Insurance
From The Report: Vietnam 2017
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Strong economic growth and demographic change are catalysing the rapid expansion of Vietnam’s insurance sector, with premiums growing at double-digit rates and likely to do so for some years to come. Thanks to successive liberalising reforms since the 1990s, a range of foreign insurers and investors are benefitting from this growth, and competition looks set to grow as new entrants eye the opportunities available. Awareness of the benefits of insurance is growing, particularly for middle-class families acquiring assets and planning for the future.

This chapter contains an interview with Dao Dinh Thi, Chairman, BaoViet Holdings.

Articles from this Chapter

Overview

Growth story: Sector expansion continues, while the market is becoming more competitive
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Strong economic growth and demographic change are catalysing the rapid expansion of the Vietnam’s insurance sector, with premiums growing at double-digit rates and likely to do so for some years to come. Thanks to successive liberalising reforms since the 1990s, a range of foreign insurers and investors are benefitting from this growth, and competition looks set to grow as new entrants eye the opportunities available. Regulation The Ministry of Finance (MoF) is responsible for overseeing and…

Interview

Expansion strategy: Dao Dinh Thi, Chairman, BaoViet Holdings, on the sector’s emerging growth path
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Interview: Dao Dinh Thi What segment will be the main driver of growth for the Vietnamese insurance sector in 2017? DAO DINH THI: Insurance companies have been positively and actively capturing market opportunities, especially from the middle-class segment who generally have higher incomes and a better understanding of the importance of insurance. However, the lower-income segment is also a potentially essential target for insurance companies. Over the past 20 years, Vietnamese insurers have carried…

Analysis

Vital cover: Thanks to increasing income levels, life policies are seeing rapid growth
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The largest and fastest-growing segment of the industry, the life insurance segment is set to continue its expansion as incomes grow and awareness rises. Life insurance premiums rose by 31% in 2016, reaching VND69.7trn ($3.1bn), according to the Insurance Supervisory Authority (ISA). The life segment is around twice the size of non-life, but the ISA expects growth of 25% for the segment in 2017. Higher Incomes The single most important driver of growth is rising incomes. Vietnam has had one of…