Axco Insurance Information Services (Axco) has released its latest non-life (P&C) insurance market report on Vietnam. The report contains must-know regulatory information such as the country’s non-admitted position, crucial tax rates, analysis of the market trends and key lines of business. It also includes the latest market indicators and company statistics.
The Vietnamese non-life insurance market is characterised by extensive regulations prescribing compulsory insurance. Curiously, however, in relation to most cases of mandatory professional indemnity cover, no specific limits are imposed. Nevertheless, the compulsory insurance feature has had the effect of boosting overall non-life market premium volume across a wide range of lines of business. In comparison with many regional countries, however, non-life insurance penetration remains low and there is still considerable room for expansion of the market.
The Vietnamese insurance market has shown sustained growth in recent years. In 2019 non-life (P&C) premium income, excluding personal accident and healthcare, was VND 38.39trn. Non-life personal accident and healthcare gross premium income was VND 17.15trn (USD 735.1mn). The latest statistics for 2020 indicate a 7.58% year over year growth.
In addition to compulsory insurance expansion, the principal drivers of non-life premium growth in recent years have been growth in GDP and associated industrial and commercial activity, as well as the expansion of a middle class that is able and willing to protect its assets by way of personal insurance.
Axco’s insurance market reports offer a uniquely detailed and comprehensive insight into the global non-life (P&C) insurance industry, combining the legislative and regulatory requirements, insurance market developments, and insurance market statistics of not only Vietnam but also of over 170 territories worldwide.
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