New Market Research Report: Vietnam Insurance Report Q3 2016

We retain a positive outlook for the Vietnamese insurance industry as a whole. We believe that the sector will expand at a significant pace over the next few years as robust economic growth bolsters demand for both personal and enterprise insurance lines. The market has thus far been hindered by low incomes and constrained purchasing power of households. Nevertheless, as we are witnessing a gradual push towards higher expenditure and rising discretionary spending powers, the expansion of the economy will support insurance sales, both life and non-life alike. Insurance products specifically targeting towards the low and middle income categories will be seen as a welcome sign. We also note the increase participation of multinationals which are driving innovation and product development. Sun Life Financial's growing exposure to the market is a case in point and also illustrates a gradually improving investment climate. Against this backdrop, we envisage total insurance premiums growing at around 11.3% a year in US dollar terms through the forecast period to 2020 .

Full Report Details at
- http://www.fastmr.com/prod/1182944_vietnam_insurance_report_q3.aspx?afid=301

Key Updates And Forecasts

Vietnam's non-life insurance sector will slightly underperform the life segment over the next few years, with motor and health/personal accident insurance premiums set to be the main drivers of underwriting activity. Non-life premiums will expand by 8.3% on average over 2016-2020 to reach USD2.0bn.

Life premiums will grow at a faster rate of 14% a year over the forecast period to reach USD2.8bn. The share of life premiums to total insurance sales will therefore rise from 51% in 2015 to 58% in 2020.

Pjico, a Vietnamese non-life insurer is selling a 20% stake for US44.89mn to a foreign investor. The company has premium revenues of over USD100mn in 2015 and majority of them deriving from motor vehicle insurance.

Foreign interest in Vietnam's insurance market continues to grow as multinationals look to profit from rising income levels and the market's relatively low level of development. November 2015 saw Canada's Sun Life Financial increase its stake in its life insurance joint venture with PVI Holdings - PVI Sun Life - from 49% to 75%.

The Vietnam Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Vietnam Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Vietnamese insurance industry.

Key Benefits

About Fast Market Research

Fast Market Research is a leading distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff is always available to help you find the right research to fit your requirements and your budget.

For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156 (1.413.485.7001 Int'l)

You may also be interested in these related reports:

- India Insurance Report Q3 2016
- Estonia Insurance Report Q3 2016
- Poland Insurance Report Q3 2016
- Kenya Insurance Report Q3 2016
- Russia Insurance Report Q3 2016