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Insurance in Vietnam - Statistics & Facts

Vietnam’s insurance market has grown substantially in recent years. The country’s economic and demographic development was facilitated by the “Đổi Mới” market reforms. Prior to 1994, Vietnam’s insurance market consisted of only non-life business with a monopoly by Bao Viet. From 1995 onwards, life insurance was introduced. Since then, both non-life and life insurance market performances had constantly increased, with rising insurance premium revenues. Many of the currently operating businesses are joint ventures and wholly foreign owned, including some of the world’s leading insurance groups. Since 2003, the Ministry of Finance had been supervising all insurance business under its insurance department which controls legal issues, non-life, and life insurance businesses.

As of 2018, there have been around 65 insurance companies in Vietnam, including 31 non-life insurers, 18 life insurers, 14 insurance brokers and two professional reinsurers. In that year, total premium value of non-life insurance business amounted to about 46.96 trillion Vietnamese dong. Leading the non-life insurance sector was Bao Viet with a market share of 20.98 percent, followed by PVI, PTI, Bao Minh and Pjico. In that same year, the total premium value of life insurance business reached about 86.18 trillion Vietnamese dong. The leading life insurer in terms of business premium income was Bao Viet Life with a market share of 17.8 percent.

State-owned Bao Viet Holdings is Vietnam’s largest insurance company. It was founded in 1964. In 2018, Bao Viet’s non-life gross written insurance premiums amounted to 9.85 trillion Vietnamese dong while its life gross written insurance premiums reached 21.51 trillion Vietnamese dong. As of now, Bao Viet Holdings is the market leader in both the non-life insurance market and the life insurance market. However, the insurance market has become competitive as smaller companies were able to increase their combined market share in recent years.

For 2020, the Vietnam Insurance Center hopes to attract more reputable investors after enforcing policies and administrative reforms set out by the government. In addition, the government is attempting to develop and improve the quality of human resources as well as professionalize insurance distribution channels to keep up with the development of Industry 4.0.

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Leading non-life insurance sectors

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Insurance in Vietnam

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Insurance in Vietnam - Statistics & Facts

Vietnam’s insurance market has grown substantially in recent years. The country’s economic and demographic development was facilitated by the “Đổi Mới” market reforms. Prior to 1994, Vietnam’s insurance market consisted of only non-life business with a monopoly by Bao Viet. From 1995 onwards, life insurance was introduced. Since then, both non-life and life insurance market performances had constantly increased, with rising insurance premium revenues. Many of the currently operating businesses are joint ventures and wholly foreign owned, including some of the world’s leading insurance groups. Since 2003, the Ministry of Finance had been supervising all insurance business under its insurance department which controls legal issues, non-life, and life insurance businesses.

As of 2018, there have been around 65 insurance companies in Vietnam, including 31 non-life insurers, 18 life insurers, 14 insurance brokers and two professional reinsurers. In that year, total premium value of non-life insurance business amounted to about 46.96 trillion Vietnamese dong. Leading the non-life insurance sector was Bao Viet with a market share of 20.98 percent, followed by PVI, PTI, Bao Minh and Pjico. In that same year, the total premium value of life insurance business reached about 86.18 trillion Vietnamese dong. The leading life insurer in terms of business premium income was Bao Viet Life with a market share of 17.8 percent.

State-owned Bao Viet Holdings is Vietnam’s largest insurance company. It was founded in 1964. In 2018, Bao Viet’s non-life gross written insurance premiums amounted to 9.85 trillion Vietnamese dong while its life gross written insurance premiums reached 21.51 trillion Vietnamese dong. As of now, Bao Viet Holdings is the market leader in both the non-life insurance market and the life insurance market. However, the insurance market has become competitive as smaller companies were able to increase their combined market share in recent years.

For 2020, the Vietnam Insurance Center hopes to attract more reputable investors after enforcing policies and administrative reforms set out by the government. In addition, the government is attempting to develop and improve the quality of human resources as well as professionalize insurance distribution channels to keep up with the development of Industry 4.0.

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