In 2019, the insurance sector in Vietnam witnessed double-digit growth in both life and non-life segments. The premium growth rate reached 20% for the sixth consecutive year with total assets of VND 454 trillion, up 15.03% compared to the previous year. The Vietnam’s insurance market is considered to be fragmented with a high number of small domestic players, showing a great potential for the growth of mergers and acquisitions activities.
Since the outbreak of coronavirus in December 2019, the life insurance’s sector in Vietnam has increased by 53%. Several insurers in Vietnam had issued Covid-19 related products that pays out the treatment fees and compensation for unanticipated situations.
The awareness of financial back-up for the unexpected of people in Vietnam has been rising recently, especially in urban area. Vietnamese’s people with middle income living in big cities are gradually changing their point of view about owning insurance policy, paying more attention to the benefits of insurance. Therefore, more diverse products are being introduced through multiple distribution channels in the market in order to meet customers’ rising demands.
In 2019, the legal environment of Vietnam’s insurance market was continuing to be strengthened. Decisions and amendments on Insurance Law were actively released to improve the transparency and standards of the market.
In general, with the increase of household income, the growth of new bancassurance partnerships with foreign investors, and the development of multiple distribution channels, the insurance sector in Vietnam is expected to continue growing in the near future.
Top 10 Life Insurance Companies ranked by Gross Written Premium
Top 10 Non-life Insurance Companies ranked by Gross Written Premium
Top 9 Insurance Brokerages ranked by Gross Written Premium