The life segment was the largest industry segment, accounting for 45.6% of the industry’s gross written premium in 2013. The segment’s growth was partly supported by a rise in the volume of middle class individuals. The Life Insurance in Vietnam, Key Trends and Opportunities to 2018 market research report is of 169 pages and got published in January 2015.
Despite the financial crisis, the Vietnamese reinsurance segment recorded stable growth during the review period (2009-2013). This was primarily due to the increasing cost of reinsurance protection, the expansion of direct insurance, and a greater understanding of the benefits of reinsurance. The number of dedicated reinsurers increased from one to two in 2011, although some of the country’s larger insurers, such as Bao Viet and Bao Minh, conducted their own reinsurance operations in 2013.
The segment’s gross written premium increased from VND2.1 trillion (US$0.1 billion) in 2009 to VND5.6 trillion (US$0.3 billion) in 2013, at a review-period compound annual growth rate (CAGR) of 27.7%. The high frequency of natural disasters prompted insurance companies to increase the percentage of premium ceded to reinsurers. The segment’s value is expected to increase from VND5.6 trillion (US$0.3 billion) in 2013 to VND12.5 trillion (US$0.5 billion) in 2018, at a forecast-period (2013-2018) CAGR of 17.4%, according to the new market research on Reinsurance in Vietnam, Key Trends and Opportunities to 2018.
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