In 2019, Vietnam having 65 Insurance company including 31 non-life insurers, 18 life insurers, 2 re-insurance companies and 14 insurance brokerage companies. Total insurance revenue estimated more than 160,000 billion VND, contributes 2,9% GDP.
Life Insurance
- There are 18 life insurance company in Vietnam (1 local Insurance company and 17 from oversea)
- Life Insurance business increasing rapidly and achieved 115,982 billion Vietnam Dong. In which, insurance fee brings 87,960 billion Dong – increased 32,8% in comparison to 2017 figure and plan for increasement of 35% for 2019
- 11% of total population will join life Insurance in 2020 and 15% population in 2025.
Non-life Insurance
- Vietnam’s having 31 Non-Life insurance companies in 2019
- There are 5 big Non-life Insurance company who contributing about 60% of total revenue. Bao Viet 21%; PVI 14,4%; PTI 9%; Bao Minh 7,8%; PJICO >6%. The rest of 40% is sharing for 26 companies.
- In first 6 months of 2016, total non-life insurance revenue is 25,219 Billion VND (1,09 billion USD) which increased 14% in comparison to the same period of 2018
The proportion of Vietnamese that have a life insurance is still low compared to many countries in the region and the world. It shows that this industry still has a great growth potential. The middle class is, and will continue, to grow rapidly (expected to account for 50% of the population by 2035 compared to 11% in 2015). This will be the major stimulus for personal insurance (life, health and motor vehicle insurance).