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Laos

Laos

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Laos Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Laos includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Laos can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Global Statistics Regulatory Alerts Market Profiles Insight Compliance Compliance Point Clinical Trials

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
Total GWP (USD)
Insurance Penetration (%)
GMT +7
Vientiane
LAK
7.48 mn (2022)
5.12
3.10%
79.35
0.41

The Siamese ceded Laos to the French in 1893 in a treaty bringing the country into the Union of Indo-China. After occupation by the Japanese in World War 2, the French first recolonised and then withdrew from the country. Internal struggles followed between royalists and communists backed by North Vietnam. Laos is now a one-party state controlled by the Lao People's Revolutionary Party (LPRP).

Significant economic and infrastructural developments are underway in Laos, including a USD 6.7bn railway link built between China and Laos (in which the Lao government has a 30% stake financed from borrowing from the Export-Import Bank of China) as part of China's Belt and Road initiative.

The number of licenced companies in Laos' insurance market has expanded from seven at the end of 2014 to 22 in the first quarter of 2019 (with approval of two additional licences pending).

Domestic interests own several locally licenced insurers and growing foreign interest in insurance company establishment in Laos emanates mainly from neighbouring countries, notably from China, Thailand, Vietnam and Singapore.

After many years in which foreign broking interests wholly dominated major project and property insurances (especially major construction project business), it is interesting to note that in 2018 and 2019, the regulator licensed some five new local brokers.

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