Page 30 - AEC Digital Edition

ASEAN MARKET REPORTS

Laos

General Information

Land Area 230,800 sq km.
Climate Tropical monsoon; rainy season (May to November); dry season (December to April).
Capital Vientiane.
Form of Government Communist state.
Chief of State President Lt Gen CHOUMMALI Saignason.
Head of Government Prime Minister THONGSING Thammavong.
Population (July 2014 est) 6,803,699.
Population Growth Rate (2014 est) 1.59%.
Ethnic Composition (2005 census) Lao 55%, Khmou 11%, Hmong 8%, other 26% (over 100 minor ethnic groups).
Religious Affiliation (2005 census) Buddhist 67%, Christian 1.5%, other and unspecified 31.5%.
Birth rate (2014 est) per 1,000 population 24.76 births.
Death rate (2014 est) per 1,000 population 7.74 deaths.
Infant Mortality Rate (2014 est) per 1,000 live births 54.53 deaths.
Life Expectancy at Birth (2014 est) Male 61.54 years; Female 65.56 years.

Economy

Monetary Unit KN1 (Kip) = 100 at.
Exchange Rate (18 June 2015) US$1 = KN8,108.26 (Kip).
GDP purchasing power parity (2014 est) US$34.48 billion.
GDP per capita (2014 est) US$5,000.

Number of registered insurers Insurance market structure

Insurers 2013
8
Gross written premiums
(US$ mln) 2013
Gross written premiums 35

• Allianz General Laos, mainly supported by the Laos
government, is the largest insurer which accounted for
about 57.15 % of total industry GWP in 2013.

• Lao Viet Insurance Company (LVI), supported by Lao-Viet
Bank (LVB) and Banque pour le Commerce Exterieur Lao
Public (BCEL), is the second largest insurer accounting
for 17% of total industry GWP.

• Insurers are allowed to provide both life and general
insurance, but only two out of eight companies (Allianz
General Laos & Toko Assurance Co Ltd) offer life
insurance products.

28 AEC – IMPACT ON INSURANCE • DECEMBER 2015 Source: Asia Insurance Review

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