New Financial Services research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 07/26/2013 -- Key Insights And Key Risks
The Vietnam Insurance Report considers the prospects for both life and non-life insurers in the country. There was a time when Vietnam was one of the new frontiers of insurance in the Asia Pacific, but the sector has moved into a more exciting phase of its development. Foreign insurance companies (particularly in the life segment) are present, and see Vietnam as a natural extension of their regional or global footprints. In 2012, Sun Life Financial (through a JV with PVI) is a newcomer to the life segment, as is Generali. In the non-life segment, Australia's IAG has taken a strategic stake in AAA, while Talanx has increased its shareholding in PVI. New products are being developed. Agency networks are being built. As in the rest of South East Asia, bancassurance is being seen as an opportunity by some of the players. In the non-life segment, the local companies have generally shown more pricing discipline than have their counterparts elsewhere in the region. Motor insurance - so often a thankless and profitless line in emerging markets - accounts for only about one third of the premiums written in the non-life segment in Vietnam.
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Nevertheless, there are reasons for caution. Non-life penetration stopped growing in 2012. The double-digit growth in overall premiums last year has been mainly the result of very strong rises in particular lines. In key areas such as property insurance, premiums stagnated at the levels of the previous corresponding period. Although the non-life segment is less fragmented than its peers in other countries in South East Asia, most of the players are sub-scale local firms that do not necessarily have access to the capital that they need to grow.
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