Page 36 - AEC Digital Edition

ASEAN MARKET REPORTS

Vietnam

General Information

Land Area 310,070 sq km.
Climate Tropical in south; monsoonal in north with hot, rainy season (May to September) and warm, dry season
(October to March).
Capital Hanoi.
Form of Government Communist state.
Chief of State President Truong Tan SANG.
Head of Government Prime Minister Nguyen Tan DUNG.
Population (July 2015 est) 94,348,835.

Population Growth Rate (2015 est) 0.97%.
Ethnic Composition (1999 census) Kinh (Viet) 85.7%, Tay 1.9%, Thai 1.8%, Muong 1.5%, Khmer 1.5%, Mong 1.2%, Nung
1.1%, others 5.3%.
Religious Affiliation (1999 census) Buddhist 9.3%, Catholic 6.7%, Hoa Hao 1.5%, Cao Dai 1.1%, Protestant 0.5%, Muslim
0.1%, none 80.8%.
Birth rate (2015 est) per 1,000 population 15.96 births.
Death rate (2015 est) per 1,000 population 5.93 deaths.
Infant Mortality Rate (2015 est) per 1,000 live births 18.39 deaths.
Life Expectancy at Birth (2015 est) Male 70.69 years; Female 75.9 years.

Economy

Monetary Unit VND1 (dong) = 10 hao = 100 xu.
Exchange Rate (10 Sep 2015) US$1 = VND22,471.91 (dong).
GDP purchasing power parity (2014 est) US$510.7 billion.
GDP per capita (2014 est) US$5,600.

Insurance market structure

Number of registered insurers

2012 2013 2014 Non-life insurance

General insurers 29 29 30 Non-life – Statistics

Life insurers 14 16 17 (US$ mln & %) 2012 2013 2014
Professional reinsurers 2 22 Gross written premium 1,079 1,159 1,268
Total 45 47 49 Gross claims
421 508 502

Life insurance Retention ratio 75.0% 78.0% 70.0%
Incurred loss ratio 39.9% 43.0% 40.0%
Life – Individual new business premiums

(US$ mln) 2012 2013 2014 Underwriting results 1,079 1,159 1,268

First year premiums (less refund) 251 360 403 Total assets 1,673 1,768 2,336

Renewal premiums (less refund) 621 737 894

Single premiums (less refund) 4 6 10 Non-life – Gross written premiums by class of business

Total (including single premium) 876 1,103 1,307 1,400
Net written premiums (US$ mln)
Life – Net written premiums Gross written premiums (US$ mln)1,200
1,000
1,400 10
800
1,200 6 600
400
1,000 200 Total
4 Motor
800 894 2010 Property
Hull and
737 P&I

600 621 Single premiums
(Less refund)
400 Renewal premiums 2011 2012 2013 2014
(less refund)
200 251 360 403 First year premiums
(less refund)
2012 2013 2014 Source: 2015 ASEAN Insurance Statistical Report

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