New Insurance market report from Timetric: "Life Insurance in Vietnam, Key Trends and Opportunities to 2017"
Boston, MA -- (SBWIRE) -- 12/23/2013 -- The Vietnamese life insurance segment recorded growth during the review period at a compound annual growth rate (CAGR) of 15.6% during the review period (2008-2012), supported by the country's strong economic environment and an increase in consumer awareness regarding the benefits of insurance. Endowment policies accounted for the majority of life insurance policies sold during the period, with such polices measuring 66.5% of the segment's written premiums in 2012. Individual life insurance products accounted for a share of 25.1% and supplementary insurance products accounted for 6.2%. The life segment is expected to continue to expand over the forecast period and be driven by the country's economic growth, increasing annual disposable income levels, and expanding middle-class population.
- The life segment recorded healthy growth during the review period, with premiums maintaining growth even during the financial crisis
- Endowment products and individual life products dominated the life segment in 2012, with the former accounting for 66.5% of segment premiums and the latter accounting for 25.1%
- The combined market share of the three leading Vietnamese life insurers - Prudential, Bao Viet and Manulife - remained high at 71.3% in 2012
- More foreign insurers are expected to enter the Vietnamese insurance industry over the forecast period, encouraged by the country's strong growth prospects, the increasing size of its population and improving living standards
- Vietnamese life insurers are focusing on new product innovations
View Full Report Details and Table of Contents
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 2008-2012 review period and forecast figures for the 2012-2017 forecast period
- It offers a detailed analysis of the key sub-segments in the Vietnamese life insurance segment, along with market forecasts until 2017
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
- It analyses the various distribution channels for life insurance products in Vietnam
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Vietnam for the life insurance business
- It provides a detailed analysis of the reinsurance segment in Vietnam and its growth prospects
- It profiles the top life insurance companies in Vietnam and outlines the key regulations affecting them
Reasons to Get This Report
- Make strategic business decisions using in depth historic and forecast market data related to the Vietnamese life insurance segment and each category within it
Companies Mentioned in this Report: Prudential Vietnam Assurance Private Ltd, Bao Viet Holdings, Dai-ichi Life Insurance Company of Vietnam Ltd, AIA (Vietnam) Life Insurance Co., Ltd, ACE Life Insurance Company Ltd, Manulife (Vietnam) Ltd, Cathay Insurance (Vietnam) Co., Ltd, Hanwha Life Insurance Co. Ltd, Great Eastern Life (Vietnam) Co. Ltd, Prevoir Vietnam Life Insurance Co., Ltd
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