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Insurance in Vietnam - statistics & facts

Vietnam’s insurance market has grown substantially in recent years parallel to the country’s rapid economic development. Prior to the 1990s, this segment consisted of only non-life businesses with a monopoly by the state-owned insurance group Bao Viet. It was only in 1995 that life insurance was available. Due to Vietnam’s aging population and increasing disposable income, people have become more interested in healthcare and insurance products of all kinds. As a result, both the life insurance sector and its non-life insurance counterpart have seen rapidly rising insurance premium revenues in recent years.

Leading insurance companies in Vietnam

From a monopoly market with only one player in the 1990s, there were around 71 insurance companies in Vietnam in 2020, comprising 32 non-life insurers, 18 life insurers, 19 insurance brokers, and two professional reinsurers. In that year, the total premium value of the non-life insurance businesses amounted to about 57 trillion Vietnamese dong, almost three times higher than the value recorded at the beginning of the decade. While Bao Viet still held the largest share of the non-life insurance market, other Vietnamese insurance brands such as PVI, PTI, Bao Minh, and Pjico have gained significant footholds in this segment,

Although introduced later than its non-life counterpart, life insurance in Vietnam has recorded rapid growth in premium values in the last decade, outperforming non-life insurance in 2020. Manulife, a Canadian multinational insurance group, surpassed Bao Viet as the leading life insurer in Vietnam that year, accounting for 20 percent of the market share. This sector consists of more foreign players, with fierce competition over the market.

Towards universal healthcare coverage

Vietnam has made substantial progress towards the goal of achieving universal healthcare in the past decade. As of 2020, the number of people participating in health insurance in the country reached approximately 87 million, out of the population of over 97 million. Social health insurance has been considered the most important method of public financing for the health care system in the country. People within the so-called vulnerable groups, namely the poor, the ethnic minorities, children under six years old, and the elderly are subsidized for health insurance by the government. On the other hand, the market for private health insurance has been blooming in the country, offering a more extensive range of options for healthcare treatments, including private facilities.

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