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 Vietnam 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 Vietnam includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Real GDP growth (%)
latest GWP (USD)
Insurance Penetration (%)
Vietnam is regarded by many as a destination of interest for foreign investment, due mainly to its history of consistently high rates of GDP growth. Vietnam is subject to typhoons and tropical storms. These principally affect the centre of the country and may cause severe flooding. There is exposure to earthquake, especially in the north-west, but it is of little consequence to the insurance market
Non-life premium income for 2018 excluding personal accident and healthcare was VND 32.21trn: the non-life (excluding personal accident and healthcare) market growth rate in 2018 was 9.66%. In 2018 non-life personal accident and healthcare gross premium income was VND 13.94trn, the year-on-year growth rate being 13.99%.
There are currently 29 non-life insurers in the market: eight of the companies are 100% foreign-owned, while others have minority foreign interests
The Vietnamese non-life insurance market is characterised by extensive regulations prescribing compulsory insurance.