Market Report, "Vietnam Insurance Report Q1 2015", published
New Financial Services market report from Business Monitor International: "Vietnam Insurance Report Q1 2015"
[UKPRwire, Tue Jan 20 2015] Vietnam's insurance sector is expansive and dynamic, and slowly continues to develop into a more sophisticated market. Slow economic growth and a harsh competitive environment have plagued the sector in the last few years; however, new innovation generated by multinational companies has had a positive effect on demand for insurance. In addition, considering Vietnam's changing demographic structure, we certainly have a favourable outlook for premium growth in the years to come.
Even though Vietnam's overall insurance sector had been lagging behind its counterparts across South East Asia, we believe that this trend will change drastically over the medium-to-long term following several structural changes in the country's insurance sector. This positive outlook is partly based on the fact that - since a few years - Vietnam's insurance sector is dominated by various large multinational companies which have been leveraging their resources to generate new innovations, and consequently drive the sector forward. Multinationals such as Sunlife and Generali have only established their subsidiaries in the local market in the last two years and their new product innovations and distribution channels have been well-received by the Vietnamese consumers, as has been evidenced by the record regional profits which were achieved by many of the multinational companies in 2014. For instance, between Q213 and Q214, Prudential plc had increased its profits by 97%.
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Furthermore, in spite of slow economic recovery in the past years, low interest rates and credit growth, recently released interim results by Vietnam's insurance regulator have confirmed the positive outlook for the country's insurance sector. The available statistics over the last eight years have shown that insurance premiums have consistently achieved double-digit growth rates. Between H114 and H113, the sector marked 12.6% y-o-y growth to USD1.13bn (VND24.13trn in local currency terms). These...
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.
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