(MENAFNEditorial)
While there are still obstacles impeding the growth of the insurance sector in Vietnam there is reason to believe these obstacles can be overcome and strong premium growth can prevail in the long term. For the last few years Vietnam's insurance industry has been plagued by slow economic growth and a harsh competitive environment which has meant improving market penetration has been difficult. Recently however increased emphasis on innovating both insurance products and distribution channels has kick-started demand in the sector. Also taking account of the large population of Vietnam and rising incomes there is certainly massive potential for premium growth. Because of this we maintain our view that Vietnams insurance sector will grow at high single digit figures over the forecast period.
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While Vietnam's insurance sector lags slightly behind its South East Asian counterparts there is no reason to suggest this is going to be a trend that persists. While growth figures in the last five years have not been outstanding for either the life or non-life sectors recent results coupled with oncoming structural changes in the Vietnam insurance sector indicate that the next 5-10 years could be quite a prolific period for growth in the sector. One of the big advantages Vietnam has is that its Insurance industry is dominated by world-leading multinationals who are able to drive the sector forward through their strategic capabilities.
The existence of multinational companies is a relatively new phenomenon with Sunlife and Generali only setting up operations in the last two years. The benefits however are already being felt as many of the major companies are innovating both products and distribution channels. This tactic seems to be resonating well with the Vietnamese people as many MNCs have recorded record profits for the region in 2014. Prudential for example was able to grow operating profits 97% between Q213 and Q214 using these tactics. This...
The Vietnam Insurance Report has been researched at source and features Business Monitor International (BMI)'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
* Benchmark BMI's independent insurance industry forecasts for Vietnam to test other views - a key input for successful budgeting and strategic business planning in Vietnam's insurance market.
* Target business opportunities and risks in Vietnam through our reviews of latest industry trends regulatory changes and major deals investments and macroeconomic developments.
* Exploit latest competitive intelligence on your competitors partners and clients via our Company Profiles (inc. SWOTs KPIs and latest activity).
Coverage
BMI Industry View
Summary of BMI's key industry forecasts and views covering the Life and Non-Life segments the evolving competitive landscape and business operational risks.
Industry SWOT Analysis
Analysis of the major Strengths Weaknesses Opportunities and Threats within the insurance sector and within the broader political economic and business environment.
Regional Outlook
Individual analysis of both Life and Non-Life insurance sector developments and prospects across developed states and emerging markets - supported by BMI's global industry growth forecasts. This is followed by an in-depth evaluation of region- and country-specific trends focusing on BMI's country-by-country market growth data.
Business Environment Rankings
BMI's Insurance Business Environment Rankings provide a country-comparative Risk-Reward Rankings index aimed at investors (Life and Non-Life) in the insurance market.
The rankings methodology makes sophisticated use of over 40 industry economic and demographic data points and is part of BMI's integrated Country Risk-Industry Rankings products.
BMI Industry Forecasts
Historic data series (2008-2012) and forecasts to end-2018 for key industry and economic indicators (see list below) supported by explicit assumptions plus analysis of key risks to the main forecasts. Indicators include:
Premiums: Total (US$mn) growth (% y-o-y) penetration (% of GDP) density (US$ per capita) for Life and Non-Life sectors and total premiums.
Life: Data on gross written premiums for all major non-life segments (e.g. motor fire work).
Non-life: Data on gross written premiums for all major life segments (e.g. life retirement).
Economic: Nominal GDP (US$bn) real GDP growth (%) GDP per capita (US$) population (mn) unemployment (%) exchange rate (against US$).
Competitive Landscape & Rankings
Illustration of the insurance industry via rankings tables comparing gross written premiums by company (US$mn) and market share (%). This chapter also includes in-depth regional analysis of the market position business strategies and investment potential of the leading insurance companies.
Company Profiles
Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI's industry forecasts our macroeconomic views and our understanding of the wider competitive landscape. The latest financial and operating statistics and key company developments are also incorporated within the company profiles enabling a full evaluation of recent company performance and future growth prospects.
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