Vietnam Insurance, Companies & Insurance Quote
Vietnam has many types of insurance and many are compulsory for all citizens such as the third party automobile insurance as well as the employer’s liability insurance. The Vietnam Insurance is regulated by the Ministry of Finance, the Insurance Supervisory Division.
There are many companies dealing with insurance in Vietnam and include life as well as non-life insurance companies determined on their gross written premiums. The major insurance providers in Vietnam include life insurance companies namely, Prudential Insurance, Bao Viet Insurance, AIA Insurance and Bao Minh CMG Insurance.
The insurance sector in 2000 valued $177.12 million and estimated in 2007 to be $1141.98 million, representing 26.23% CAGR growth and 33.25% average growth for the same tenure.
Between the period 2007 and 2011, the insurance sector is expecting a growth of 12.30% CAGR and in the same period the market is expected to reach $1141.98 million representing 16.25% average growth rate reaching $2039.95 million by 2011 end.
The life insurance sector increased in the period 2000 and 2007 to $586.24 million from $51.12 million representing 35.65% CAGR growth. It is also forecasted that the Vietnam life insurance market will grow reaching 10.71% CAGR and the annual average of 13.21% growth rate such that the $596.24 million of 2007 will reach to $975.21 million by 2011 end.
The non-life premiums in 2007 were estimated $555.74 million and are expected to reach $1064.75 million by 2011.
The insurance providers in Vietnam includes non-life insurance companies namely, Bao Viet Insurance, PTI Insurance, Bao Long Insurance, Vien Dong Insurance, PJICO Insurance, VIA Insurance and UIC Insurance.
Vietnam insurance shows a good high growth in the life insurance sector in the market. In fact, the first 6 months this year, 2010 has shown an increase of 25% owing to the revenue from fresh insurance policies. These are optimistic signs encouraging life insurance business in the market.
The end of 2010 plans to launch plethora of new products focusing insurance in Vietnam namely, retirement insurance, health insurance and group insurance.
Insurance in Vietnam is creating a spur among insurers. The non-life insurance premiums have also shown an increase reaching 15.7 trillion in 2010. The construction projects are on rise and the government is promoting construction, so insurance policies covering fire and accidents are also on the increase.
Insurance in Vietnam includes selling fire insurance policies even to condominiums in spring. Some of the top insurance companies are Bao Viet Insurance Corp, BIDV Insurance Co, Vietnam International Assurance Co, Marine & Nichido Fire Insurance Co and Nikkei are prominent.