PVI gains highest turnover among non-life insurance in H1

In the first six months of 2010, PetroVietnam Insurance Joint Stock Corporation (PVI) has gained the highest turnover among non-life insurance, according to the recent overview report of Vietnam Insurance Association (VIA) on the Vietnam insurance market in the first six months of 2010. The salient point of the report is the change in leading position of non-life insurance market.

In the first six months of 2010, for the first time in the recent years, PVI has officially taken the lead from Bao Viet with the total turnover of 1,975 billion dong. Bao Viet steps back into the second position with 1,935 billion dong. Bao Minh ranks the third with 1,064 billion dong, followed by PJICO with 711 billion dong and PTI with 280 billion dong.

In terms of insurance capacity after deducting the re-insurance premiums, Bao Viet still holds the first position with 1,560 billion dong, followed by Bao Minh with 776 billion dong, PVI with 729 billion dong, PJICO with 486 billion dong and PTI with 208 billion dong.

According to the previous statistics of VIA, in 2008, Bao Viet attained the highest non-life insurance premium with 3,320 billion dong, followed by PVI with 2,020 billion dong, Bao Minh with 1,884 billion dong, PJICO with 1,060 billion dong and PTI with 443 billion dong.

In the first half of 2009, Bao Viet was in the first position with 1,667 billion dong, followed by PVI gained 1,520 billion dong, Bao Minh with 909 billion dong, and PJICO with 524 billion dong (up by 6.2 percent). In the whole year 2009, leading the market was Bao Viet with 3,659 billion dong, followed by PVI with 2,770 billion dong, Bao Minh with 1,824 billion dong, PJICO with 1,271 billion dong and PTI with 449 billion dong

Overall, top five businesses by non-life insurance premium are still the familiar faces, but in the first half of 2010, PVI for the first time has taken the leading position

For PVI is in the first half of 2010, insurance premium of the oil and gas sector alone reached 723 billion dong, up by 24 percent compared to the same period of 2009. PVI holds an absolutely exclusive position with incomes from domestic reinsurance ceded reached 129 billion dong, and from overseas reinsurance ceded reached 462 billion dong. PVI retained 132 billion dong (equivalent to 18 percent) with no compensation for loss arises.

VIA reported that in the first six months of 2010, total turnover of the non-life insurance market was 8,241 billion dong, up by 28 percent compared to the same period of 2009. Of that, overseas reinsurance revenue reached 176 billion dong, whereas revenue for reinsurance traded to overseas reached 1,954 billion dong.

In general, turnover for all types of services has increased over the same period of 2009. Of that, fire insurance rose up by 125 percent, agricultural insurance went up by 109 percent, building and installation insurance 68 percent, freight insurance 38.5 percent, business interruption insurance 39 percent, general liability insurance 33 percent, and accident and health insurance 30.5 percent.

Of all services, motor vehicle insurance takes the lead with 2,517 billion dong in turnover, followed by building and installation insurance with 1,098 billion dong, hull and P&I insurance premium reached 973 billion dong, accident, and health insurance premium was 931 billion dong, and fire, explosion and property all-risk insurance premium reached 723 billion dong, etc.

In non-life insurance market, the leading positions by the number of contracts remain the same.

The number of new contracts in June 2010 increased significantly, with 353,588 contracts (principle products), up by 24 percent compared to the same period of last year. Of that, Prudential gained132,814 contracts, BaoViet Life attained 63,893 contracts, and Manulife gained 58,222 contracts.

Leading the market by number of valid contracts was Prudential with 1,727,218 contracts, followed by BaoViet Life with 1,407,883 contracts, and Manulife with 316,437 contracts.

In 2009, insurance companies that had the largest number of contracts by principle products included Prudential with 1,674,326 contracts, BaoViet with 1,453,581 contracts, and Manulife with 283,756 contracts.

In 2008, that list included Prudential with 1,566,031 contracts, BaoViet with 1,561,786 contracts and Manulife with 252,849 contracts. – TBKTVN

Tags: PVI, Vietnam insurance, Vietnam insurance industry, Vietnam insurance market