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    9db28ca3b3840c58b950c204520b97a6

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    BO TAI CHINH MINISTRY OF FINANCE PUSH VLU Cem Sy COR tA ONE L THE ANNUAL REPORT OF VIETNAM INSURANCE MARKET 2011 NHA XUAT BAN TAI CHINH HA NOI - 2012 BO TAI CHINH THI TRUONG BAO HIEM VIET NAM NAM 2011 THE ANNUAL REPORT OF VIETNAM INSURANCE MARKET 2011 Peconomica ,, NHA XUAT BAN TAI CHINH HA NOI- 2012 The Annual Report of Vietnam Insurance Market 2011 FOR A SUSTAINABLE AND STABLE INSURANCE MARKET period socio-economic development Plan 2011 - 2015. Despite of facing many difficulties and challenges caused by prolonged global economy recession, under the urgent and effective guidance of the Government, the socio-economy gradually recovered and gained significant achievements against 2010: GDP. increased by 5.89%, total social investment rose by 5.7%, export and import turnover reached a high growth rate and the trade deficit : was at the lowest level since 2002. In general, insurance industry HE. Vuong Dinh Hue continues to maintain a sustainable and stable growth rate, Minister of Finance contributing to the economic. grawth and social security. 2 011 is the first year for Vietnam to implement the 5 - year In 2011, insurance legal framework has been improved with the amended Law on Insurance Busines which came into effect from 1% July 2014. Meanwhile, a range of regulations, circulars and guidelines were promulgated te facilitate the insurance business activities. As of 31" December 2011, there are 57 service providers in the insurance market with life insurers, non-life insurers, reinsurers and insurance brokers. In addition, the presence of 32 representative offices of foreign insurers and brokers in Vietnam also contributed to strengthen the confidence of foreign investors in doing business in Vietnam. In 2011, insurance premium income achieved VND 36,574 billion, maintained a stable growth rate at 18.58% compared to 2010; total invested assets was VND 83,080 billion, increased by 5.07% against 2010; claim payments and insurance payouts were VND 15,972 billion, up 29.85% over the previous year. Moreover, insurance industry also created 303,810 jobs for the labor market in 2041. Particularly, in 2011, two insurers were honored to achieve the financial capacity rating B++ and B+ from international rating agency AM. Best. This has demonstrated professionalism, ensured ranking level and prestige of Vietnam insurance companies in the regional market as well as the global market. In addition, on 15” February 2012, The Prime Minister signed the Decision No.193/QD-TTg regarding the Vietnam's insurance market Development Strategy for the period 2011 - 2020. In 2012, with the objectives af maintaining a safe, sustainable and effective insurance market; responding to the diversified demands of individuals and organizations, complying with international practices and step by step narrowing the development gap among other countries in the region, the Ministry of Finance will focus on key following solutions: to improve insurance business legal framework, to enhance government management and supervision activities, to restructure the insurance sector, to promote the further implementation of pilot state programs such as agriculture insurance and ‘export credit insurance. In 2042, a lot of hardship and challenges remain, however with great efforts of insurers, Insurance Supervisory Authority and Association of Vietnamese Insurers, the Vietnam's insurance industry sets the target of 17% insurance premium growth rate and 30% total invested assets growth rate. 2 Thi truéng bao hiém Viet Nam nam 2071 vi SU PHAT TRIEN ON DINH VA BEN VO'NG CUA THI TRUONG BAO HIEM hoach phat trién kinh té - xa hdi giai doan 5 nam 2041 - 2015. Mac di van phai déi mat voi nhiéu khd khan, thach thir sau thoi gian bj tac dong manh ola suy thodi kinh té toan cdu, song véi sir chi dao sat sao va kip thoi cGa Chinh phi, nén kinh 18 - x4 hoi d3 dan duge phuc hdi va dat dugc mot sé thanh tyu nhat dinh so voi nam 2010: GDP tang 5,89%, vén dau tu toan xa héi tang 5.7%, kim ngach hang hoa xuaét nhaép khau déu tang manh, ty lé nhap siéu hang hoa so véi kim nghach xudt khdu dat mic thdp nhat ké ty nam. 2002. Trong béi c&nh chung dé, nganh bao hiém da tiép tue Péng chi Vuong Dinh Hug duy tri duce te 49 phat trin én dinh, ban ving, gép phan vac. 9? #¥ong BG Tai chin! tang tru@ng nén kinh té va dam bao an sinh xa hoi. N am 2011 la nam dau tién Viet Nam thuc hién Ké Nam 2041, khung phap ly vé kinh doanh bao hiém tiép tuc duoc hoan thién voi Luat stra déi, bd sung Luat Kinh doanh bao hiém co hiéu tye, nhiéu van ban phap quy hueng dan Luat dug ban hanh déng bé, tao thuan Igi cho hoat déng cla cdc doanh nghiép kinh doanh bao hiém. Tinh dén 31/12/2011, cé 57 doanh nghiép hoat d6ng trén thi tru@ng bao hiém Viet Nam trong cac Iinh wwe bao hiém nhan tho, bao hiém phi nhan the, tai bao hiém va mdi gidi bao hiém. Thém vao dé, sy o6 mat cia 32 van phéng dai dién cia cdc té chic bdo hiém nu6c ngoai tai Viét Nam cling gép phan tang cueng niém tin cua cac nha dau tu nus ngoai tai Viét Nam. Nam 2011, doanh thu phi bao hiém dat 36.574 ti déng, duy tri téc dd tang trudng én dinh & mirc 18,58% so véi nam 2010, dau tu tro lai nén kinh té dat 83.080 ti ddng, tang 5,07%, bdi thong tra tién bao hiém dat 15.972 tl ddng, tang 29,85%. Nganh bao hiém da gidi quyét céng 4n vic lam cho 303.810 lao déng Dae biét, Nam 2011, thi truong bao hiém c6 02 doanh nghigp bao hiém duge té chuc quéc té A.M.Best xép hang B++ va B+ vé nang lye tai chinh. Didu nay thé hién tinh chuyén nghiép, burc dau khang dinh dang cap va uy tin cla cdc doanh nghiép bao hiém Viét Nam trén thi trvéng bao hiém khu vyc va thé gidi. Ngay 15/2/2012, Thu tuéng Chinn phi da ky ban hanh Quyét dinh sé 193/QD-TTg vé Chién luge phat trién thi truéng bao hiém Vist Nam giai doan 2011-2020, trong dé cd nhidu gidi php déng b6. Trong nm 2012, voi muc tiéu duy tri thi trréng bao hiém phat trién an toan, bén ving va hiéu qua; dap wng nhu cau bao hiém da dang cla cac té chive, ca nhan; tiép can cac chudn myc, théng 16 quéc té vé kinh doanh bao hiém va tiyng bude thu hep Khodng cach phat trién voi cac quéc gia trong khu vye, BO Tai chinh sé tap trung thuc hién c&c giai phap chinh bao gém: tiép tuc hoan thién co ché chinh sdch vé kinh doanh bao. hiém, tang cuéng quan ly, gidm sat nha nue, tai cAu tric doanh nghiép bao hiém, day manh hon niva viéc trién Khai thyc higén mot s6 chuyong trinh thi diém bao hiém-cua nha nude nhu bao hiém néng nghiép va bao hiém tin dung xudt khau Mac da nam 2012 cdn nhiéu khé khan, thach thie, song voi sy quyét tam va nd lye 6 ging cia cac doanh nghiép bao hiém cing co quan quan ly, gidm sat bao hiém va Hiép. hdi bao hiém, nganh bao hiém Viet Nam dy kién sé tiép tuc duy tri t6c dO tang trvéng cua nam 2011, trong d6 doanh thu phi bdo hiém dy kién tang trudng 1a 17%, va dau tu tré lai nén kinh té tang 30% so voi nam 2011. The Annual Report of Vietnam Insurance Market 2011 KEY DEVELOPMENT INDICATORS | Pe 37 18,376 14,898 6,403 8,495 3.478 1.15 0.61 081 0.33 Wz 9,957 5,690 4.267 30,661 39,698 21,707 118,200 40 22 24,273 17,650 8213 9437 6623 212 0.72 0.82 0.68 207 14,605 6,627 7,978 46,549 97,543 35,685 131,910 10 28,054 21,255 10,948 10,307 6,799 1.90 0.74 0.70 0.46 247 14,370 9,533 437 56,435, 71,831 42,214 195,256 10 32,824 25,593 13,754 11,839 7,228 1.99 0.83 o72 295 14,972 8,956 6.016 65,004 84,977 48,641 187,702 " 39,138 30,842 17,070 13,772 1.98 0.86 0.70 (0.42 450 19,101 12,300 6,801 79,069 99,330 55,324 47,007 30,574 20,576 15,998 04S 1.65 ost 0.63 0.41 15,972 6.052 83,080 107,001 62,199 2,723, 303,810 Thi truéng bao hiém Viét Nam nam 2011 CAc CHi TIEU PHAT TRIEN CHU YEU 37 a 18.376 14.898 6.403 8.495 1,75 0.61 081 0,33 77 9.957 5.690 4.267 30.661 30.698 27.707 118.200 17.650 8.213 9.437 6.623 212 0.72 082 0,58 207 14.605 6.627 7.978 57.543 35.685 131.910 49 2 "1 pul 10 28.054 21.255 10.948 10.307 6.799 1,90 ora 0,70 0,46 247 14,370 9.533 4837 71.834 42214 135.256 25.593 13.754 11.839 1228 1,99 0.83 o72 0,44 295 14.972 8.956 6.016 65.094 84.077 48.641 187.702 "1 39.138 30.842 17.070 13.72 8.296 4,98 0.86 070 0,42 450 49.101 12.300 6.801 79.069 99.330 85.924 243.203 87 14 12 47.007 36.574 20.576 15.998 10.433, 1,85 0.81 0,63 0,44 535 16.972 6.052 83.080 107.001 62.199 2723 303.610 The Annual Report of Vietnam Insurance Market 2011 VIETNAM INSURANCE INDUSTRY OVERVIEW FOR 2011 4. MARKET STRUCTURE In 2011, there were 57 service providers in the insurance market with diversified ownership structure, including 26 sole member limited liability companies (Sole member LLC), 08 liability limited companies with more than one member (LLCs) and 23 joint stock companies. Table 1. Ownership Structure of Enterprises by Type of Business W 3 45 Non-life Insurers Life insurers "4 3 0 Professional Reinsurers 1 0 est Insurance Brokers 3 2 7 Total 26 rae 23. In addition, the presence of 32 representative offices of foreign insurance undertakings in Vietnam played a positive role in improving the investment environment and increasing the confidence of foreign investors in doing business in Vietnam. 2. MARKET SIZE In 2011, the industry still maintained its growth rate compared to GDP. The industry's revenue (including investment income) reached VND 47,007 billion, increased by 20.11% compared to 2010 of which insurance premiums were VND 36,574 billion and investment income reached VND 10,433 billion. In the international integration environment, the role and position of local insurers have been enhanced and strengthened. In the non-life sector, domestic insurers overwhelmed the market with the market share of 91.44%. Meanwhile, foreign invested life insurers (including 100% owned foreign companies and joint venture companies) dominated with the market share of 77.76% in the life sector. Table 2. Insurance Premiums and Market Share by Industry ee 2010 2010 ©2011-2010 VND AD 20,876 17,070 15,998 13,772 36,574 30,842 Yo 20.54 2411 16.16 16.33, 18.58 20.51 % 86.26 55.35 4374 44.65 100 100 % 0.81 0.86 0.63 0.70 1.44 1.56 3. NON-LIFE INSURANCE BUSINESS In 2011, non-life gross written insurance premiums were VND 20,576 billion with an increase of 20.54% to 2010. The market was still highly concentrated to the big 4 non life insurers which held a combined market share of 63.84% in 2011. They are Bao Viet (23.70%), PVI (20.61%), Bao Minh (10.36%) and PJICO (9.17%). 25 other non — life insures only have small contribution to premium as of 36.16%. 6 Thi truong bao hiém Viét Nam nam 2011 TONG QUAN TH! TRU'O'NG BAO HIEM VIET NAM NAM 2011 1, CO CAU TH] TRUONG Nam 2014, ¢6 57 doanh nghiép thuéc moi thanh phan kinh t& tham gia hoat déng kinn doanh bao hiém, bao gdm 26 céng ty TNHH 1 thanh vién, 8 cong ty TNHH 2 thanh vién tre én va 23 c6ng ty od phan. Bang 1. Sé Igng cc céng ty bao hiém theo loai hinh doanh nghiép Phi nhan tho: 3 as : , Tal bao hiém | % 1 oO 4 = Moi gigi bao hiém = 3 2 7 Téng c6ng i 26 8 2 Ei Ben canh dd, sy gop mat cla 32 van phong dai dien cua cac t6 chuc bao hiém nuec ngoai tai Viét Nam ciing gop phan thién méi truéng dau tu’ va tang léng tin cla cac nha dau tu nuéc ngoai khi dén dAu tu’ t Nam. 2. QUY MO THI TRUONG Nam 2011, thi trong bao hiém tiép tuc duy tri téc do tang trong cao so voi tang trvéng GDP, doanh thu toan nganh (ké cd doanh thu dau tu) dat 47.007 ty déng, tang 20,11% so v6i n&m 2040 trong dé doanh thu phi bao hiém dat 36.574 ty déng, doanh thu hhoat dong dau tu’ dat 10.433 ty déng. Trong béi canh hoi nhap kinh t6 quéc té, vai tr, vj tri cla cdc doanh nghiép bao hiém trong nue tai khdi phi nhan the tiép tuc duge cling od va tang cuéng, véi doanh thu phi bao hiém chiém 91.44% téng doanh thu phi bao hiém phi han thg. Trong khi d6, déi véi khdi nhan tho, doanh thu phi bao hiém cua cac doanh nghiép 6 vén dau tu nude ngoai (100% vén dau tu nuée ngoai hoac lién doanh) lai chiém ph&n lén dat 77.76% tong doanh thu phi bao hiém nhan tho. Bang 2. Doanh thu phi bao hiém va thi phan theo nganh “Phinhantiio ——Nhantho——Toanth/ trvéng 2011 2010 2011 201020112010 Tyadng 20.576 17.070 15.998 13.772 36.574 30.842 % 2084 24,11 16,16 16,33 18,58 20,51 % 56,26 55,35 43,74 44,65 400 100 % 081 086 0.63701, 1,86 3. HOAT DONG KINH DOANH BAO HIEM PHI NHAN THO Nam 2011, doanh thu phi bao hiém phi nhan tho dat 20.576 ty déng, tng 20,54% so woi nam 2010. Thi phan doanh thu phi bao hiém tiép tuc tap trung vao 4 doanh nghiép lon chiém 63,84%, bao gdm Bao Viét (23,7%), PVI (20,61%), Bao Minh (10,36%), PJICO (9,17%). 25 doanh nghiép bao hiém phi nhan tho cén lai chi chiém 36,16% thi phan doanh thu phi. The Annual Report of Vietnam Insurance Market 2011 Figure 1. Non - Life insurance premiums market share in 2011 = B20 Viet 800 Minh =Pvi mPyIcO Others 3.4. Distribution of Premiums and Premium Growth by Line of Business 3.1.1. Gross Insurance Premium Distribution by Line of Business Compared to 2010, most of key lines of business achieved high growth rate. Cargo insurance increased 42.39%, followed by Health insurance (30.59%), Property and Casualty (23.79%), Fire and Explosion insurance (23.42%) and Credit and Financial risks (18.83%). Especially, Agriculture insurance rapidly rose by 75.6% against 2010 thanks to the implementation of agriculture insurance pilot program according to the Decision No.315/QD- TTg dated 01% March 2011. Figure 2. Gross Insurance Premiums in 2010 - FY2011 Unit: VND million Agriculture — 16,706 9,514 Business Interruption | 65.832 71,586 Credit & Financial Risks 22,804 867.277 ral Liabili B General Liability BF 367.277 Hulland P&P 1.842.514 1,807:354 Fire & Explosion [1.245.881 2011 1,009,454 il a 6,182,572 2010 Auton che eT 33> | Aviation 606,771 518,869 Coro SP 1,506,989 1,269,046 Property. Cosuhy terres 5 298.34 | cot nen, 32302159 ° 2,000,000 4,000,000 6,000,000 8,000,000 Thj truéng bao hiém Vist Nam nam 2011 Biéu 1. Thi phan doanh thu phi bao hiém nam 2011 meaovier m= B40Minh =n =uico me khae | 3.1. Co cdu doanh thu va téc dé tang truéng doanh thu phi bao hiém theo nghiép vy 3.1.1. Doanh thu phi bao hiém géc theo nghiép vu Nam 2011, doanh thu phi bao hiém géc ciia hau hét c&c nghiép vu chinh déu ting so voi nam 2010, trong do co mot sé nghiép vu co téc dO tang trudng cao Ia: Nghiép vy bao hiém hang héa van chuyén, tang 42,39%; bao hiém stro khée, tang 30,59%; bao hiém tai san va thiét hai, tang 23,79%; bdo hiém chay, né, tang 23,42%; bao hiém tim dung va rili ro. tai chinh, tang 18,83%. Riéng nghiep vu bao hiém ndng nghiép tang 75,6% so voi nam 2010 do nam 2011 la ném dau tién trién khai thi diém bao hiém néng nghiép theo Quyét dinh sé 315/QD-TTg ngay 01/3/2011 cia Thii tuéng Chinh phii vé viée thyc hién thi diém bao hiém néng nghiép giai doan 2011-2013. Biéu 2. Doanh thu phi bao hiém géc theo nghiép vy nam 2010-2011 Bon vi: Trigu déng BHnéngnghigp | 370° BHthigtheikinh doanh | 958%, BHtin dyngvarolrotaichinh | 73494 eHtach nhigmchung BBP 363377 BHthén tau & TNDS chitin NT 1-832 514, BHehay. nd EB 493589 =2011 8x0 ce gt eas 6292-572 ane BHhangkhong MP S522) BHhanghos ven chuyén EO. 1, 006.900 BHtai sin va BH thiét hoi ayy: 5° BH strc khos ss 707° ° 2,000,000 4,000,000 6,000,000 _8,000,000 The Annual Report of Vietnam Insurance Market 2011 Figure 3. Distribution of Gross Insurance Premiums by Line of Business in FY2011 f zaraoiiy 0am __oeew wie mProperty & Casualty = Carko mAviation m Automobile Fire & Explosion = Hutland P&t = General Liability © Credit & Financial Ricks = Business Interruption Zoe s Agriculture In 2011, Automobile insurance accounted for the highest proportion of 30.05%, followed by Property and Casualty insurance (24.49%), Health insurance (15.94%), Hull and P&I (8.95%) and Cargo insurance (8.78%). General Liability, Aviation insurance, Fire and Explosion insurance ranged from 2.27% to 6.05%. Meanwhile, the other lines still at very low level such as Agriculture insurance (0.08%), Credit & Financial risks (0.11%) and Business Interruption insurance (0.32%). 3.1.2. Net Retained Insurance Premium Distribution by Line of Business After synchronized solutions prescribed in the insurance market development strategy had been taken, the financial capacity and business capability of non-life insurers were significantly improved. Risk management and loss prevention practices have also been strengthened. As a result, compared to 2010, net retained non-life premiums increased by 17.4% from VND 12,077 billion of 2010 to VND 14,179 billion of 2011 Figure 4. Net Retained Premiums by Line of Business in 2010 - 2011 Unit: VND million Agriculture 096 Business Interruption Cred Financial RISKS. General Uabality Halland PS Fire & Explosion Automodite ion congo PS 1.228.159 S75) Property & Casucity EME, 1.630.153 Holt) ESSE 7.090.830 2,000,000 3,000,000 6,000,000 8.000.000 10 Thi truéng bao hiém Viét Nam nam 2011 Biéu 3. Co cdu doanh thu phi bao hiém géc theo nghiép vu nam 2011 aaa ‘08% seb socnas (=H tein vO eet a =H ning hes vin chanee "5B hg tht sor necowe =H enon sen etn crane at ne 810 roe evn 821 7009 mare 2.9586 Trong co’ cdu phi bao hiém theo nghiép vy nam 2011, nghiép vy bao hiém xe co gidi chiém ty trong lén nh&t (30,05%), tiép dén la bdo hiém tai sdn va thiét hai (24,49%), bao sm strc khoé (15.94%); bao hiém than tau va trach nhiém dan sw chil tau (8.95%), bao hiém hang hoa van chuyén (8,78%), bao hiém trach nhiém, bao hiém hang khéng, bdo hiém chay, né lan Iugt chiém ti trong tir 2,27% d&n 6.05%. Trong khi 46, mét sé nghiép vu bao hiém vn chiém ty trong rat thap nhu bao hiém ndng nghiép (0.08%), bao hiém tin dung va rUi ro tai chinh (0,11%), bdo hiém thiét hai kinh doanh (0,32%). 3.1.2. Doanh thu phi bao hiém git lai theo nghiép vy Sau qua trinh thyc hién déng bo nhiéu gidi phdp trong Chién lwgc phat trién thi trudng bdo hiém, nang lye tai chinh, nZng lwe kinh doanh ciia cdc doanh nghiép bao hiém 4a tng én dang ké, céng tac danh gid nui ro va dé phong han ché tdn that cling due cai thién. Két qua la, mirc phi bdo hiém gir lai cla toan thi trudng bao hiém phi nhan tho tang 17,4% so voi nam 2010, tir 12.077 ty ddng nam 2010 lén 14.179 ty ddng nam 2011 Biéu 4. Doanh thu phi bao hiém gif lai theo nghiép vy nam 2010 - 2011 Bo vj: Trig dng BH dna nai 6.096 whit tnstemcooen | SEAS 77811 | BH tin dung va rato tai chin 3.828 Bitrach anigm chung MF 329,298 Biithdn thuvaTNOS cha tou MMs 883.302 srrensy.nd ML Sf = 2011 BH. C1) EE 6.312.065 «2010 Biihongkhong | 83.648 5.537.930 BHhang hoa van chuyén REP 2.216.159 "4 The Annual Report of Vietnam Insurance Market 2011 Figure 5. Retention Rate by Line of Business in 2011 Acicutuc —— 36% Business Interuption A 5 6% ‘Credit&Financial Risks MN 16% ced bit) TT 85% Hula Pl TT 48% Fre& xposion A 41% ANN! A 102% | Aviation Mmm 14% 1 57°, Property & Casualty EN 32% | 0% = 20% = 40% ~— 60% = 8O%_~— 100% =~ :120% In 2044, the average retention rate was 68.91%. In which, the highest retention rate was Automobile insurance (99%), followed by Health insurance(80.79%). In the distribution of net retained premiums, Automobile insurance accounted for the highest portion of 43.17%, followed by Health insurance 21.8% and Property and Casualty insurance 12.85%... The other lines which accounted for low share were Credit & Financial risks 0.03%, Agriculture insurance 0.04% and Business Interruption insurance 0.26%. Figure 6. Distribution of Net Retained Premiums by Line of Business in 2011 meat mihroperty & Castalty = Adation = Atomobite fine & Explosion Hell and FA General Uabiey se

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