Vietnam’s net insurance premiums top $2.5b in 2014
Vietnam’s net insurance premiums top $2.5b in 2014
The total net premiums of Vietnam’s insurance market in 2014 were estimated at VND52.7 trillion ($2.5 billion), up 14.2 per cent on year according to data by the Insurance Supervisory Authority (ISA) under the Ministry of Finance.
Of this total, non-life insurance premiums were estimated at VND25.25 trillion ($1.2 billion), up 10.5 per cent, while life insurance premiums were VND27.43 trillion ($1.3 billion), up 17.9 per cent.
As of the end of 2014, insurance firms had invested back into the economy VND131.37 trillion ($6.17 billion), up 15.6 per cent compared to last year. Life insurance firms invested VND103 trillion ($4.8 billion), up 18.2 per cent, while non-life insurance firms invested VND28.4 trillion ($1.3 billion), up 7 per cent on-year.
In 2015, total net premiums are expected to rise 13 per cent with life insurance expected to grow around 15 per cent and non-life around 10 per cent.
According to the Association of Vietnamese Insurers (AVI), there are currently 31 non-life insurers, 16 life insurers and 12 insurance brokers operating in Vietnam.
Data from the ISA showed that in the first nine months of 2014, PetroVietnam Insurance (PVI) led the non-life insurance market with a market share of 23 per cent, followed by Bao Viet Insurance with 21 per cent and Bao Minh Insurance Corporation with 10 per cent.
In the same period, vehicle insurance made up the biggest share of the total non-life insurance premiums with 27.4 per cent, followed by property insurance with 22.4 per cent, health insurance with 20.6 per cent and transported goods insurance with 9.1 per cent.
Among life insurers, Bao Viet, Prudential Vietnam and Manulife Vietnam led in sales of new policies with shares of 25.1 per cent, 24.16 per cent and 11.61 per cent respectively.
