Building on its record of solid growth, Vietnam’s insurance market saw premium income increase by 20.3% in 2010 to VND30.69tn ($1.57bn), according to the Vietnam Business Forum.
The strongest growth pace was recorded by the general insurance sector which increased premium income by 24% in 2010 to VND13.69tn. Life insurance premium income was reported at VND17tn, an increase of 16% compared with 2009 when an almost identical increase of 15.9% was recorded.
According to consultancy Towers Watson, UK insurer Prudential’s subsidiary Prudential Vietnam ranked as the leading life insurer in the nine months of 2010 with a market share of 32%. It was followed by state-controlled Bao Viet Life with a market share of 25%.
12 life insurers are active in Vietnam, with the latest entry being Italian insurer Generali. Bao Viet Life is the only truly Vietnamese-controlled life insurer.