Vietnam Insurance Report - Business Monitor International - Industry Reports

Vietnam Insurance Report

Vietnam Insurance Report - Business Monitor International - Industry Reports
Vietnam Insurance Report
Published Aug 20, 2016
61 pages — Published Aug 20, 2016
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Abstract:

< ALACRA META ABSTRACT>BMI View: Vietnam s insurance market is still in the very early stages of development and as such offers significant scope to grow rapidly from a low base. The country is expected to record robust economic growth in the coming years, and as household income and consumption rates rise, we expect to see growing demand for a range of life and non-life products. ...The country is expected to record robust economic growth in the coming years, and as household income and consumption rates rise, we expect to see growing demand for a range of life and non-life products. Vital to the expansion of the insurance segment is further development of the range of products available, including, in particular, microinsurance and other low-cost insurance options to cater for the large number of lower-income households. The entry of major regional and multinational providers, bringing much-needed capital and expertise to the market, is a positive sign for the Vietnamese insurance industry. ...Gross life premiums written, VND, y-o-y --.- --.- --.- --.- --.- --.- --.- --.- Gross life premiums written, USDbn -.-- -.-- -.-- -.-- -.-- -.-- -.-- -.-- Gross life premiums written, USD, y-o-y --.- --.- --.- -.- --.- --.- --.- --.- Gross non-life premiums written,

...Ongoing commitment by the Vietnamese government to improving macroeconomic fundamentals and forging financial stability should bode well for the country s economy as a whole, and notably also for the insurance sector. Accordingly, we expect to see gross life insurance premiums grow by -.- to USD-.-bn in ----. ...Accordingly, we expect to see gross life insurance premiums grow by -.- to USD-.-bn in ----. However, with life density (life premiums per capita) at around USD--.- in ----, and life penetration (life premiums as percentage of GDP) of -.- , we are mindful that many households are still struggling to properly afford life insurance. Looking forward, we foresee that life premiums will continue to track upwards strongly. ...One of the main drivers of this growth will be the increasing affordability of life insurance as household income levels gradually increase throughout the country. In particular, we expect to see a significant rise in

...While we foresee robust and sustained longer-term growth in life insurance premiums, we are mindful of potential setbacks due to economic shocks and general low levels of awareness among Vietnamese households of the benefits of various life insurance products. Although the insurers have been working to improve customers understanding of life insurance, a more fundamental problem is that most households cannot afford it. ...Although the insurers have been working to improve customers understanding of life insurance, a more fundamental problem is that most households cannot afford it. In spite of ongoing growth, therefore, Vietnam s life insurance segment remains a relatively small investment opportunity for international life insurers, in comparison with other countries across South East Asia. Nevertheless, the segment has been benefiting hugely from the product and distribution know-how and regional scale of (most of) the international companies which are establishing a presence in the country. ...

  
Source:
Document ID
1752-8410
Country
Industry
Format:
PDF Adobe Acrobat
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Business Monitor International - Industry Reports—Established in 1984, Business Monitor International is a leading online publisher of specialist business information on global emerging markets. Business Monitor's range of quarterly services covers political risk, finance, macroeconomic performance, outlook and forecast, industry sectors and the business operating environment. Each Industry Report has been researched at source, and features latest-available data covering production, sales, imports and exports; 5-year industry forecasts through end-2012; company rankings and competitive landscapes for multinational and local manufacturers and suppliers; and analysis of latest industry developments, trends and regulatory changes.

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MLA:
Business Monitor International - Industry Reports. "Vietnam Insurance Report" Aug 20, 2016. Alacra Store. Dec 03, 2016. <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Vietnam-Insurance-Report-2026-86>
  
APA:
Business Monitor International - Industry Reports. (2016). Vietnam Insurance Report Aug 20, 2016. New York, NY: Alacra Store. Retrieved Dec 03, 2016 from <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Vietnam-Insurance-Report-2026-86>
  
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