In March 2021, Insurance Industry Report was published by VietnamCredit, providing general information about Vietnam's economic situation, an overview of the insurance industry, and key financial indicators in 2019. Especially, 10 outstanding enterprises in the industry sector based on a company scale, credit rating, and business performance in five consecutive years 2015,2016, 2017,2018 and 2019 were selected by VietnamCredit and presented in the report. .
To create conditions for the economy to recover quickly from the effects of the Covid-19 pandemic, in 2020, the SBV had adjusted the regulatory interest rate. The insurance business is developing stably and safely in the context of complicated pandemic diseases, capital mobilization for the stock market economy increased by about 20% over the previous year
Thanks to the bancassurance distribution channel, insurance companies can better reach potential customers, life insurance premium revenue still grew by 19.6% y-o-y. Meanwhile, the premium revenue of the non-life insurance sector only rose by 3.2% over 2019. If the pandemic is well controlled, the economy recovers in hopes of boosting the growth of the non-life insurance sector.
The insurers had been very proactive in adapting to the new situation such as increasing investment in information technology and digital transformation to improve service quality and customer experience; promote the implementation of health insurance and health care products, investment-linked insurance products; reviewing and cutting costs in order to improve operational efficiency; contributing additional charter capital to strengthen financial capacity, and improving management capacity and risk management.
Table of Contents
1. Vietnam’s Economic Situation
1.1. Economic growth
1.2. Trade and prices
1.3. Realized capital, State budget revenue and expenditure
1.4. Imports and exports
1.5. Establishment and dissolution of enterprises
2. Vietnamese Insurance Industry’s Development
2.1. Vietnamese insurance industry overview
2.2. Vietnam’s Insurance Value Chain By Industry Classification
2.3. New Regulations On Industry Development
2.4. Vietnamese Insurance Industry Market Structure
2.5. Vietnamese Insurance Industry Opportunities And Challenges
2.6. Non – Life Insurance
2.7. Life Insurance
2.8. Insurance Intermediaries Performance
2.9. Bancassurance
2.10. Key Financial Indicators Of Vietnam Insurance Industry
2.11. 2019 Vietnam’s Insurance Industry Average Financial Ratios
3. 10 outstanding companies in Vietnam’s insurance industry in 2019
LIST OF CHART
Chart 1.1.1: 2011-2020 Vietnam GDP Growth Rate at constant 2010 prices (%)
Chart 1.2.1: 2016-2020 Total vs Retail sales of consumer goods and services at current prices
Chart 1.2.2: 2011-2020 GDP Growth, CPI and Inflation (Last year = 100)
Chart 1.2.4: 2016-2020 Commodity terms of trade growth rate (%) (previous year =100)
Chart 1.3.1: 2016-2020 Growth rate and structure of social investment capital
Chart 1.4.1: 2011-2020 Import-export turnover and trade balance of goods (USD billion)
Chart 1.5.1: Enterprise Establishment in 2020 (compared to 2019)
Chart 2.1.1: The 10-year development of Insurance Sector's Premium Revenue (2011 – 2020)
Chart 2.1.2: The 10-year development of Insurance Sector's Company Number (2011 – 2020)
Chart 2.5.2: GDP per capita in Vietnam at constant 2010 USD
Chart 2.6.1: 2020 Market share by primary premium revenue of non-life sector
Chart 2.6.2: Proportion of 2020 premium revenue by insurance activity of non-life sector
Chart 2.7.1: 2020 Market share by primary premium revenue in life sector
Chart 2.7.2: Proportion of 2020 premium revenue by insurance activity in life sector
Chart 2.10.1: 2019 Premium Revenue and Total Assets of Non-Life Insurers
Chart 2.10.2: 2019 ROE (%) of Non-Life Insurers
Chart 2.10.3: 2019 Premium Revenue and Total Assets of Life Insurers
Chart 2.10.4: 2019 ROE (%) of Life Insurers
LIST OF TABLES
Table 1.1.1. 2020 GDP growth by sector at constant 2010 prices (%)
Table 2.1.1: 2020 Insurance Industry Performance
Table 2.3.1: New regulations on industry development
Table 2.6.1: List of non-life insurance companies
Table 2.7.1: 2020 performance of life insurers
Table 2.7.2: List of life insurance companies
Table 2.8.1: 2020 performance of insurance brokers
Table 2.8.2: List of insurance brokers
Table 2.11.1: 2019 Average Financial Ratios For Non – Life Sector
Table 2.11.2: 2019 Average Financial Ratios For Life Sector
LIST OF GRAPHS
Graph 1.2.3: Producer price index growth by sector in 5 recent quarters
Graph 2.5.1: GDP Contribution (%) of Insurance Industry in 2011-2020 period
LIST OF FIGURES
Figure 2.2.1: Vietnam’s Insurance Value-Chain by Industry Classification
Figure 2.4.1: Demand driver factors
Figure 2.9.1: 2019 market share of Vietnam’s top five bancassurance banks
Figure 2.9.2: Bancassurance map
POST - TELECOMMUNICATION JOINT STOCK INSURANCE CORPORATION
BAOMINH INSURANCE CORPORATION
PETROLIMEX INSURANCE CORPORATION
PRUDENTIAL VIETNAM ASSURANCE PRIVATE LIMITED
AIA (VIETNAM) LIFE INSURANCE COMPANY LIMITED
