Non-Life Insurance in Vietnam
Summary
Non-Life Insurance in Vietnam industry profile provides top-line qualitative and quantitative summary information including: market size (value and volume 2018-23, and forecast to 2028). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- Non-life insurance is defined as any insurance not determined to be life insurance. It includes automobile and homeowners' policies and provides payments depending on the loss from a particular financial event. The market value is measured by the written premium generated by market players within a given year.
- The Vietnamese non-life insurance market recorded written premiums of $3.0 billion in 2023, representing a compound annual growth rate (CAGR) of 7.6% between 2018 and 2023.
- The property segment accounted for the market's largest proportion in 2023, with total written premiums of $0.8 billion, equivalent to 25.6% of the market's overall value.
- The Vietnamese non-life insurance market is experiencing significant growth, driven by rising awareness of the importance of insurance in safeguarding assets and mitigating financial risks. Additionally, the growing elderly population is significantly boosting demand for health insurance policies, as aging individuals increasingly prioritize comprehensive coverage to manage rising medical expenses and long-term care needs. According to the United States Census Bureau, the population of individuals aged 65 and above in Vietnam reached 7.9 million in 2023, reflecting a 6.2% increase from the previous year.
- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the non-life insurance market in Vietnam
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the non-life insurance market in Vietnam
- Leading company profiles reveal details of key non-life insurance market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the Vietnam non-life insurance market with five year forecasts by both value and volume
- What was the size of the Vietnam non-life insurance market by value in 2023?
- What will be the size of the Vietnam non-life insurance market in 2028?
- What factors are affecting the strength of competition in the Vietnam non-life insurance market?
- How has the market performed over the last five years?
- What are the main segments that make up Vietnam's non-life insurance market?
- 1 Executive Summary
- 1.1. Market value
- 1.2. Market value forecast
- 1.3. Category segmentation
- 1.4. Geography segmentation
- 1.5. Market rivalry
- 1.6. Competitive landscape
- 2 Market Overview
- 2.1. Market definition
- 2.2. Market analysis
- 3 Market Data
- 3.1. Market value
- 4 Market Segmentation
- 4.1. Category segmentation
- 4.2. Geography segmentation
- 5 Market Outlook
- 5.1. Market value forecast
- 6 Five Forces Analysis
- 6.1. Summary
- 6.2. Buyer power
- 6.3. Supplier power
- 6.4. New entrants
- 6.5. Threat of substitutes
- 6.6. Degree of rivalry
- 7 Competitive Landscape
- 7.1. Who are the leading players?
- 7.2. What are the strategies of the leading players?
- 7.3. What are the strengths of the leading players?
- 8 Company Profiles
- 8.1. Baoviet Holdings
- 8.2. PVI Holdings
- 8.3. BaoMinh Insurance Corp
- 8.4. Post and Telecommunication Insurance Vietnam
- 9 Macroeconomic Indicators
- 9.1. Country data
- 10 Appendix
- 10.1. Methodology
- 10.2. Industry associations
- 10.3. Related MarketLine research
- 10.4. About MarketLine
- List of Tables
- Table 1: Vietnam non-life insurance market value: $ billion, 2018-23
- Table 2: Vietnam non-life insurance market category segmentation: % share, by value, 2018-23
- Table 3: Vietnam non-life insurance market category segmentation: $ billion, 2018-23
- Table 4: Vietnam non-life insurance market geography segmentation: $ billion, 2023
- Table 5: Vietnam non-life insurance market value forecast: $ billion, 2023-28
- Table 6: Baoviet Holdings: Key Facts
- Table 7: Baoviet Holdings: Annual Financial Ratios
- Table 8: Baoviet Holdings: Key Employees
- Table 9: PVI Holdings: Key Facts
- Table 10: PVI Holdings: Annual Financial Ratios
- Table 11: PVI Holdings: Key Employees
- Table 12: BaoMinh Insurance Corp: Key Facts
- Table 13: BaoMinh Insurance Corp: Annual Financial Ratios
- Table 14: BaoMinh Insurance Corp: Key Employees
- Table 15: Post and Telecommunication Insurance Vietnam: Key Facts
- Table 16: Post and Telecommunication Insurance Vietnam: Annual Financial Ratios
- Table 17: Post and Telecommunication Insurance Vietnam: Key Employees
- Table 18: Vietnam Size of Population (million), 2019-23
- Table 19: Vietnam Real GDP (Constant 2010 Prices, $ Billion), 2019-23
- Table 20: Vietnam GDP (Current Prices, $ Billion), 2019-23
- Table 21: Vietnam Inflation, 2019-23
- Table 22: Vietnam Consumer Price Index (Absolute), 2019-23
- Table 23: Vietnam Exchange Rate, 2018-23
- List of Figures
- Figure 1: Vietnam non-life insurance market value: $ billion, 2018-23
- Figure 2: Vietnam non-life insurance market category segmentation: $ billion, 2018-23
- Figure 3: Vietnam non-life insurance market geography segmentation: % share, by value, 2023
- Figure 4: Vietnam non-life insurance market value forecast: $ billion, 2023-28
- Figure 5: Forces driving competition in the non-life insurance market in Vietnam, 2023
- Figure 6: Drivers of buyer power in the non-life insurance market in Vietnam, 2023
- Figure 7: Drivers of supplier power in the non-life insurance market in Vietnam, 2023
- Figure 8: Factors influencing the likelihood of new entrants in the non-life insurance market in Vietnam, 2023
- Figure 9: Factors influencing the threat of substitutes in the non-life insurance market in Vietnam, 2023
- Figure 10: Drivers of degree of rivalry in the non-life insurance market in Vietnam, 2023
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