Value of gross premiums of non-life insurance sectors in Vietnam 2022, by category

In 2022, health insurance recorded the highest value of gross premiums of non-life insurance in Vietnam, reaching over 24 trillion Vietnamese dong (VND). In that year, the gross premiums for automobile insurance in the country amounted to around 18 trillion VND, following by fire and explosion insurance with over 9.4 trillion VND value of gross premiums.

Automobile insurance in Vietnam

In 2022, Vietnam experienced a significant surge in vehicle sales. As a result, the country is expected to see a consistent annual growth in the number of cars in use per 1,000 inhabitants. For car owners in Vietnam, civil liability insurance is compulsory. This insurance bears liability for any third party that suffered from damage caused by the insured car. In addition to that, car owners can voluntarily take out comprehensive car insurance which covers physical damage to the car.

Non-life insurance in Vietnam

The gross written premiums of the non-life insurance segment in the country amounted to nearly 70 trillion VND in 2022. The market leaders, also referred to as the “big 5” of non-life insurance, included PVI, Bao Viet, PTI, Bao Minh, and Pjico. Compared to the previous year, business interruption insurance, fire and explosion insurance, health insurance, guarantee insurance, credit and financial risk insurance, hull and P&I insurance, cargo insurance, as well as automobile insurance had the highest growth rates within the non-life insurance sector.