance Report 2017 - ResearchAndMarkets.com

Category: Insurance Industry

The Governance, Risk and Compliance - The Vietnamese Insurance Industry report has been added to ResearchAndMarkets.com's offering. The 'Governance, Risk and...

1Analyst recommendations: Citigroup, EasyJet, Intuit, Sage, Wells Fargo... 2Credit Suisse fall around 10% in early trading 3Oil climbs, Asian shares mixed as holiday-heavy week gets underway 4CREDIT SUISSE GROUP AG : JP Morgan reiterates its Sell rating 5Inflation to put U.S. auto industry in low gear

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Life-insurance market to be remapped in 2017 - News VietNamNet

Category: Insurance Market

VietNamNet Bridge - Last year was a prosperous one for life insurance companies, with impressive growth of 37 percent, a record 10-year rate.

Tien Phong cited a report of the Ministry of Finance as reporting that the total life insurance premiums in the first 10 months of 2016 reached VND38.839 trillion, an increase of 30.62 percent over the same period the year before. Bao Viet Nhan Tho and Prudential remain the two biggest players in the market. Prudential is still leading the market in terms of total insurance premiums. However, if considering new premiums, Bao Viet Nhan Tho, the only Vietnamese owned insurer in the market, has jumped to the first position. Amid the strong rise of Bao Viet Nhan Tho, stabilizing its personnel, regaining robust growth and staying in the first position, Prudential’s new ‘captain’ in 2017 faces challenges. Besides Prudential and Bao Viet Nhan Tho, Dai-ichi Life Vietnam and AIA Vietnam have also been chasing each other for many years. However, Dai-ichi Life made a bigger leap in 2016 than its rival with high premium growth rate of 50 percent compared with 2015. The figure was 14.4 times higher than 2007, when it set foot in Vietnam.Last year was a prosperous one for life insurance companies, with impressive growth of 37 percent, a record 10-year rate.

If considering the new insurance premiums, Dai-ichi Life Vietnam has nearly caught up with Manulife Vietnam, which holds the third largest market share. Dai-ichi Life Vietnam has seen its network expand rapidly with nearly 200 offices throughout the country. Some analysts have warned about the rapid expansion by Dai-ichi Life Vietnam in recent years, saying that this will cause the life insurer to lose control over the quality of contracts and insurance agents. However, the representative of Dai-ichi Life Vietnam told Dau Tu Chung Khoan that everything is still under control, because Dai-ichi Life does not try to obtain growth at any cost. If Dai-ichi Life can maintain the current growth rate, it will become a formidable rival to Manulife which also experienced a prosperous year in 2016. Meanwhile, Chubb Life, Generali Vietnam and Hanwha Life Vietnam are believed to create surprises in 2017. Generali Vietnam, though witnessing some changes in personnel, still could maintain high growth in 2016 with total premiums increasing by 70 percent and newly exploited premiums by 40 percent. Chubb Life, after completing changes in brand recognition, is expected to gear up in 2017.

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2017 Annual report - Trang chủ

In 2017, VBI’s direct insurance revenue reached VND 893 bn, up by 29.1% over 2016 and nearly three times the average growth of the whole market of 11%. Revenue from motor vehicle …

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Vietnam Insurance Market 2018

Vietnam insurance market recorded a strong growth with CAGR 2012-2017 of 20.7% in terms of insurance premium to reach US$4.7bn in 2017. Given low penetration rate compared to other peers in the region, the market posts potential opportunities thanks to increasing personal income, older population and healthcare awareness.

The market has two segments including life and non-life insurance. Of which, life insurance drives the market with CAGR 2012-2017 of 28.7% while non-life insurance increased steadily at CAGR 2012-2017 of 12.2%, correlating with healthcare, vehicles and property.

Life insurance market is dominated by foreign companies thanks to customer preference and companies’ strength in management. Meanwhile, non-life insurance market share is on the hand of domestic firms, with a fierce competition from small foreign firms.

Insurers are competing in customer acquisition via new channels such as partnerships with banks (bancassurance) and e-commerce. The application of big data, AI and robotics is expected to improve the market’s efficiency, especially for cost management.

Tags: Insurance, Life insurance, Non-life insurance, Premium, Bao Viet, PVI, PTI, Dai-ichi, Prudential, Manulife, Big data, AI, robotics, bancassurance, retail, e-commerce, Insurtech, Bao hiem, bao hiem nhan tho, bao hiem phi nhan tho, , phi bao hiem, Bao Viet,

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Vietnam Insurance Market 2018 | Industry Report | Company Report | Sector Reports | M&A Reports | Market Reports | StoxResearch.com

Free - In this preview, we research Vietnam insurance market with two segments being life insurance and non-life insurance. Key players include Bao Viet, PVI, PTI, Dai-ichi, Prudential, Manulife. To increase the premium as well as reduce the expense, insurance f

Tags: Insurance Life insurance Non-life insurance Premium Bao Viet PVI PTI Dai-ichi Prudential Manulife Big data AI robotics bancassurance retail e-commerce Insurtech Bao hiem bao hiem nhan tho bao hiem phi nhan tho phi bao hiem Bao Viet

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Preview on Vietnam Insurance Sector 2017

Category: Vietnam Insurance Industry

Vietnam insurance industry continues the growing trend in recent years, posting robust growth at 14.5% CAGR (2012-2016) with market size estimated at US$4.6bn in 2016. This strong growth is observed across the board, as both life and non-life sector experienced a sharp increase, growing at CAGR 20.7% and 8.6% respectively. At the moment, the non-life insurance sector accounts for 42.2% of the total insurance market with more than 70% contributed by motor vehicle and health insurance products. The strong growth in this sector is mainly attributed to the increasing number of fire incidents and environmental disasters, causing businesses to be more concerned with investing in non-life insurance as a mean to mitigate against the risks from the occurrence of such events. This sector is currently dominated by local firms with big players like Bao Minh, PVI, Bao Viet, thanks to their local perspective and network advantage.

Meanwhile, the life sector also experienced rapid growth, mostly due to the growing concerns in regard to food safety and health-related issues. On the contrary, this segment is dominated by foreign firms like Prudential, Manulife, Dai-ichi, Bao Viet, etc., given their rich experience, technical knowledge, as well as the ability to design insurance packages tailored to the need of the customers. Going forward, growing Vietnam’s rising middle-class population, successful implementation of insurance sector restructuring plan and the introduction of new policies for insurance products are the basis to expect that the sector will continue to grow in the future.

The Vietnam consumer finance (CF) market was hit hard by the COVID-19 pandemic fourth wave. FinCos’ NPL ratios soared and their NIM dropped due to slow credit growth in all segments (CDL, 2WLs, cash loans, and credit card) and implementation of interest relief schemes at Circular 01, 03, and 14. FinCos’ efforts in optimizing OPEX were not enough to preserve profitability due to accelerating provisioning and a low-interest environment that hurt NPM, ROAA, and ROAE figures. 2021 also saw significant changes in market share among key players FE Cr

Vietnam consumer finance plunged to low double-digit growth (10.7% YoY) following a challenging period of turbulent market conditions, rising levels of borrower distress, and tightening regulations on cash loans disbursement under Circular No. 18/2019/TT-NHNN. On the bright side, the pandemic prompted the acceleration of digital transformation of customer journey amongst FinCos.

Vietnam consumer finance market experienced a single-digit growth rate (9.2%) YoY in 1H2020. This is attributed to the dual challenge posed by COVID-19 pandemic and tightening regulations on cash loans disbursement prescribed at Circular 18/2019. However, Vietnam consumer finance maintained a contribution of over 20% of the country loan book.

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Life Insurance in Vietnam - Society of Actuaries

2017 annualized first year premium is recorded at over USD 980 million, sustaining a YOY 29 percent growth rate trend. The Ministry of Finance (MOF) is responsible for supervising the …

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Insurance in Vietnam - Marketline

Insurance in Vietnam industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value

Insurance in Vietnam industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value 2013-17, and forecast to 2022). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.

Essential resource for top-line data and analysis covering the Vietnam insurance market. Includes market size and segmentation data, textual and graphical analysis of market growth trends, leading companies and macroeconomic information.

– A growing middle class with improved awareness over insurance products has led to demand in the market in recent years. The rising disposable income of the population, in line with strong growth rates of the domestic economy, has spurred demand for insurance products.

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