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Vietnam insurance market in quarter 1/2021

Continuing the recovery and positive growth from the fourth quarter of 2020, Vietnamese macroeconomic picture in the first quarter of 2021 continued to remain stable, the weather in the first months of the year was relatively favorable. However, the outbreak of Covid-19 in some localities at the end of January posed many challenges in the management, direction and administration of economic development and social security. Notably, by the end of first quarter, the outbreak was put under control and production and business activities returned to normal status, making the demand for credit of the economy increase. The stock market surged and the insurance market maintained a steady growth rate.

Total premium volume of the insurance market was estimated to increase by 9% over the same period in 2020, of which non-life sector increased by 6%, and life sector increased by 11%.

Personal insurance (Health and Motor) accounted for about 60% of the market premium volume. Personal Accidents for bank loan holders continued the downward trend with negative growth of 29% as Covid-19 exerted impact on consumption borrowing.

Cargo insurance recorded a growth rate of nearly 15% after a sharp fall last year, with Bao Viet growing 20%, PJICO 7%, PVI 16% and BIC 61%.

Aviation Insurance, one of the most severely affected sectors by the pandemic, also recovered strongly with a growth rate of 37% in the first 3 months of 2021 thanks to the recovery of local tourism.

Property – Engineering remained stable growth at 13%.

Top five enterprises experienced a slowdown in growth rate, mostly below 5%, especially Bao Viet declined by 2.7%. The only exception was PVI which increased more than 10% over the same period of 2020 thanks to Personal, Health which accounted for 31% of its portfolio.

In general, there were not many major losses in the first quarter, the two biggest losses were Ivory Thanh Hoa (insured by Bao Viet, estimated loss VND49 billion) and Vn Dai Phong (insured by MIC, estimated loss VND36 billion).

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