Vietnam Motor Insurance Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.50 % |
| Market Concentration | Medium |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
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Vietnam Motor Insurance Market Analysis
The Vietnam motor insurance market is estimated at approximately USD 690.5 million in the current year and is poised to grow at a CAGR of greater than 4.5% during the forecast period.
Over the past couple of years, the economic situation has changed a lot due to the pandemic, which has affected motor insurance revenue, but many businesses continue to achieve high profits. Insurance companies have been spending a lot of time expanding the business while strengthening the internal infrastructure in line with the profitable growing business strategy. During the previous year, all employees of the company have efficiently pursued both directions together.
PVI Insurance Corporation stated that its pre-tax profit reached 790 billion VND (34.3 million USD) last year, exceeding 22.4 percent of its plan. The new year begins in the context of the "new normal", and although the COVID still persists, insurance companies are still confident in the set development strategy.
Likewise, PVI has set a sustainable growth target with double-digit revenue growth, while retaining the leading position in the field of commercial and industrial insurance in the domestic market, and gradually extending out to the Southeast Asian market. The company is also self-assured about completing its target this year and becoming a high-ranking international insurer in Southeast Asia. Vietnamese management agencies are trying to complete the legal framework for the insurance business so that the market size will improve rapidly and contribute much more to the economy. Vietnam is a developing economy and contributes to a lot of the young population. However, the proportion of people participating in insurance is still very low at only 7% among more than 90 million people. Thus, the Vietnamese market has a lot of potential to develop the insurance sector in the next ten years.
Vietnam Motor Insurance Market Trends
This section covers the major market trends shaping the Vietnam Motor Insurance Market according to our research experts:
Expanding Investment in the Fintech Market
The Fintech Market in Vietnam is likely to raise to 18 billion USD by 2024. Vietnam is one of the leaders among ASEAN in terms of the number of financings for FinTech, second only to Singapore. 93% of all venture investments in the country are directed at e-wallets and the e-money segment.
The total number of Fintech Companies has grown up to 97 since 2016, an 84.5% rise. Transaction volume has seen a 152.8% increase since 2016, with 29.5 million new Fintech users. Therefore, every second Vietnamese uses at least one FinTech service. The Vietnamese population's demand for digital services (transactions, payments, and wallets) is set to be a major factor for motor insurance players as they will have to come up with product offerings that suffice the requirement of digitally savvy consumers.
Increase in Premiums of Non-Life Insurance
The Ministry of Finance says that the increase in non-life insurance was achieved despite the difficulties and challenges posed by the Covid-19 pandemic. Total insurance benefits payments were estimated to be $49.6 trillion in 2021, an increase of 1.68 percent over 2020.
At the end of 2021, the total assets of the insurance market were estimated at $71 trillion, an increase of 23.86 percent over 12 months previously.
Vietnamese non-life insurance market is forecasted to maintain double-digit growth. The insurance regulator says that total insurance premium revenue in 2022 is predicted at $253.7 trillion, a surge of 18.04 percent compared to 2021. Insurance benefits payments in 2022 are forecast at $58.3 trillion, up by 17.61 percent over 2020.
Vietnam Motor Insurance Industry Overview
The Vietnam Motor Insurance Market is enhanced in nature in terms of market share. Some of the major key players operating lead the market. The market is consolidated due to the top companies hold the major share of the market. The Insurance market is likely to increase during the forecast period. Companies such as Bao Viet Holdings, PetroVietnam Insurance (PVI), Bao Minh Insurance Corporation, Post and Telecommunication Joint Stock Insurance Corporation (PTI), and Petrolimex Joint Stock Insurance Company (Pjico), among others have been profiled in the report.
Vietnam Motor Insurance Market Leaders
Bao Viet Holdings
PetroVietnam Insurance (PVI)
Bao Minh Insurance Corporation
Post and Telecommunication Joint Stock Insurance Corporation (PTI)
Petrolimex Joint Stock Insurance Company (Pjico)
*Disclaimer: Major Players sorted in no particular order
Vietnam Motor Insurance Market News
- In November 2022, OPES, a subsidiary of Vietnam Prosperity Joint-Stock Commercial Bank (VP Bank), entered into a partnership with IMS, to offer O.Car, an app-based telematics insurance solution. The app will use IMS One App SDK and IMS Wedge technologies to evaluate driving styles, and leverage data to offer insurance solutiosn to OPES customers.
- In 2022, PVI (Petro Vietnam Insurance Company) recorded 69% profit after the first 6 months of 2022. Additionally, PVI Insurance ranked 66th among 500 private enterprises, an increase of 9 places from the 2020s, and 133rd among 500 enterprises of all sectors, an increase of 20 places from the 2020s, with the most profit, according to the PROFIT500 ranking.
Vietnam Motor Insurance Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Insights into Latest Technologies Used in the Industry
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Insurance Type
5.1.1 Third Party liability
5.1.2 Comprehensive
5.2 By Distribution Channel
5.2.1 Agents
5.2.2 Brokers
5.2.3 Banks
5.2.4 Online
5.2.5 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
6.1 Market Concetration Overview
6.2 Company Profiles
6.2.1 Bao Viet Holdings
6.2.2 PetroVietnam Insurance (PVI)
6.2.3 Bao Minh Insurance Corporation
6.2.4 Post and Telecommunication Joint Stock Insurance Corporation (PTI)
6.2.5 Petrolimex Joint Stock Insurance Company (Pjico)
6.2.6 AAA Assurance Corporation
6.2.7 BIDV Insurance Corporation
6.2.8 Fubon insurance company
6.2.9 Phu Hung Assurance Corporation
6.2.10 Samsung Vina Insurance Company*
- *List Not Exhaustive
7. MARKET OPPORTUNTIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Vietnam Motor Insurance Industry Segmentation
This report aims to offer a detailed analysis of the Vietnam motor insurance market. It concentrates on the market dynamics, emerging trends in the segments and regional markets, and insights into various product and application types. Also, it focuses on the key players and the competitive landscape in the market.
The Vietnam Motor Insurance Market is segmented by Insurance Type (Third Party Liability, Comprehensive) and Distribution Channel (Agents, Brokers, Banks, Online, and Other Distribution Channels). The report offers the market sizes and forecasts in value (USD million) for all the above segments.
| By Insurance Type | |
| Third Party liability | |
| Comprehensive |
| By Distribution Channel | |
| Agents | |
| Brokers | |
| Banks | |
| Online | |
| Other Distribution Channels |
Vietnam Motor Insurance Market Research FAQs
What is the current Vietnam Motor Insurance Market size?
The Vietnam Motor Insurance Market is projected to register a CAGR of greater than 4.5% during the forecast period (2024-2029)
Who are the key players in Vietnam Motor Insurance Market?
Bao Viet Holdings, PetroVietnam Insurance (PVI), Bao Minh Insurance Corporation, Post and Telecommunication Joint Stock Insurance Corporation (PTI) and Petrolimex Joint Stock Insurance Company (Pjico) are the major companies operating in the Vietnam Motor Insurance Market.
What years does this Vietnam Motor Insurance Market cover?
The report covers the Vietnam Motor Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Vietnam Motor Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Vietnam Motor Insurance Industry Report
Statistics for the 2024 Vietnam Motor Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Vietnam Motor Insurance analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
