Vietnam insurance market may see sharp growth in Q2, BMI says

Business Monitor International (BMI)’s report on Vietnam insurance market in Q2 posted in researchandmarkets.com showed that this market’s premium will see a strong growth from 24.61 trillion dong of 2009 to 58.451 trillion dong by 2014.

According to BMI, in comparison with 2009, Vietnam’s non-life insurance premium would increase from 13.5 trillion dong in 2009 to 27.45 trillion dong by 2014 and life insurance premium would be from 11.1 trillion dong to 31 trillion dong respectively.

In Asian area, negative impacts from the global financial crisis could be seen clearly in insurance markets such as Korea, Australia, Singapore and Hong Kong.

By this time, insurance markets in Vietnam and Philippines would witness sharp growth thanks to the increase of saving capital sources at banks.

According to BMI’s calculation, in Q1, in non-life insurance sector, Vietnam’s three biggest insurers including Bao Viet Group, BaoMinh Joint Stock Corp and PetroVietnam Insurance Joint Stock Corp (PVI) account for market share of 42 percent, 12 percent and 12 percent respectively. In life-insurance field, insurers account for biggest market share including Prudential Vietnam, Bao Viet and Manulife Insurance Co with 40 percent, 33 percent and 10 percent respectively.

CafeF

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

Posted by VBN on May 10 2010. Filed under Insurance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry