Vietnam non-life market generated a Gross Written Premium (GWP) of VND30,154 billion (USD1.3 billion) in the first 9 months of 2017, as compared to VND26,806 billion (USD1.2 billion) over the same period of 2016, presenting a growth of 12% on period-to-period basis. Climbers in terms of 9M-2017 market rankings include Bao Viet, Bao Minh, VASS, GIC, UIC, VBI, VNI, BSH, Bao Viet-Tokio Marine, Fubon, QBE and Phu Hung, whereas PVI, PTI, PJICO, Samsung Vina, Bao Long, MSIG, Liberty, AIG, AAA, Hung Vuong, Cathay, Chubb and Groupama, to a greater or lesser extent, had stepped down as compared to their market rankings of the same period last year. Despite some change on market shares, the other insurers temporarily maintained their market rankings in the first 9 months of 2017.

4 state-owned or state-controlled insurers, namely Bao Viet, PVI, Bao Minh, PTI remained to be in the top 5 whereas PJICO’s No 5 position was temporarily taken over by VASS, a joint stock insurer, as of 30/9/2017. For reference purpose, market rankings in the first 9 months of 2017 had been switched between Bao Viet and PVI for the No 1 and No 2 positions, and Bao Minh and PTI for No 3 and No 4 positions, as compared with same period of last year. On combined basis, the 5 state-owned or state-controlled insurers’ GWP in the first 9 months of 2017 grew at rate of only 8%, lower than market growth average of 12%, with major contribution came from Bao Viet at 23%. Combined market share of the 5 insurers was 58% in the first 9 months of 2017, as compared to 60% market share for the same period of last year.

Same for the first 9 months of 2016, 5 bank controlled insurers were accounted for 15% market share in the first 9 months of 2017. VBI and BSH slightly improved their market rankings by increasing market shares whilst MIC, BIC and ABIC maintained their positions as top 10 non-life insurers. On combined basis, the 5 bank-controlled insurers’ GWP in the first 9 months of 2017 grew at rate of 15%, higher than market growth average of 12%.

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All 14 foreign insurers (100% foreign-owned, joint venture insurers, branch of foreign insurer and joint stocks insurer with foreign parties taking management control) were accounted for 14% market share in the first 9 months of 2017 (same as that of the same period of last year). The first 9 months of 2017 observed an improvement in market ranking of UIC, Bao Viet-Tokio Marine, Fubon, QBE and Phu Hung. Samsung who still led the group of 14 foreign insurers at 11th position had downgraded its market ranking in the first 9 months of 2017, together with MSIG, Liberty, AAA, Cathay, Chubb and Groupama. On combined basis, 14 foreign insurers’ GWP in the first 9 months of 2017 grew at rate of 6%, just a half of market growth average of 12%, with mix of positive and negative growth from members of this insurer group. Subgroup with highly positive growth rate on GWP included UIC, Fubon, QBE and Phu Hung, whereas Groupama, AAA, AIG and Chubb suffered a considerably negative growth in the first 9 months of 2017.

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The other 6 joint-stocks insurers increased their combined market share from 11% in 9M 2016 to 14% in 9M 2017, enjoying a GWP growth of 40% on combined basis, much higher than market growth average of 12%. Whereas VASS had temporarily taken over the No 5 position from PJICO, and GIC and VNI improved their market rankings, Bao Long and Hung Vuong a bit stepped down in the market ranking table, as compared to the first 9 months of 2017.

Note: Gross Written Premium (GWP) of Vietnam non-life sector grew from VND1,263 Billion (USD105 million) in 1996 to VND2,624 billion (USD170 million) in 2002 and then reached VND36,997 billion (USD1,628 million) in 2016, at a Compound Annual Growth Rate (CAGR) of 12% over the last 5-year period of 2011-2016, as compared to CAGR of 26% over the preceding 5-year period of 2006-2011.

For more information, contact Terence Tran Hieu at terence_hieu@yahoo.com

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Kiểm toán PROTài chínhbảo hiểmVietnam non-life market generated a Gross Written Premium (GWP) of VND30,154 billion (USD1.3 billion) in the first 9 months of 2017, as compared to VND26,806 billion (USD1.2 billion) over the same period of 2016, presenting a growth of 12% on period-to-period basis. Climbers in terms of 9M-2017 market rankings...Các thông tin, phân tích về kế toán, kiểm toán, tài chính và kinh doanh.
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