China Insurance Market ($ bn): 1996-2011Store this angel in big sizeChina has been the fastest-growing nation for the accomplished division of a aeon with an boilerplate anniversary GDP advance amount aloft 10%. Chinese abridgement is the 4th better in the apple afterwards the US, Japan and Germany, with a nominal GDP of US$3.42 abundance (2007) if abstinent in exchange-rate terms.
China is the world’s better beginning allowance market. With GDP advance of over 10% per annum, accelerated bread-and-butter development and a beginning chump class, China has the abeyant to become one of the world’s a lot of cogent allowance markets. Driven by a array of demographic, bread-and-butter and authoritative factors, this advance should abide at a solid clip for the accountable future. As of backward 2004, China was absolutely adjustable with its WTO insurance-related accession provisions, giving adopted firms greater bazaar access. While calm players boss the market, adopted insurers are gradually attaining greater bazaar share. Challenges remain, however, and cover an all-embracing abridgement of administration talent, artless consumers, poor administration channels and non-transparent authoritative approval processes.
Several factors are amenable for this alarming akin of growth. Some of the a lot of apparent ones are China’s crumbling population; top accumulation amount and poor amusing aegis systems as able-bodied as an accretion amount of affluent consumers articulation that is dispatch advance in the acreage and casualty, auto and bloom allowance sectors. Compared to its bounded peers, the Chinese bazaar is still essentially abate than Japan and hardly abate than South Korea. It is, however, the fastest-growing bazaar in both complete and about terms, growing by $61.17 billion and 169.63% amid 2002 and 2007. This accelerated development of the Chinese allowance bazaar is apprenticed by bread-and-butter growth, but exceptional advance has outstripped bread-and-butter advance consistently over the accomplished 5 years.
Market Performance & Forecast
In 1996, absolute exceptional .i.e. activity allowance and non-life allowance accumulated was $12.84 billion and in 2007, it was estimated to be $97.23 billion. Between 1996 and 2007, Chinese Insurance area accomplished a CAGR of about 20.21%. Between 1996 and 2000, activity articulation had an access of $13.11 billion from $7.14 billion to $18.56 billion and amid 2002 and 2007, an access of $37.47 billion from $24.26 billion in 2002 to $61.73 billion. We anticipation that activity allowance premiums in 2011 will be $108.12 billion. In non-life segment, amid 1996 and 2007, a advance of $29.80 billion was apparent from $5.70 billion in 1996 and $35.50 billion in 2007. It is accepted that non-life premiums in 2011 will be $64.37 billion.
Major Driving Factors
=> Variety of demographic, bread-and-butter and authoritative factors
=> Demand from Commercial Property Segment
=> Increased accident acquaintance and appeal for adult products
=> Improved ability of bounded insurers
=> Guarantee amount ameliorate and abounding others....
Major Trends & Issues
=> Foreign entrants adverse buying restrictions with account to collective ventures
=> Regulatory obstacles for adopted companies
=> Use of case channels by allowance companies to ability out to consumers in non-urban areas.
=> Customer adherence in China’s allowance bazaar is actual thin, and barter are calmly poached.
=> The State Council accepting afresh austere the way for banks to advance in accustomed allowance companies on a pilot basis
=> Focus from amount antagonism has confused to developing new articles and accretion the all-embracing admeasurement of the allowance market
=> Low assimilation as a aftereffect of low chump awareness
=> Need of added accommodation and ability in specialist areas such as MAT, energy, accountability allowance
=> And abounding other....
Emerging Areas
=> Longer-term adopted barter activity allowance policies
=> Cross-sector investment (e.g., investment in banks), and an amplification of investment classifications (asset-backed securities, property, industry funds, adopted markets, etc.) for insurers.
=> Development of a Stock Broker Market
=> Growth of calm reinsurance capacity
=> And abounding other....
According to China Insurance Regulatory Commission (CIRC) as of June 30, 2006, there were about 100 allowance companies in China. Out of these 100 companies, there were 56 calm allowance companies and 44 adopted allowance companies. Domestic allowance companies had a bazaar allotment of about 93.3% and the actual 6.7% was controlled by the adopted allowance companies. The absolute bazaar is absolutely burst and a lot of of these 56 calm allowance companies are region-centric and are able in their corresponding markets. The better adopted companies are AIU (a accessory of AIG), Tokio Marine, and Mitsui Somitomo. As new players accept entered the market, antagonism has agitated significantly, as the absolute players action to advance their bazaar share.
Topics covered in the report
=>Trend appraisal of Chinese abridgement & macroeconomic factors accidental to the advance of the sector
=>China’s position in the ambience of arising countries
Historical advance trends & advance drivers of Insurance & its sub-sectors in China and angle till 2011.
=>Market admeasurement of allowance area (total, activity & non-life) back 2000 till 2007
=>Market anticipation of allowance area (total, activity & non-life) amid 2007 and 2011
=>Government policies, initiatives, regulations and problems faced by adopted insurers
=>Key issues & challenges, above trends & opportunities
=>Role of banal brokers, banks, calm reinsurance and bancassurance segments
=>Industry and markets with best affairs for allowance products
=>Government’s initiatives to advance & adapt the allowance market
=>Competitive mural and bazaar allotment of top players
=>And abounding more...
Table of Contents
METHODOLOGY & RESEARCH APPROACH
EXECUTIVE SUMMARY
1.CHINA
1.1.CHINESE ECONOMY
1.1.1.Macroeconomic trends
1.2.GOVERNMENT POLICIES
1.2.1.Three-Step Regional Development Strategy
1.2.2.The 11th Five-Year Program (2006-2010)
1.2.3.Development of Energy-Efficient Society
2.CHINESE INSURANCE SECTOR
2.1.MARKET OVERVIEW
2.1.1.Insurance Sector vs. Macro-Economic Factors
2.1.2.Market Constituents
2.2.MARKET PERFORMANCE & FORECAST (1996-2011)
2.2.1.Chinese Insurance Market
2.2.1.1.Chinese Life Insurance Market
2.2.1.2.Chinese Non-Life Insurance Market
2.3.TRENDS, ISSUES AND OPPORTUNITIES – AN ANALYSIS
2.3.1.Demand from Commercial Property Segment
2.3.2.Increasing Population and Prospective Buyers
2.3.3.Middle-men or Broker Market
2.3.4.Entry of Banks
2.3.5.Increasing accident acquaintance & appeal for avant-garde products
2.3.6.Guarantee amount reform
2.3.7.Development of calm reinsurance markets
2.3.8.Regulatory obstacles
2.3.9.Other above issues & trends
2.4.GOVERNMENT REGULATIONS
2.5.COMPETITIVE LANDSCAPE
2.5.1.Market Segmentation
2.5.1.1.Competition in Life Insurance Sector
2.5.1.2.Competition in Non-Life Insurance Sector
2.5.2.Driving Factors
2.5.3.Company Profiles
2.5.3.1.China Life Insurance Company Limited
2.5.3.2.China Pacific
2.5.3.3.Ping An
2.5.3.4.New China Life
Pages: 83; Format: PDF
List of Charts
Chart 1: China’s GDP Growth (1952-2005)
Chart 2: Macroeconomic Data & Factors
Chart 3: Total Premium Growth vs. GDP Growth (%) – 1996-2007e
Chart 4: Growth (%): Life vs. Non-Life vs. Total Premium vs. GDP (%) – 1996-2008f
Chart 5: Chinese Insurance Market: Segment Share
Chart 6: China Insurance Market Value ($billion): 2000-2007e
Chart 7: China Insurance Market Value Forecast ($ billion): 2008-2011f
Chart 8: Growth Trend of Life Insurance and Non-Life Insurance ($billion): 1996-2007e
Chart 9: GDP Growth vs. Total Premium Growth vs. Life Insurance Growth (%) – 1996-2007e
Chart 10: Life Insurance Market in China: 1996-2007e ($ billions)
Chart 11: Life Insurance Market in China: Forecast 2007-2011f ($billions)
Chart 12: GDP Growth vs. Total Premium Growth vs. Non-life Insurance Growth (%) – 1996-2008f
Chart 13: Sub-sector allotment of Non-life Insurance Market in China
Chart 14: Non-life Insurance Market in China: 1996-2007e ($ billions)
Chart 15: Non-life Insurance Market in China: Forecast 2007-2011f ($billions)
Chart 16: Market Share of Top 3 Domestic Life Insurance Companies
Chart 17: Market Share of Non-life Insurance Companies in China
Chart 18: Market Share of Reinsurers in China (2006)
List of Tables
Table 1: Macroeconomic Data & Factors
Table 2: Chinese GDP vs. US Dollar barter vs. Inflation Index
Table 3: Total Premium Growth & GDP Growth (%) – 1996-2007e
Table 4: Growth (%): Life vs. Non-Life vs. Total Premium vs. GDP (%) – 1996-2008f
Table 5: China Insurance Market Value & Forecast ($ billion): 1996-2011f
Table 6: Growth Trend of Life Insurance and Non-Life Insurance ($billion): 1996-2007e
Table 7: GDP Growth vs. Total Premium Growth vs. Life Insurance Growth (%) – 1996-2007e
Table 8: Life Insurance Market in China: 1996-2007 ($ billions)
Table 9: Life Insurance Market in China: Forecast 2007-2011 ($billions)
Table 10: GDP Growth vs. Total Premium Growth vs. Non-life Insurance Growth (%) – 1996-2008f
Table 11: Non-life Insurance Market in China: 1996-2007e ($ billions)
Table 12: Non-life Insurance Market in China: Forecast 2007-2011f ($billions)
Table 13: Top Domestic and Foreign-Invested Life Insurance Firms in China
Table 14: Top Domestic and Foreign-Invested Non-Life Insurance Firms in China
For added data on this industry report, attentive get in blow with:
Renu Dhyani
PR & Communication Executive
The Knowledge Centre – A Sheffield Haworth Company
Tel: +91-11-40601158 (o); +91-9958790353 (m)
Email: dhyani@sheffieldhaworth.com
Web: www.sheffieldhaworth.com
About ‘The Knowledge Centre’
Established in 2007, “The Knowledge Centre” caters to audience in Financial Services Sector globally. Its ability lies in ability management, business analysis & administration consulting. It conducts surveys above altered regions and creates business and bazaar analysis letters on all the above sectors and sub-sectors of all-around banking casework market.
The Knowledge Centre is a wholly endemic accessory of the world’s better controlling seek close in banking services. The ancestor aggregation undertakes seek assignments at top levels. It has offices advance above London, New York, Dubai, Delhi, Hong Kong and Tokyo.
2009年12月16日星期三
The Knowledge Centre - India: The Next Insurance Giant
Indian Insurance MarketStore this angel in big sizeNew Delhi, May 6th 2008: Indian abridgement is the 12th better in the world, with a GDP of $1.25 abundance and 3rd better in agreement of purchasing ability parity. With factors like a abiding 8-9 per cent anniversary growth, ascent adopted barter reserves, a booming basic bazaar and a rapidly accretion FDI inflows, it is on the blueprint of an anytime accretion advance curve.
Insurance is one above area which has been on a connected advance ambit back the awakening of Indian economy. Taking into anniversary the huge citizenry and growing per capita assets besides several added active factors, a huge befalling is in abundance for the allowance companies in India. According to the latest analysis findings, about 80% of Indian citizenry is after activity allowance awning while bloom allowance and non-life allowance continues to be below all-embracing standards. And this allotment of the citizenry is aswell subjected to anemic amusing aegis and alimony systems with hardly any old age assets security. As per our findings, allowance in India is primarily acclimated as a agency to advance claimed affairs and for assets tax planning; Indians accept a addiction to advance in backdrop and gold followed by case deposits. They selectively advance in shares aswell but the allotment is actual small--4-5%. This in itself is an indicator that advance abeyant for the allowance area is immense. It’s a business growing at the amount of 15-20% per annum and anon is of the adjustment of $47.9 billion.
India is a all-inclusive bazaar for activity allowance that is anon proportional to the advance in premiums and an access in activity density. With the access of clandestine area players backed by adopted expertise, Indian allowance bazaar has become added vibrant. Competition in this bazaar is accretion with company’s connected accomplishment to allurement the barter with new artefact offerings. However, the bazaar allotment of clandestine allowance companies charcoal actual low -- in the 10-15% range. Even to this day, Life Insurance Corporation (LIC) of India dominates Indian allowance sector. The abundant duke of government still dominates the market, with amount controls, banned on ownership, and added restraints.
Market Performance & Forecast
In 2000, Indian allowance bazaar admeasurement was $21.71 billion. Between 2000 and 2007, it had an access of 120% and accomplished $47.89 billion. Between 2000 and 2007, absolute premiums maintained an boilerplate advance amount of 11.96% and the CAGR advance during this time anatomy has been 11.96%. It was one of the a lot of connected advance patterns we accept noticed in any added arising economies in Asian as able-bodied as Global markets.
Major Driving Factors
=> Growing appeal from semi-urban citizenry
=> Entry of clandestine players afterward the deregulation
=> Rising appeal for retirement accouterment in the ageing population
=> The aperture of the alimony area and the enactment of the new alimony regulator
=> Rising per capita incomes a allotment of the able average class, and overextension affluence
=> Growing chump chic and access in spending & extenuative capacity
=> Public clandestine partnerships basement development
=> Dearth of avant-garde & buyer-friendly allowance products
=> Success of Auto allowance sector
Emerging Areas
=> Healthcare Insurance & Pension Plans
=> Mutual armamentarium affiliated allowance products
=> Multiple Distribution Networks .i.e. Banc assurance
The advancement advance trend started from 2000 was mainly due to bread-and-butter behavior adopted by the again Indian government. This year saw admission of an era of bread-and-butter liberalization and globalization in the Indian abridgement followed by several reforms and abiding behavior that created a absolute roadmap for the success of Indian banking markets. On the base of several macroeconomic factors like access in articulacy amount & per capita income, abatement in afterlife amount and unemployment, bigger tax rebates, growing GDP etc., we appraisal that the Indian allowance area will abound by $28.65 billion and ability $76.54 billion by 2011 with a CAGR of 12.44% and a advance of 59.82%.
The Indian activity allowance bazaar generated absolute revenues of $41.36 billion in 2007, appropriately apery a admixture anniversary advance amount (CAGR) of 11.84% for the aeon spanning 2000-2007. Life allowance bazaar had a advance of $22.46 billion aural a aeon of 7 years with a advance amount of 118.24%. Estimated activity premiums rose from INR1,470,800 actor ($36.77 billion) in 2006 to INR1,301,540 actor ($32.54billion) in 2005. We brainstorm that activity premiums in 2011 will be $65.96 billion, a advance beyond than they were in 2007. The achievement of the bazaar is anticipation to accelerate, with an advancing CAGR of 9.78% for the four-year aeon 2007-2011 accepted to drive the bazaar to a amount of $65.96 billion by the end of 2011. There would be a advance of $24.6 billion i.e. 59.48% in the next 4 years.
Non-life premiums in India were $6.53 billion in 2007. Gross accounting exceptional (GWP) in the Indian non-life allowance bazaar accomplished a amount of $5.75 billion in 2006, this apery an anniversary advance of 13.55% for the aeon spanning 2006-2007. Estimated non-life premiums rose from INR230 billion ($5.75 billion) in 2006 to INR261 billion ($6.53 billion) in 2007. We ahead that non-life premiums will abound by a CAGR of 9.40% amid 2007-2011. We are analytic for non-life premiums to acceleration by $405 actor over the 5 years to the end of 2011 with a advance amount of 62.02%.
Topics covered in the report
=> Trend appraisal of Indian abridgement and growing macroeconomic factors and
=> India’s position in the ambience of arising countries
=> Historical advance trends & advance drivers of Insurance & its sub-sectors in India and angle till 2011.
=> Market admeasurement of allowance area (total, activity & non-life) back 2000 till 2007
=> Market anticipation of allowance area (total, activity & non-life) amid 2007 and 2011
=> Key issues & challenges, above trends & opportunities
=> Government’s initiatives to advance & adapt the allowance market
=> Competitive mural and bazaar allotment of top players
=> And abounding more...
Table of Contents
METHODOLOGY & RESEARCH APPROACH
EXECUTIVE SUMMARY
1.INDIA
1.1.ECONOMY
1.1.1.Performance in FY2007
1.1.2.Growing Per Capita Income
1.1.3.Macroeconomic trends
1.1.4.Future predictions
1.2.GOVERNMENT POLICIES
2.INDIAN INSURANCE SECTOR
2.1.MARKET OVERVIEW
2.1.1.Insurance Sector vs. Macro-economic factors
2.2.MARKET PERFORMANCE & FORECAST (2000-2011)
2.2.1.Indian Insurance Market
2.2.1.1.Indian Life Insurance Market
2.2.1.2.Indian Non-Life Insurance Market
2.3.DRIVING FACTORS
2.3.1.Opening of Pension sector
2.3.2.Growing Per Capita Income & Changing Demographics
2.3.3.Macro-Economic and Demographic Growth Drivers
2.3.4.Other Major Drivers
2.4.TRENDS, ISSUES AND OPPORTUNITIES – AN ANALYSIS
2.4.1.Major Issues
2.4.2.Emerging sectors for Insurance
2.4.3.Emergence of Multiple Distribution Networks
2.4.4.Consolidation of Distribution Strategy
2.4.5.Targeting alcove chump abject with customized products
2.4.6.Stagnating exceptional advance and basal opportunity
2.4.7.The Deregulation of the Insurance Market in India (w.e.f. January 1, 2007)
2.4.8.Proposed stages of abatement of the tariffs
2.4.9.Insurance area active Indian CRM market
2.4.10.Product Preferences a allotment of Consumers
2.4.11.Success of Auto Insurance Sector
2.4.12.Other above hurdles
2.5.GOVERNMENT REGULATIONS
2.5.1.Insurance Acts
2.5.2.Government backed allowance schemes
2.5.3.Reforms in Insurance Sector
2.6. COMPETITIVE LANDSCAPE
2.6.1. Competition in Life Insurance Sector
2.6.1.1 Market Share & Segmentation
2.6.1.2. Life Insurance - Five Forces Analysis
2.6.2.Competition in Non-Life Insurance Sector
2.6.2.1. Market Share & Segmentation
2.6.2.2. Non-Life Insurance - Five Forces Analysis
2.7. COMPANY PROFILES – TOP PLAYERS
2.7.1.Bajaj Allianz General Insurance Co. Ltd
2.7.2.ICICI Lombard General Insurance Company
2.7.3.IFFCO-TOKIO General Insurance (ITGI)
2.7.4.National Insurance Company Limited
2.7.5.The New India Assurance Co. Ltd.
2.7.6.The Oriental Insurance Company Limited
2.7.7.Reliance General Insurance
2.7.8.Royal Sundaram Alliance Insurance Co. Ltd
2.7.9.Tata AIG General
2.7.10.United India Insurance Company Limited
2.7.11.Bajaj Allianz Life Insurance Company Limited
2.7.12.ICICI Prudential Life Insurance Company
Pages: 130
Format: PDF
Authors: Akash Rakyan and Nishith Srivastava
Lists of Charts
Chart 1: GDP growth, per capita assets and admeasurement of country by GDP in 2014f
Chart 2: Macroeconomic Data & Factors
Chart 3: Government Debt- India (% of GDP)
Chart 4: Annual Inflation Rate (CPI) - India %
Chart 5: Total Premium Growth vs. GDP Growth (%) – 2000-2007e
Chart 6: Life Insurance vs. Non-Life Insurance vs. Total Premium vs. GDP (%) – 2000-2008f
Chart 7: India Insurance Market Value ($ billion): 2000-2007e
Chart 8: India Insurance Market Value Forecast ($ billion): 2008-2011f
Chart 9: India Insurance Market: Segment Share (2007e)
Chart 10: India Life Insurance Market Value ($billion): 2000-2007e
Chart 11: Asia-Pacific Life Insurance Market Segmentation: % allotment in 2006e
Chart 12: India Life Insurance Market Share: % Share, by Value, 2006-2007e
Chart 13: India Life Insurance Market Value Forecast ($billion): 2008-2011f
Chart 14: India Non-Life Insurance Market Value ($billion): 2000-2007e
Chart 15: India Non-Life Insurance Market Value Forecast ($billion): 2007-2011f
Chart 16: Sub-sector allotment of Non-life Insurance Market in India (2007e)
Chart 17: India Non-life Insurance Market Share: % Share, by Value, 2006-2007e
Chart 18: Market Share of arch activity allowance companies in India (% share) – 2007e
Chart 19: India Life Insurance Market Segmentation (%share & $billion value): 2010-2011f
Chart 20: India Non-Life Insurance Market Segmentation (%share & $billion value): 2006-2007e
Chart 21: India Non-Life Insurance Market Segmentation (%share & $billion value): 2010-2011f
List of Charts
Table 1: GDP Growth (2002-07)
Table 2: Total Premium Growth & GDP Growth (%) – 2000-2007
Table 3: Growth (%): Life Insurance vs. Non-Life Insurance vs. Total Premium vs. GDP (%) – 2000-2008f
Table 4: India Insurance Market Value ($billion): 2000-2007e
Table 5: India Insurance Market Value Forecast ($ billion): 2008-2011f
Table 6: India Life Insurance Market Value ($billion): 2000-2007e
Table 7: Asia-Pacific Life Insurance Market Segmentation: % allotment in 2006
Table 8: India Life Insurance Market Share: % Share, by Value, 2006-2007e
Table 9: India Life Insurance Market Value Forecast ($billion): 2008-2011f
Table 10: India Non-Life Insurance Market Value ($billion): 2000-2007e
Table 11: India Non-Life Insurance Market Value Forecast ($billion): 2007-2011f
Table 12: India Non- Life Insurance Market Share: % Share, by Value, 2006-2007e
Table 13: India Insurance Market Segmentation (%share & $billion values): 2006-2007e
Table 14: India Insurance Market Segmentation (%share & $billion value): 2010-2011f
Table 15: Market Share of arch activity allowance companies in India – 2007e
Table 16: India Life Insurance Market Segmentation (%share & $billion value): 2010-2011f
Table 17: India Non-Life Insurance Market Segmentation (%share & $billion value): 2006-2007e
Table 18: India Non-Life Insurance Market Segmentation (%share & $billion value): 2010-2011f
To adjustment this report, attentive get in blow with:
Renu Dhyani
PR & Communication Executive
The Knowledge Centre – A Sheffield Haworth Company
Tel: +91-11-40601158 (o); +91-9958790353 (m)
Email: dhyani@sheffieldhaworth.com
Web: www.sheffieldhaworth.com
About ‘The Knowledge Centre’
Established in 2007, “The Knowledge Centre” caters to audience in Financial Services Sector globally. Its ability lies in ability management, business analysis & administration consulting. It conducts surveys above altered regions and creates business and bazaar analysis letters on all the above sectors and sub-sectors of all-around banking casework market.
The Knowledge Centre is a wholly endemic accessory of the world’s better controlling seek close in banking services. The ancestor aggregation undertakes seek assignments at top levels. It has offices advance above London, New York, Dubai, Delhi, Hong Kong and Tokyo.
Insurance is one above area which has been on a connected advance ambit back the awakening of Indian economy. Taking into anniversary the huge citizenry and growing per capita assets besides several added active factors, a huge befalling is in abundance for the allowance companies in India. According to the latest analysis findings, about 80% of Indian citizenry is after activity allowance awning while bloom allowance and non-life allowance continues to be below all-embracing standards. And this allotment of the citizenry is aswell subjected to anemic amusing aegis and alimony systems with hardly any old age assets security. As per our findings, allowance in India is primarily acclimated as a agency to advance claimed affairs and for assets tax planning; Indians accept a addiction to advance in backdrop and gold followed by case deposits. They selectively advance in shares aswell but the allotment is actual small--4-5%. This in itself is an indicator that advance abeyant for the allowance area is immense. It’s a business growing at the amount of 15-20% per annum and anon is of the adjustment of $47.9 billion.
India is a all-inclusive bazaar for activity allowance that is anon proportional to the advance in premiums and an access in activity density. With the access of clandestine area players backed by adopted expertise, Indian allowance bazaar has become added vibrant. Competition in this bazaar is accretion with company’s connected accomplishment to allurement the barter with new artefact offerings. However, the bazaar allotment of clandestine allowance companies charcoal actual low -- in the 10-15% range. Even to this day, Life Insurance Corporation (LIC) of India dominates Indian allowance sector. The abundant duke of government still dominates the market, with amount controls, banned on ownership, and added restraints.
Market Performance & Forecast
In 2000, Indian allowance bazaar admeasurement was $21.71 billion. Between 2000 and 2007, it had an access of 120% and accomplished $47.89 billion. Between 2000 and 2007, absolute premiums maintained an boilerplate advance amount of 11.96% and the CAGR advance during this time anatomy has been 11.96%. It was one of the a lot of connected advance patterns we accept noticed in any added arising economies in Asian as able-bodied as Global markets.
Major Driving Factors
=> Growing appeal from semi-urban citizenry
=> Entry of clandestine players afterward the deregulation
=> Rising appeal for retirement accouterment in the ageing population
=> The aperture of the alimony area and the enactment of the new alimony regulator
=> Rising per capita incomes a allotment of the able average class, and overextension affluence
=> Growing chump chic and access in spending & extenuative capacity
=> Public clandestine partnerships basement development
=> Dearth of avant-garde & buyer-friendly allowance products
=> Success of Auto allowance sector
Emerging Areas
=> Healthcare Insurance & Pension Plans
=> Mutual armamentarium affiliated allowance products
=> Multiple Distribution Networks .i.e. Banc assurance
The advancement advance trend started from 2000 was mainly due to bread-and-butter behavior adopted by the again Indian government. This year saw admission of an era of bread-and-butter liberalization and globalization in the Indian abridgement followed by several reforms and abiding behavior that created a absolute roadmap for the success of Indian banking markets. On the base of several macroeconomic factors like access in articulacy amount & per capita income, abatement in afterlife amount and unemployment, bigger tax rebates, growing GDP etc., we appraisal that the Indian allowance area will abound by $28.65 billion and ability $76.54 billion by 2011 with a CAGR of 12.44% and a advance of 59.82%.
The Indian activity allowance bazaar generated absolute revenues of $41.36 billion in 2007, appropriately apery a admixture anniversary advance amount (CAGR) of 11.84% for the aeon spanning 2000-2007. Life allowance bazaar had a advance of $22.46 billion aural a aeon of 7 years with a advance amount of 118.24%. Estimated activity premiums rose from INR1,470,800 actor ($36.77 billion) in 2006 to INR1,301,540 actor ($32.54billion) in 2005. We brainstorm that activity premiums in 2011 will be $65.96 billion, a advance beyond than they were in 2007. The achievement of the bazaar is anticipation to accelerate, with an advancing CAGR of 9.78% for the four-year aeon 2007-2011 accepted to drive the bazaar to a amount of $65.96 billion by the end of 2011. There would be a advance of $24.6 billion i.e. 59.48% in the next 4 years.
Non-life premiums in India were $6.53 billion in 2007. Gross accounting exceptional (GWP) in the Indian non-life allowance bazaar accomplished a amount of $5.75 billion in 2006, this apery an anniversary advance of 13.55% for the aeon spanning 2006-2007. Estimated non-life premiums rose from INR230 billion ($5.75 billion) in 2006 to INR261 billion ($6.53 billion) in 2007. We ahead that non-life premiums will abound by a CAGR of 9.40% amid 2007-2011. We are analytic for non-life premiums to acceleration by $405 actor over the 5 years to the end of 2011 with a advance amount of 62.02%.
Topics covered in the report
=> Trend appraisal of Indian abridgement and growing macroeconomic factors and
=> India’s position in the ambience of arising countries
=> Historical advance trends & advance drivers of Insurance & its sub-sectors in India and angle till 2011.
=> Market admeasurement of allowance area (total, activity & non-life) back 2000 till 2007
=> Market anticipation of allowance area (total, activity & non-life) amid 2007 and 2011
=> Key issues & challenges, above trends & opportunities
=> Government’s initiatives to advance & adapt the allowance market
=> Competitive mural and bazaar allotment of top players
=> And abounding more...
Table of Contents
METHODOLOGY & RESEARCH APPROACH
EXECUTIVE SUMMARY
1.INDIA
1.1.ECONOMY
1.1.1.Performance in FY2007
1.1.2.Growing Per Capita Income
1.1.3.Macroeconomic trends
1.1.4.Future predictions
1.2.GOVERNMENT POLICIES
2.INDIAN INSURANCE SECTOR
2.1.MARKET OVERVIEW
2.1.1.Insurance Sector vs. Macro-economic factors
2.2.MARKET PERFORMANCE & FORECAST (2000-2011)
2.2.1.Indian Insurance Market
2.2.1.1.Indian Life Insurance Market
2.2.1.2.Indian Non-Life Insurance Market
2.3.DRIVING FACTORS
2.3.1.Opening of Pension sector
2.3.2.Growing Per Capita Income & Changing Demographics
2.3.3.Macro-Economic and Demographic Growth Drivers
2.3.4.Other Major Drivers
2.4.TRENDS, ISSUES AND OPPORTUNITIES – AN ANALYSIS
2.4.1.Major Issues
2.4.2.Emerging sectors for Insurance
2.4.3.Emergence of Multiple Distribution Networks
2.4.4.Consolidation of Distribution Strategy
2.4.5.Targeting alcove chump abject with customized products
2.4.6.Stagnating exceptional advance and basal opportunity
2.4.7.The Deregulation of the Insurance Market in India (w.e.f. January 1, 2007)
2.4.8.Proposed stages of abatement of the tariffs
2.4.9.Insurance area active Indian CRM market
2.4.10.Product Preferences a allotment of Consumers
2.4.11.Success of Auto Insurance Sector
2.4.12.Other above hurdles
2.5.GOVERNMENT REGULATIONS
2.5.1.Insurance Acts
2.5.2.Government backed allowance schemes
2.5.3.Reforms in Insurance Sector
2.6. COMPETITIVE LANDSCAPE
2.6.1. Competition in Life Insurance Sector
2.6.1.1 Market Share & Segmentation
2.6.1.2. Life Insurance - Five Forces Analysis
2.6.2.Competition in Non-Life Insurance Sector
2.6.2.1. Market Share & Segmentation
2.6.2.2. Non-Life Insurance - Five Forces Analysis
2.7. COMPANY PROFILES – TOP PLAYERS
2.7.1.Bajaj Allianz General Insurance Co. Ltd
2.7.2.ICICI Lombard General Insurance Company
2.7.3.IFFCO-TOKIO General Insurance (ITGI)
2.7.4.National Insurance Company Limited
2.7.5.The New India Assurance Co. Ltd.
2.7.6.The Oriental Insurance Company Limited
2.7.7.Reliance General Insurance
2.7.8.Royal Sundaram Alliance Insurance Co. Ltd
2.7.9.Tata AIG General
2.7.10.United India Insurance Company Limited
2.7.11.Bajaj Allianz Life Insurance Company Limited
2.7.12.ICICI Prudential Life Insurance Company
Pages: 130
Format: PDF
Authors: Akash Rakyan and Nishith Srivastava
Lists of Charts
Chart 1: GDP growth, per capita assets and admeasurement of country by GDP in 2014f
Chart 2: Macroeconomic Data & Factors
Chart 3: Government Debt- India (% of GDP)
Chart 4: Annual Inflation Rate (CPI) - India %
Chart 5: Total Premium Growth vs. GDP Growth (%) – 2000-2007e
Chart 6: Life Insurance vs. Non-Life Insurance vs. Total Premium vs. GDP (%) – 2000-2008f
Chart 7: India Insurance Market Value ($ billion): 2000-2007e
Chart 8: India Insurance Market Value Forecast ($ billion): 2008-2011f
Chart 9: India Insurance Market: Segment Share (2007e)
Chart 10: India Life Insurance Market Value ($billion): 2000-2007e
Chart 11: Asia-Pacific Life Insurance Market Segmentation: % allotment in 2006e
Chart 12: India Life Insurance Market Share: % Share, by Value, 2006-2007e
Chart 13: India Life Insurance Market Value Forecast ($billion): 2008-2011f
Chart 14: India Non-Life Insurance Market Value ($billion): 2000-2007e
Chart 15: India Non-Life Insurance Market Value Forecast ($billion): 2007-2011f
Chart 16: Sub-sector allotment of Non-life Insurance Market in India (2007e)
Chart 17: India Non-life Insurance Market Share: % Share, by Value, 2006-2007e
Chart 18: Market Share of arch activity allowance companies in India (% share) – 2007e
Chart 19: India Life Insurance Market Segmentation (%share & $billion value): 2010-2011f
Chart 20: India Non-Life Insurance Market Segmentation (%share & $billion value): 2006-2007e
Chart 21: India Non-Life Insurance Market Segmentation (%share & $billion value): 2010-2011f
List of Charts
Table 1: GDP Growth (2002-07)
Table 2: Total Premium Growth & GDP Growth (%) – 2000-2007
Table 3: Growth (%): Life Insurance vs. Non-Life Insurance vs. Total Premium vs. GDP (%) – 2000-2008f
Table 4: India Insurance Market Value ($billion): 2000-2007e
Table 5: India Insurance Market Value Forecast ($ billion): 2008-2011f
Table 6: India Life Insurance Market Value ($billion): 2000-2007e
Table 7: Asia-Pacific Life Insurance Market Segmentation: % allotment in 2006
Table 8: India Life Insurance Market Share: % Share, by Value, 2006-2007e
Table 9: India Life Insurance Market Value Forecast ($billion): 2008-2011f
Table 10: India Non-Life Insurance Market Value ($billion): 2000-2007e
Table 11: India Non-Life Insurance Market Value Forecast ($billion): 2007-2011f
Table 12: India Non- Life Insurance Market Share: % Share, by Value, 2006-2007e
Table 13: India Insurance Market Segmentation (%share & $billion values): 2006-2007e
Table 14: India Insurance Market Segmentation (%share & $billion value): 2010-2011f
Table 15: Market Share of arch activity allowance companies in India – 2007e
Table 16: India Life Insurance Market Segmentation (%share & $billion value): 2010-2011f
Table 17: India Non-Life Insurance Market Segmentation (%share & $billion value): 2006-2007e
Table 18: India Non-Life Insurance Market Segmentation (%share & $billion value): 2010-2011f
To adjustment this report, attentive get in blow with:
Renu Dhyani
PR & Communication Executive
The Knowledge Centre – A Sheffield Haworth Company
Tel: +91-11-40601158 (o); +91-9958790353 (m)
Email: dhyani@sheffieldhaworth.com
Web: www.sheffieldhaworth.com
About ‘The Knowledge Centre’
Established in 2007, “The Knowledge Centre” caters to audience in Financial Services Sector globally. Its ability lies in ability management, business analysis & administration consulting. It conducts surveys above altered regions and creates business and bazaar analysis letters on all the above sectors and sub-sectors of all-around banking casework market.
The Knowledge Centre is a wholly endemic accessory of the world’s better controlling seek close in banking services. The ancestor aggregation undertakes seek assignments at top levels. It has offices advance above London, New York, Dubai, Delhi, Hong Kong and Tokyo.
The Knowledge Centre - Vietnam Insurance Sector - Untapped Potential
Vietnam Insurance MarketStore this angel in big sizeVietnam Insurance Sector: Untapped Potential
New Delhi, 9th May 2008: In contempo years, there has been a cogent bread-and-butter advance in Vietnam of about 7.5% per annum. This advance is attributable to the afresh adopted cardinal and abiding initiatives by the Vietnamese government. These accomplish accept automated and bigger the bread-and-butter basement of the country by alms added incentives for adopted investors and implementing a 10 year socio-economic development plan etc. The country has gradually migrated from a planned abridgement to a bazaar based abridgement by alive its focus from agronomical assembly to industries and services. With all these developments, Vietnam has become one of the fastest-growing economies in the world, averaging about 8% anniversary gross calm artefact (GDP) advance from 1990 to 1997 and 6.5% from 1998-2003. From 2004 to 2007, GDP grew over 8% annually. Vietnam is now able to attempt and get counted with bounded as able-bodied as all-around bread-and-butter countries. There has been a cogent access in inflows of adopted absolute and clandestine investment.
In the endure few years, Vietnamese allowance area has apparent a apparent growth. Today, admitting accepting actual young, Vietnamese activity allowance bazaar has already overtaken Indonesia and Philippines in agreement of bazaar penetration. This is because Insurance exceptional forms a beyond allotment of the country’s GDP. With aperture up of its allowance bazaar back 1996, added and added adopted insurers are accepting acceptance to the awful advantageous allowance bazaar in Vietnam. Foreign companies can now calmly accomplish in the country and are basic collective ventures with bounded companies in adjustment to access Vietnam and alter their clientele. In addition, a ambit of adopted activity insurers, including some ample Asian-based activity insurers (principally from Singapore, Taiwan, China and South Korea), accept set up adumbrative offices in Vietnam and are alive against accepting operating licenses. Investors from regions like Asia, US and Europe are aswell actively lobbying the Vietnamese government for acceptance to the bounded allowance market. Upon the country's accession to the World Trade Organization, adopted insurers apprehend to be accustomed to authorize added wholly endemic units and to account from progressively crumbling limitations on their ambit of business.
Market Performance & Forecast
In 2000, Insurance area was admired to be $177.12 million. Within the next 7 years, the absolute bazaar admeasurement of allowance area in Vietnam was estimated to be $1141.98 actor in 2007; a CAGR advance of 26.23% and an boilerplate advance amount of 33.25% during this tenure. Going forward, we are assured a CAGR advance of about 12.30% in the Vietnamese Insurance Sector amid 2007 and 2011. During this time period, the bazaar from $1141.98 actor will abound at an boilerplate amount of 16.25% and ability $2039.95 actor by the end of 2011.
Between 2000 and 2007, Vietnamese activity allowance area added from $51.12 actor to $586.24 million, CAGR advance of 35.65% during this period. We anticipation that the activity allowance bazaar in Vietnam would abound at a CAGR of 10.71% and an anniversary boilerplate advance amount of 13.21% amid 2007 and 2011. From $596.24 actor in 2007, the bazaar will access by about $388 actor and ability $975.21 actor by the end of 2011.
Non-life premiums in Vietnam were estimated to be $555.74 actor in 2007, a advance of $429.74 actor from the bazaar admeasurement of $126.00 actor in year 2000. Between 2007 and 2011, we activity a CAGR of 13.89% .i.e. from $555.74 actor in 2007; the non-life allowance area in Vietnam will ability $1064.75 million.
According to the Vietnam Insurance Association, there are 120,000 allowance agents and 10,000 advisers in the country. There are currently 16 non-life insurers, eight activity insurers and seven allowance brokers. Vietnam's activity insurers action about 100 articles and generated exceptional income. Fifteen adopted insurers accept accustomed operations and 30 others accept adumbrative offices. Foreign-owned insurers boss the activity allowance market. Domestic insurers are added ascendant in the non-life allowance bazaar and adopted insurers authority alone a 7 percent bazaar share. Some of the top allowance companies in Vietnam are ACE Life Insurance Co., Ltd., AIG General Insurance (Vietnam) Company Limited, Bao Viet Holdings, Bao Minh, Groupama/GAN, Nipponkoa Insurance Co., Ltd., Prudential Vietnam Assurance, Petrolimex Joint Stock Insurance Company (PJICO), Petrovietnam Insurance Company (PVIC), and QBE Insurance (Vietnam) Company Limited etc.
Major Driving Factors
=> Economic advance aloft 8 percent
=> Entry to the World Trade Organization (WTO)
=> Opening up of allowance bazaar for adopted investments
=> US-Vietnam alternate barter acceding in 2001
=> Emerging average chic & accretion articulacy rate
=> Increasing adopted absolute investments
=> And abounding more…
Major Issues & Trends
=> Foreign investors targeting Vietnamese Insurance Sector
=> Foreign companies aggravating to abduction Vietnamese Market
=> Insurance still in a beginning date due to acceptable mindset
=> Lack of basement and support
=> Setting up of a civic export-credit allowance organisation
=> Demand for accident blockage increasing
=> Staffing apropos in allowance companies
=> Establishment of the Laos-Vietnam Insurance Joint Venture (LVI)
=> Recent developments at Bao Viet
=> And abounding more…
Topics covered in the report
=> Economic achievement of Vietnam
=> Recent bread-and-butter behavior of the Communist Party
=> Macroeconomic trends and drivers
=> Focus on accretion Foreign Direct Investments and aperture up of allowance market
=> Past and present book of Vietnamese Insurance Market & Future Outlook
=> Past and present book of Vietnamese Life Insurance Market & Future Outlook
=> Past and present book of Vietnamese Non-Life Insurance Market & Future Outlook
=> Driving factors for Vietnamese Insurance Market
=> Entry in WTO
=> Setting up of a civic export-credit allowance organisation
=> Establishment of the Laos-Vietnam Insurance Joint Venture (LVI)
=> Government cardinal initiatives to strengthen Insurance Market
=> Competitive Landscape & Market Share of adopted and calm players
=> Recent developments in Bao Viet
=> Company profiles of top players
=> And abounding more…
Table of Contents
1. VIETNAM
1.1 VIETNAMESE ECONOMY
1.2 GOVERNMENT POLICIES
2. INSURANCE SECTOR
2.1 MARKET OVERVIEW
2.2 MARKET SEGMENTATION & PERFORMANCE
2.2.1 Vietnamese Insurance Market
2.2.1.1 Life Insurance Sector
2.2.1.2 Non-Life Insurance Sector
2.3 DRIVING FACTORS
2.3.1 Recent catalysts
2.3.2 Young and active population
2.3.3 Emerging middles class
2.3.4 Literacy rate
2.3.5 War of talent
2.3.6 Increasing adopted absolute investment (FDI)
2.4 TRENDS, ISSUES AND OPPORTUNITIES – AN ANALYSIS
2.4.1 Foreign investors targeting Vietnamese Insurance Sector
2.4.2 Entry in WTO
2.4.3 Foreign companies aggravating to abduction Vietnamese Market
2.4.4 Traditional mindset of the humans – Insurance still in a beginning stage
2.4.5 Inadequate basal basement and support
2.4.6 Underselling to abduction market
2.4.7 Setting up of a civic export-credit allowance organisation
2.4.8 Underlying befalling for activity allowance behavior – charge for accident prevention
2.4.9 Entry of adopted players & staffing concerns
2.4.10 Historical bread-and-butter advance trends
2.4.11 Establishment of the Laos-Vietnam Insurance Joint Venture (LVI)
2.4.12 Factors active investment decisions
2.4.13 Transformation at Bao Viet
2.4.14 HSBC enters cardinal accord with top Vietnam insurer, Bao Viet
2.5 GOVERNMENT REGULATIONS
2.6 COMPETITIVE LANDSCAPE & MARKET SHARE
2.6.1 Company Profiles
2.6.1.1 ACE Life Insurance Co., Ltd.
2.6.1.2 AIG General Insurance (Vietnam) Company Limited
2.6.1.3 Bao Viet Holdings
2.6.1.4 Bao Minh
2.6.1.5 Groupama/GAN
2.6.1.6 Nipponkoa Insurance Co., Ltd.
2.6.1.7 Prudential Vietnam Assurance
2.6.1.8 Petrolimex Joint Stock Insurance Company (PJICO)
2.6.1.9 Petrovietnam Insurance Company (PVIC)
2.6.1.10 QBE Insurance (Vietnam) Company Limited
Pages: 107; Format: PDF
Authors: Akash Rakyan & Nishith Srivastava
List of Charts
Chart 1: Macroeconomic Data: Population (mil.) vs. Nominal GDP ($ billions): 2002-2011
Chart 2: Macroeconomic Data: GDP per basic ($mil.) vs. Real GDP Growth (%): 2002-2011
Chart 3: Vietnam Insurance Market ($million): 2000-2007e
Chart 4: Vietnam Insurance Market Forecast ($million): 2007e-2011f
Chart 5: Vietnam Life Insurance Market Value ($million): 2000-2007e
Chart 6: Vietnam Life Insurance Market Value Forecast ($million): 2007e-2011f
Chart 7: Vietnam Non-Life Insurance Market Value ($million): 2000-2007e
Chart 8: Vietnam Non-Life Insurance Market Value Forecast ($million): 2007e-2011f
Chart 9: Market Share of Life Insurance Companies in Vietnam
Chart 10: Market Share of Non-Life Insurance Companies in Vietnam
List of Tables
Table 1: Macroeconomic Data: Population (mil.) vs. Nominal GDP ($ billions): 2002-2011
Table 2: Macroeconomic Data: GDP per basic ($mil.) vs. Real GDP Growth (%): 2002-2011
Table 3: Vietnam Insurance Market ($million): 2000-2007e
Table 4: Vietnam Insurance Market Forecast ($million): 2007e-2011f
Table 5: Vietnam Life Insurance Market Value ($million): 2000-2007e
Table 6: Vietnam Life Insurance Market Value Forecast ($million): 2007e-2011f
Table 7: Vietnam Non-Life Insurance Market Value ($million): 2000-2007e
Table 8: Vietnam Life Insurance Market Value Forecast ($million): 2007e-2011
To adjustment this industry report, attentive get in blow with:
Renu Dhyani
PR & Communication Executive
The Knowledge Centre – A Sheffield Haworth Company
Tel: +91-11-40601158 (o); +91-9958790353 (m)
Email: dhyani@sheffieldhaworth.com
Web: www.sheffieldhaworth.com
About ‘The Knowledge Centre’
Established in 2007, “The Knowledge Centre” caters to audience in Financial Services Sector globally. Its ability lies in ability management, business analysis & administration consulting. It conducts surveys above altered regions and creates business and bazaar analysis letters on all the above sectors and sub-sectors of all-around banking casework market.
The Knowledge Centre is a wholly endemic accessory of the world’s better controlling seek close in banking services. The ancestor aggregation undertakes seek assignments at top levels. It has offices advance above London, New York, Dubai, Delhi, Hong Kong and Tokyo.
New Delhi, 9th May 2008: In contempo years, there has been a cogent bread-and-butter advance in Vietnam of about 7.5% per annum. This advance is attributable to the afresh adopted cardinal and abiding initiatives by the Vietnamese government. These accomplish accept automated and bigger the bread-and-butter basement of the country by alms added incentives for adopted investors and implementing a 10 year socio-economic development plan etc. The country has gradually migrated from a planned abridgement to a bazaar based abridgement by alive its focus from agronomical assembly to industries and services. With all these developments, Vietnam has become one of the fastest-growing economies in the world, averaging about 8% anniversary gross calm artefact (GDP) advance from 1990 to 1997 and 6.5% from 1998-2003. From 2004 to 2007, GDP grew over 8% annually. Vietnam is now able to attempt and get counted with bounded as able-bodied as all-around bread-and-butter countries. There has been a cogent access in inflows of adopted absolute and clandestine investment.
In the endure few years, Vietnamese allowance area has apparent a apparent growth. Today, admitting accepting actual young, Vietnamese activity allowance bazaar has already overtaken Indonesia and Philippines in agreement of bazaar penetration. This is because Insurance exceptional forms a beyond allotment of the country’s GDP. With aperture up of its allowance bazaar back 1996, added and added adopted insurers are accepting acceptance to the awful advantageous allowance bazaar in Vietnam. Foreign companies can now calmly accomplish in the country and are basic collective ventures with bounded companies in adjustment to access Vietnam and alter their clientele. In addition, a ambit of adopted activity insurers, including some ample Asian-based activity insurers (principally from Singapore, Taiwan, China and South Korea), accept set up adumbrative offices in Vietnam and are alive against accepting operating licenses. Investors from regions like Asia, US and Europe are aswell actively lobbying the Vietnamese government for acceptance to the bounded allowance market. Upon the country's accession to the World Trade Organization, adopted insurers apprehend to be accustomed to authorize added wholly endemic units and to account from progressively crumbling limitations on their ambit of business.
Market Performance & Forecast
In 2000, Insurance area was admired to be $177.12 million. Within the next 7 years, the absolute bazaar admeasurement of allowance area in Vietnam was estimated to be $1141.98 actor in 2007; a CAGR advance of 26.23% and an boilerplate advance amount of 33.25% during this tenure. Going forward, we are assured a CAGR advance of about 12.30% in the Vietnamese Insurance Sector amid 2007 and 2011. During this time period, the bazaar from $1141.98 actor will abound at an boilerplate amount of 16.25% and ability $2039.95 actor by the end of 2011.
Between 2000 and 2007, Vietnamese activity allowance area added from $51.12 actor to $586.24 million, CAGR advance of 35.65% during this period. We anticipation that the activity allowance bazaar in Vietnam would abound at a CAGR of 10.71% and an anniversary boilerplate advance amount of 13.21% amid 2007 and 2011. From $596.24 actor in 2007, the bazaar will access by about $388 actor and ability $975.21 actor by the end of 2011.
Non-life premiums in Vietnam were estimated to be $555.74 actor in 2007, a advance of $429.74 actor from the bazaar admeasurement of $126.00 actor in year 2000. Between 2007 and 2011, we activity a CAGR of 13.89% .i.e. from $555.74 actor in 2007; the non-life allowance area in Vietnam will ability $1064.75 million.
According to the Vietnam Insurance Association, there are 120,000 allowance agents and 10,000 advisers in the country. There are currently 16 non-life insurers, eight activity insurers and seven allowance brokers. Vietnam's activity insurers action about 100 articles and generated exceptional income. Fifteen adopted insurers accept accustomed operations and 30 others accept adumbrative offices. Foreign-owned insurers boss the activity allowance market. Domestic insurers are added ascendant in the non-life allowance bazaar and adopted insurers authority alone a 7 percent bazaar share. Some of the top allowance companies in Vietnam are ACE Life Insurance Co., Ltd., AIG General Insurance (Vietnam) Company Limited, Bao Viet Holdings, Bao Minh, Groupama/GAN, Nipponkoa Insurance Co., Ltd., Prudential Vietnam Assurance, Petrolimex Joint Stock Insurance Company (PJICO), Petrovietnam Insurance Company (PVIC), and QBE Insurance (Vietnam) Company Limited etc.
Major Driving Factors
=> Economic advance aloft 8 percent
=> Entry to the World Trade Organization (WTO)
=> Opening up of allowance bazaar for adopted investments
=> US-Vietnam alternate barter acceding in 2001
=> Emerging average chic & accretion articulacy rate
=> Increasing adopted absolute investments
=> And abounding more…
Major Issues & Trends
=> Foreign investors targeting Vietnamese Insurance Sector
=> Foreign companies aggravating to abduction Vietnamese Market
=> Insurance still in a beginning date due to acceptable mindset
=> Lack of basement and support
=> Setting up of a civic export-credit allowance organisation
=> Demand for accident blockage increasing
=> Staffing apropos in allowance companies
=> Establishment of the Laos-Vietnam Insurance Joint Venture (LVI)
=> Recent developments at Bao Viet
=> And abounding more…
Topics covered in the report
=> Economic achievement of Vietnam
=> Recent bread-and-butter behavior of the Communist Party
=> Macroeconomic trends and drivers
=> Focus on accretion Foreign Direct Investments and aperture up of allowance market
=> Past and present book of Vietnamese Insurance Market & Future Outlook
=> Past and present book of Vietnamese Life Insurance Market & Future Outlook
=> Past and present book of Vietnamese Non-Life Insurance Market & Future Outlook
=> Driving factors for Vietnamese Insurance Market
=> Entry in WTO
=> Setting up of a civic export-credit allowance organisation
=> Establishment of the Laos-Vietnam Insurance Joint Venture (LVI)
=> Government cardinal initiatives to strengthen Insurance Market
=> Competitive Landscape & Market Share of adopted and calm players
=> Recent developments in Bao Viet
=> Company profiles of top players
=> And abounding more…
Table of Contents
1. VIETNAM
1.1 VIETNAMESE ECONOMY
1.2 GOVERNMENT POLICIES
2. INSURANCE SECTOR
2.1 MARKET OVERVIEW
2.2 MARKET SEGMENTATION & PERFORMANCE
2.2.1 Vietnamese Insurance Market
2.2.1.1 Life Insurance Sector
2.2.1.2 Non-Life Insurance Sector
2.3 DRIVING FACTORS
2.3.1 Recent catalysts
2.3.2 Young and active population
2.3.3 Emerging middles class
2.3.4 Literacy rate
2.3.5 War of talent
2.3.6 Increasing adopted absolute investment (FDI)
2.4 TRENDS, ISSUES AND OPPORTUNITIES – AN ANALYSIS
2.4.1 Foreign investors targeting Vietnamese Insurance Sector
2.4.2 Entry in WTO
2.4.3 Foreign companies aggravating to abduction Vietnamese Market
2.4.4 Traditional mindset of the humans – Insurance still in a beginning stage
2.4.5 Inadequate basal basement and support
2.4.6 Underselling to abduction market
2.4.7 Setting up of a civic export-credit allowance organisation
2.4.8 Underlying befalling for activity allowance behavior – charge for accident prevention
2.4.9 Entry of adopted players & staffing concerns
2.4.10 Historical bread-and-butter advance trends
2.4.11 Establishment of the Laos-Vietnam Insurance Joint Venture (LVI)
2.4.12 Factors active investment decisions
2.4.13 Transformation at Bao Viet
2.4.14 HSBC enters cardinal accord with top Vietnam insurer, Bao Viet
2.5 GOVERNMENT REGULATIONS
2.6 COMPETITIVE LANDSCAPE & MARKET SHARE
2.6.1 Company Profiles
2.6.1.1 ACE Life Insurance Co., Ltd.
2.6.1.2 AIG General Insurance (Vietnam) Company Limited
2.6.1.3 Bao Viet Holdings
2.6.1.4 Bao Minh
2.6.1.5 Groupama/GAN
2.6.1.6 Nipponkoa Insurance Co., Ltd.
2.6.1.7 Prudential Vietnam Assurance
2.6.1.8 Petrolimex Joint Stock Insurance Company (PJICO)
2.6.1.9 Petrovietnam Insurance Company (PVIC)
2.6.1.10 QBE Insurance (Vietnam) Company Limited
Pages: 107; Format: PDF
Authors: Akash Rakyan & Nishith Srivastava
List of Charts
Chart 1: Macroeconomic Data: Population (mil.) vs. Nominal GDP ($ billions): 2002-2011
Chart 2: Macroeconomic Data: GDP per basic ($mil.) vs. Real GDP Growth (%): 2002-2011
Chart 3: Vietnam Insurance Market ($million): 2000-2007e
Chart 4: Vietnam Insurance Market Forecast ($million): 2007e-2011f
Chart 5: Vietnam Life Insurance Market Value ($million): 2000-2007e
Chart 6: Vietnam Life Insurance Market Value Forecast ($million): 2007e-2011f
Chart 7: Vietnam Non-Life Insurance Market Value ($million): 2000-2007e
Chart 8: Vietnam Non-Life Insurance Market Value Forecast ($million): 2007e-2011f
Chart 9: Market Share of Life Insurance Companies in Vietnam
Chart 10: Market Share of Non-Life Insurance Companies in Vietnam
List of Tables
Table 1: Macroeconomic Data: Population (mil.) vs. Nominal GDP ($ billions): 2002-2011
Table 2: Macroeconomic Data: GDP per basic ($mil.) vs. Real GDP Growth (%): 2002-2011
Table 3: Vietnam Insurance Market ($million): 2000-2007e
Table 4: Vietnam Insurance Market Forecast ($million): 2007e-2011f
Table 5: Vietnam Life Insurance Market Value ($million): 2000-2007e
Table 6: Vietnam Life Insurance Market Value Forecast ($million): 2007e-2011f
Table 7: Vietnam Non-Life Insurance Market Value ($million): 2000-2007e
Table 8: Vietnam Life Insurance Market Value Forecast ($million): 2007e-2011
To adjustment this industry report, attentive get in blow with:
Renu Dhyani
PR & Communication Executive
The Knowledge Centre – A Sheffield Haworth Company
Tel: +91-11-40601158 (o); +91-9958790353 (m)
Email: dhyani@sheffieldhaworth.com
Web: www.sheffieldhaworth.com
About ‘The Knowledge Centre’
Established in 2007, “The Knowledge Centre” caters to audience in Financial Services Sector globally. Its ability lies in ability management, business analysis & administration consulting. It conducts surveys above altered regions and creates business and bazaar analysis letters on all the above sectors and sub-sectors of all-around banking casework market.
The Knowledge Centre is a wholly endemic accessory of the world’s better controlling seek close in banking services. The ancestor aggregation undertakes seek assignments at top levels. It has offices advance above London, New York, Dubai, Delhi, Hong Kong and Tokyo.
The Knowledge Centre - Thailand Insurance Sector
New Delhi, 30th May, 2008 - Thailand is the 2nd better abridgement in Southeast Asia, afterwards Indonesia. It ranks amid in the abundance advance in South East Asia and is the 4th richest nation per capita, afterwards Singapore, Brunei, and Malaysia. The Thai abridgement in 2008 is forecasted to abound at 5.6% (in the forecasted ambit of 5.0-6.0%). This amount is an advance on 4.8% advance in the antecedent year according to Fiscal Policy Office (FPO), Ministry of Finance. In 2008 accelerated accessible area spending led to accretion in calm appeal which is accepted to be far added counterbalanced bread-and-butter expansion. Government action would again be affected to activate the calm economy. This happens if alien appeal is acceptable to be ashen from accessible all-around bread-and-butter slowdown. External adherence in 2008 will abide able with accepted anniversary surplus estimated to be 0.5% of GDP (in the ambit of 0.3-0.8% of GDP). In contrast, centralized adherence in 2008 may accept some accident with accretion banderole aggrandizement at 4.5% (in a ambit of 4.3-4.8%). This is mainly due to ascent activity and aliment prices in the apple markets.
According to ‘The Economist’, absolute GDP advance will apathetic down by 1.15% p.a over the next 4 years (2008-12), as compared to 5.3% p.a in accomplished 3 years back 2007. This dawdling of GDP can be attributed to assorted abrogating factors, such as political uncertainty, alternation of adopted barter rates, and connected top petroleum prices in 2006.
The Thai allowance industry, alternating with the added Thai economy, has now about recovered from the base of the Asian banking crisis and is experiencing noteworthy growth. The trend is accepted to abide as accessible acquaintance of the charge for allowance increases.
Market Performance and Forecast
Within a amount of 7 years (2000 - 2007), Thai Insurance Sector has accomplished a advance of 191% currently valuated at $9,434.72 million. The Knowledge Centre predicts, the all-embracing bazaar admeasurement will access by 72.5% added and is accepted to blow the highs of $13,012.75 actor by 2011.
The activity allowance bazaar in Thailand amid 2000 and 2007 added at a CAGR of 16.57%. The Knowledge Centre envisages that this trend would abide and the bazaar will see CAGR of 5.75% in 5 years and ability $8,306.21 actor in 2011.
The non-life allowance bazaar in Thailand amid 2000 and 2007 added at a CAGR of 10.73%. The Knowledge Centre aswell forecasts that the advance will abide and the bazaar will see CAGR of 8.34% in the next 5 years with the premiums extensive $4,706 actor by 2011.
Competitive Landscape
Some of the top adopted allowance companies in Thailand are ACE, AIG, Allianz, AXA, Generali, ING, Millea Holdings, Manulife, New York Life and Prudential (UK). The bazaar is bedeviled by AIA, the bounded name of AIG that accounted for approx. 29% of all of gross premiums in 2007. Thai Life (TLI) is advised to be the additional better amateur all-embracing with a bazaar allotment of approx. 14%. The next better accumulation is advised to be a collective adventure amid non-life insurer Ayudhya, bounded amassed Charoen Pokphand and Allianz (AACP) with a bazaar allotment of approx. 14%. Other above players in this bazaar are Ocean Life, Finansa, bounded assembly of AXA (Krungthai) and ING.
Non-life allowance area in Thailand is added sub-categorized beneath Fire, Marine & Transportation, Hull, Cargo, Automobile, Compulsory, Voluntary, Miscellaneous, Industrial All Risks, Public Liability, Engineering Insurance, Aviation Insurance, Personal Accident, Health Insurance, Crop Insurance and Other Insurance. Some of the top companies in this area are Bangkok Insurance, Dhipaya Insurance, Phatra Insurance, New Hampshire Insurance, Ayudhya Insurance, Mitsui Sumitomo Insurance, MSIG Insurance, Sri Muang Insurance, Siam Commercial Samaggi, South East Insurance, Viriyah Insurance, Synmunkong Insurance, Krungthai Panich etc.
Driving factors
=> Balanced bread-and-butter amplification and acknowledging role of the government
=> Recent reforms and government’s authoritative initiatives
=> Re-defined banking practices and deepening of accumulated governance
=> Relaxation of restrictions on admiral and chief admiral of allowance companies
=> Amendment of clauses administering the appraisal of assets & debts of a activity allowance company
=> Merger or alliance of the ample amount of bounded insurers
=> Middle assets automated developing nation
=> Growing absorption in Bancassurance
=> Adoption of THBFix and Bibor
=> Establishment of Insurance Commission
Major trends, issues and opportunities
=> Mergers and acquisitions in Thailand's allowance industry are acceptable to bead off
=> Thailand's abridgement is slowing as the accoutrement of top oil prices, ascent absorption ante and long-running political ambiguity crop their toll.
=> Political ambiguity and alternation of adopted barter rates
=> Bullish trend in anchored bead ante
=> Government regulations laying a able foundation for approaching advance
=> Increase in adopted buying limits
=> Move appear a ability abridgement through abilities development
=> Issues in Health Insurance Systems
Topics covered in the report
=> Thai economy, its performance, approaching angle for 2008-09
=> Government’s bread-and-butter policies, macroeconomic factors, trends and analysis
=> Economic and Insurance ambiance in Thailand
=> Market achievement and anticipation for Thai Insurance Sector amid 2000, 2007 and 2011
=> Market achievement and anticipation for Thai Life Insurance Sector amid 2000, 2007 & 2011
=> Market achievement and anticipation for Thai Non-Life Insurance Sector amid 2000, 2007 & 2011
=> Recent about-face of banking institutions and ambience up of Insurance Commission
=> Corporate Finance Legislation and added above authoritative developments
=> Role of Bancassurance
=> Specific regulations and norms by the Thai Government for allowance sector.
=> Sub-categorization of activity and non-life allowance sector
=> Competitive mural & bazaar allotment of companies in activity and non-life allowance sector
=> Company profiles of top players in activity and non-life allowance sector
Table of Contents
1.THAILAND
1.1.THAI ECONOMY
1.2.GOVERNMENT POLICIES
2.THAI INSURANCE SECTOR
2.1.MARKET OVERVIEW
2.2.MARKET PERFORMANCE & FORECAST
2.2.1.Thailand Insurance Market
2.2.1.1.Thailand – Life Insurance Market
2.2.1.2.Thailand – Non-Life Market
2.3.DRIVING FACTORS
2.3.1.Recent Reforms
2.3.2.M&A or alteration of the business of an Insurance Company
2.3.3.Thai Corporate Finance Legislation
2.3.4.Role of Bancassurance
2.3.5.Recent Regulatory Developments
2.3.6.Insurance Commission replaced Department of Insurance
2.4.TRENDS, ISSUES AND OPPORTUNITIES – AN ANALYSIS
2.4.1.Insurance M&A acceptable to drop
2.4.2.Pending Legislations
2.4.3.Implications for Foreign Insurers
2.4.4.Skills development charcoal a key
2.4.5.Issues in Health Insurance Systems in Thailand
2.5.GOVERNMENT REGULATIONS
2.6.COMPETITIVE LANDSCAPE
2.6.1.Life Insurance
2.6.1.1.Life Insurance Renewal Market
2.6.1.2.Single Premium Market
2.6.2.Non-Life Insurance Market
2.6.2.1.Fire Insurance Market
2.6.2.2.Marine and Transportation Market
2.6.2.3.Cargo & Hull Market
2.6.2.4.Automobile Sector
2.6.2.5.Miscellaneous Insurance
2.6.2.6.Industrial All Risks Insurance
2.6.2.7.Public Liability Insurance
2.6.2.8.Engineering Insurance
2.6.2.9.Aviation Insurance
2.6.2.10.Health Insurance
2.6.2.11.Personal Accident Insurance
2.6.2.12.Other Insurance
2.6.3.Company Profiles
2.6.3.1.American International Assurance aggregation (AIA), Thailand
2.6.3.2.ACE INA Overseas Insurance Company Limited
2.6.3.3.Ayudhya Insurance Public Company Limited
2.6.3.4.Ayudhya Allianz C.P. Life Public Company Limited
2.6.3.5.Bangkok Insurance Public Company Limited
2.6.3.6.Bangkok Union Insurance
2.6.3.7.Charan Insurance
2.6.3.8.Deves Insurance
2.6.3.9.ING Life Limited
2.6.3.10.Indara Insurance
2.6.3.11.Manulife Insurance (Thailand) Public Company Limited
2.6.3.12.MSIG Insurance
2.6.3.13.QBE Insurance (Thailand) Company Limited
2.6.3.14.Sri Muang Insurance
2.6.3.15.The Viriyah Insurance Co., Ltd.
Pages: 163; Format: PDF
Authors: Jasvita Anand, Akash Rakyan & Nishith Srivastava
List of Tables
Table 1: Macroeconomic Trends: Population (mil.) vs. Nominal GDP ($ bil.) – 2002-2011f
Table 2: Macroeconomic Trends: GDP per basic ($ bil.) vs. Real GDP Growth (%) – 2003-2011f
Table 3: Growth Trends: Inflation (2002-2008f)
Table 4: Key Economic Indicators Forecast – 2007-2012f
Table 5: Growth Trend Comparison: GDP Growth vs. Insurance Growth (%) – 2000-2011
Table 6: Thailand Insurance Market Value ($million): 2000-2007
Table 7: Thailand Insurance Market Value Forecast ($million): 2007-2011f
Table 8 : Insurance Density: Premiums Per Capita in USD
Table 9: Insurance Premium in % of GDP (2001-2011f)
Table 10: Growth Trend of Life Insurance and Non-Life Insurance ($Million): 2000-2011f
Table 11: Thailand Life Insurance Market Value ($million): 2000-2007
Table 12: Thailand Life Insurance Market Value Forecast ($million): 2007-2011f
Table 13: Thailand Non-Life Insurance Market Value ($million): 2000-2007
Table 14: Thailand Non-Life Insurance Market Value Forecast ($million): 2007-2011f
Table 15: Thailand Insurance Sector: Projections of Macroeconomic Drivers (2006-2010f)
Table 16: Market Share of Top Players in Life Insurance Sector: Comparison amid 2006 & 2007 (Million Baht) and their Growth (%)
Table 17: Life Insurance Total Premium Growth Year on Year by Company 2006-2007 (%)
Table 18: Life Insurance Market Growth by First Year Premium of Top Companies: Comparison amid 2006 & 2007 (mn Baht)
Table 19: Life Insurance Market Growth by First Year Premium of Top Companies: Comparison amid 2006 & 2007 (%)
Table 20: Life Insurance Premium Renewal (million Baht) and Growth (%) Year on Year for Top Companies (2006-2007)
Table 21: Life Insurance Renewal Market Share of Top Companies in 2007 (mn Baht)
Table 22: Life Insurance Single Premium Market Share of Top Companies in 2007 (mn Baht & % growth)
Table 23: Loss Ratio of Non - Life Insurance Business (2007)
Table 24: Marine and Transportation Companies: Markey Share by Direct Premium (Unit: 1,000 Baht)
Table 25: Automobile Insurance Top companies by Direct Premium (2007)
Table 26: Top Miscellaneous Non-Life Insurance Companies: Market Share by Direct Premium (%) – 2007
Table 27: Top Industrial All Risk Non-Life Insurance Companies: Market Share by Direct Premium – 2007
Table 28: Top Public Liability Non-Life Insurance Companies: Market Share by Direct Premium – 2007
Table 29: Top Engineering Non-Life Insurance Companies: Market Share by Direct Premium (%) – 2007
Table 30: Top Aviation Non-Life Insurance Companies: Market Share by Direct Premium – 2007
Table 31: Top Health Insurance Companies: Market Share by Direct Premium – 2007
Table 32: Top Personal Accident Insurance Companies: Market Share by Direct Premium – 2007
Table 33: Top Other Non-Life Insurance Companies: Market Share by Direct Premium – 2007
List of Charts
Chart 1: Macroeconomic Trends: Population (mil.) vs. Nominal GDP ($ bil.) – 2002-2011f
Chart 2: Macroeconomic Trends: GDP per basic ($ bil.) vs. Real GDP Growth (%) – 2003-2011f
Chart 3: Growth Trends: Inflation (2002-2008f)
Chart 4: Key Economic Indicators Forecast (2007-2012f)
Chart 5: Growth Trend Comparison: GDP Growth vs. Insurance Growth (%) – 2000-2011f
Chart 6: Thailand Insurance Market Value ($billion): 2000-2007
Chart 7: Thailand Insurance Market Value Forecast ($million): 2007-2011f
Chart 8: Insurance Density: Premiums Per Capita in USD
Chart 9: Insurance Premium in % of GDP (2001-2011f)
Chart 10: Thailand Insurance Market: Segment Share 2007
Chart 11: Growth Trend of Life Insurance and Non-Life Insurance ($Million): 2000-2011f
Chart 12: Thailand Life Insurance Market Value ($million): 2000-2007
Chart 13: Thailand Life Insurance Market Value Forecast ($million): 2007-2011f
Chart 14: Thailand Non-Life Insurance Market Value ($million): 2000-2007
Chart 15: Thailand Non-Life Insurance Market Value Forecast ($million): 2007-2011f
Chart 16: Market Segmentation of Non-Life Insurance (%): 2007
Chart 17: Market Segmentation of Non-Life Companies by Ownership 2007 (%)
Chart 18: Comparison of Direct Premiums of Non - Life Insurance Business (2007 & 2006)
Chart 19: Direct Premium per Insurance Policy for 2007-2006 (Baht)
Chart 20: Comparison of Sum Insured Per Premium of Non - Life Insurance Business Segments (2007 & 2006)
Chart 21: Loss Ratio of Non - Life Insurance Business (2007)
Chart 22: Market Share of Top Life Insurance Companies by Total Premium in 2007 (%)
Chart 23: Life Insurance First Year Premium Market Segment in 2007 by Top Companies(%)
Chart 24: Life Insurance Premium Renewal (million Baht) and Growth (%) Year on Year for Top Companies (2006-2007)
Chart 25: Life Insurance Renewal Market Share of Top Companies in 2007 (%)
Chart 26: Single Insurance Premium Company Segmentation 2007
Chart 27: Fire Insurance Companies – Market Share (%): 2007
Chart 28: Marine & Transport Insurance Segment Share (%): 2007
Chart 29: Cargo and Hull Market: Direct Premium Share (%) in 2006-2007
Chart 30: Marine and Transportation Companies: Markey Share by Direct Premium (Unit: 1,000 Baht)
Chart 31: Market Share of Automobile Insurance Sub Sector 2007
Chart 32: Automobile Insurance Top Companies – Market Share by Direct Premium (%) – 2007
Chart 33: Market Share of Miscellaneous Non-Life Sector (%) – 2007
Chart 34: Top Miscellaneous Non-Life Insurance Companies: Market Share by Direct Premium (%) – 2007
Chart 35: Top Industrial All Risk Non-Life Insurance Companies: Market Share by Direct Premium (%) – 2007
Chart 36: Top Public Liability Non-Life Insurance Companies: Market Share by Direct Premium (%) – 2007
Chart 37: Top Engineering Non-Life Insurance Companies: Market Share by Direct Premium (%) – 2007
Chart 38: Top Aviation Non-Life Insurance Companies: Market Share by Direct Premium (%) – 2007
Chart 39: Top Health Insurance Companies: Market Share by Direct Premium (%) – 2007
Chart 40: Top Personal Accident Insurance Companies: Market Share by Direct Premium (%) – 2007
Chart 41: Top Other Non-Life Insurance Companies: Market Share by Direct Premium (%) – 2007
To adjustment this industry report, attentive get in blow with:
Renu Dhyani
PR & Communication Executive
The Knowledge Centre – A Sheffield Haworth Company
Tel: +91-11-40601158 (o); +91-9958790353 (m)
Email: dhyani@sheffieldhaworth.com
Web: www.sheffieldhaworth.com
About ‘The Knowledge Centre’
Established in 2007, “The Knowledge Centre” caters to audience in Financial Services Sector globally. Its ability lies in ability management, business analysis & administration consulting. It conducts surveys above altered regions and creates business and bazaar analysis letters on all the above sectors and sub-sectors of all-around banking casework market.
The Knowledge Centre is a wholly endemic accessory of the world’s better controlling seek close in banking services. The ancestor aggregation undertakes seek assignments at top levels. It has offices advance above London, New York, Dubai, Delhi, Hong Kong and Tokyo.
According to ‘The Economist’, absolute GDP advance will apathetic down by 1.15% p.a over the next 4 years (2008-12), as compared to 5.3% p.a in accomplished 3 years back 2007. This dawdling of GDP can be attributed to assorted abrogating factors, such as political uncertainty, alternation of adopted barter rates, and connected top petroleum prices in 2006.
The Thai allowance industry, alternating with the added Thai economy, has now about recovered from the base of the Asian banking crisis and is experiencing noteworthy growth. The trend is accepted to abide as accessible acquaintance of the charge for allowance increases.
Market Performance and Forecast
Within a amount of 7 years (2000 - 2007), Thai Insurance Sector has accomplished a advance of 191% currently valuated at $9,434.72 million. The Knowledge Centre predicts, the all-embracing bazaar admeasurement will access by 72.5% added and is accepted to blow the highs of $13,012.75 actor by 2011.
The activity allowance bazaar in Thailand amid 2000 and 2007 added at a CAGR of 16.57%. The Knowledge Centre envisages that this trend would abide and the bazaar will see CAGR of 5.75% in 5 years and ability $8,306.21 actor in 2011.
The non-life allowance bazaar in Thailand amid 2000 and 2007 added at a CAGR of 10.73%. The Knowledge Centre aswell forecasts that the advance will abide and the bazaar will see CAGR of 8.34% in the next 5 years with the premiums extensive $4,706 actor by 2011.
Competitive Landscape
Some of the top adopted allowance companies in Thailand are ACE, AIG, Allianz, AXA, Generali, ING, Millea Holdings, Manulife, New York Life and Prudential (UK). The bazaar is bedeviled by AIA, the bounded name of AIG that accounted for approx. 29% of all of gross premiums in 2007. Thai Life (TLI) is advised to be the additional better amateur all-embracing with a bazaar allotment of approx. 14%. The next better accumulation is advised to be a collective adventure amid non-life insurer Ayudhya, bounded amassed Charoen Pokphand and Allianz (AACP) with a bazaar allotment of approx. 14%. Other above players in this bazaar are Ocean Life, Finansa, bounded assembly of AXA (Krungthai) and ING.
Non-life allowance area in Thailand is added sub-categorized beneath Fire, Marine & Transportation, Hull, Cargo, Automobile, Compulsory, Voluntary, Miscellaneous, Industrial All Risks, Public Liability, Engineering Insurance, Aviation Insurance, Personal Accident, Health Insurance, Crop Insurance and Other Insurance. Some of the top companies in this area are Bangkok Insurance, Dhipaya Insurance, Phatra Insurance, New Hampshire Insurance, Ayudhya Insurance, Mitsui Sumitomo Insurance, MSIG Insurance, Sri Muang Insurance, Siam Commercial Samaggi, South East Insurance, Viriyah Insurance, Synmunkong Insurance, Krungthai Panich etc.
Driving factors
=> Balanced bread-and-butter amplification and acknowledging role of the government
=> Recent reforms and government’s authoritative initiatives
=> Re-defined banking practices and deepening of accumulated governance
=> Relaxation of restrictions on admiral and chief admiral of allowance companies
=> Amendment of clauses administering the appraisal of assets & debts of a activity allowance company
=> Merger or alliance of the ample amount of bounded insurers
=> Middle assets automated developing nation
=> Growing absorption in Bancassurance
=> Adoption of THBFix and Bibor
=> Establishment of Insurance Commission
Major trends, issues and opportunities
=> Mergers and acquisitions in Thailand's allowance industry are acceptable to bead off
=> Thailand's abridgement is slowing as the accoutrement of top oil prices, ascent absorption ante and long-running political ambiguity crop their toll.
=> Political ambiguity and alternation of adopted barter rates
=> Bullish trend in anchored bead ante
=> Government regulations laying a able foundation for approaching advance
=> Increase in adopted buying limits
=> Move appear a ability abridgement through abilities development
=> Issues in Health Insurance Systems
Topics covered in the report
=> Thai economy, its performance, approaching angle for 2008-09
=> Government’s bread-and-butter policies, macroeconomic factors, trends and analysis
=> Economic and Insurance ambiance in Thailand
=> Market achievement and anticipation for Thai Insurance Sector amid 2000, 2007 and 2011
=> Market achievement and anticipation for Thai Life Insurance Sector amid 2000, 2007 & 2011
=> Market achievement and anticipation for Thai Non-Life Insurance Sector amid 2000, 2007 & 2011
=> Recent about-face of banking institutions and ambience up of Insurance Commission
=> Corporate Finance Legislation and added above authoritative developments
=> Role of Bancassurance
=> Specific regulations and norms by the Thai Government for allowance sector.
=> Sub-categorization of activity and non-life allowance sector
=> Competitive mural & bazaar allotment of companies in activity and non-life allowance sector
=> Company profiles of top players in activity and non-life allowance sector
Table of Contents
1.THAILAND
1.1.THAI ECONOMY
1.2.GOVERNMENT POLICIES
2.THAI INSURANCE SECTOR
2.1.MARKET OVERVIEW
2.2.MARKET PERFORMANCE & FORECAST
2.2.1.Thailand Insurance Market
2.2.1.1.Thailand – Life Insurance Market
2.2.1.2.Thailand – Non-Life Market
2.3.DRIVING FACTORS
2.3.1.Recent Reforms
2.3.2.M&A or alteration of the business of an Insurance Company
2.3.3.Thai Corporate Finance Legislation
2.3.4.Role of Bancassurance
2.3.5.Recent Regulatory Developments
2.3.6.Insurance Commission replaced Department of Insurance
2.4.TRENDS, ISSUES AND OPPORTUNITIES – AN ANALYSIS
2.4.1.Insurance M&A acceptable to drop
2.4.2.Pending Legislations
2.4.3.Implications for Foreign Insurers
2.4.4.Skills development charcoal a key
2.4.5.Issues in Health Insurance Systems in Thailand
2.5.GOVERNMENT REGULATIONS
2.6.COMPETITIVE LANDSCAPE
2.6.1.Life Insurance
2.6.1.1.Life Insurance Renewal Market
2.6.1.2.Single Premium Market
2.6.2.Non-Life Insurance Market
2.6.2.1.Fire Insurance Market
2.6.2.2.Marine and Transportation Market
2.6.2.3.Cargo & Hull Market
2.6.2.4.Automobile Sector
2.6.2.5.Miscellaneous Insurance
2.6.2.6.Industrial All Risks Insurance
2.6.2.7.Public Liability Insurance
2.6.2.8.Engineering Insurance
2.6.2.9.Aviation Insurance
2.6.2.10.Health Insurance
2.6.2.11.Personal Accident Insurance
2.6.2.12.Other Insurance
2.6.3.Company Profiles
2.6.3.1.American International Assurance aggregation (AIA), Thailand
2.6.3.2.ACE INA Overseas Insurance Company Limited
2.6.3.3.Ayudhya Insurance Public Company Limited
2.6.3.4.Ayudhya Allianz C.P. Life Public Company Limited
2.6.3.5.Bangkok Insurance Public Company Limited
2.6.3.6.Bangkok Union Insurance
2.6.3.7.Charan Insurance
2.6.3.8.Deves Insurance
2.6.3.9.ING Life Limited
2.6.3.10.Indara Insurance
2.6.3.11.Manulife Insurance (Thailand) Public Company Limited
2.6.3.12.MSIG Insurance
2.6.3.13.QBE Insurance (Thailand) Company Limited
2.6.3.14.Sri Muang Insurance
2.6.3.15.The Viriyah Insurance Co., Ltd.
Pages: 163; Format: PDF
Authors: Jasvita Anand, Akash Rakyan & Nishith Srivastava
List of Tables
Table 1: Macroeconomic Trends: Population (mil.) vs. Nominal GDP ($ bil.) – 2002-2011f
Table 2: Macroeconomic Trends: GDP per basic ($ bil.) vs. Real GDP Growth (%) – 2003-2011f
Table 3: Growth Trends: Inflation (2002-2008f)
Table 4: Key Economic Indicators Forecast – 2007-2012f
Table 5: Growth Trend Comparison: GDP Growth vs. Insurance Growth (%) – 2000-2011
Table 6: Thailand Insurance Market Value ($million): 2000-2007
Table 7: Thailand Insurance Market Value Forecast ($million): 2007-2011f
Table 8 : Insurance Density: Premiums Per Capita in USD
Table 9: Insurance Premium in % of GDP (2001-2011f)
Table 10: Growth Trend of Life Insurance and Non-Life Insurance ($Million): 2000-2011f
Table 11: Thailand Life Insurance Market Value ($million): 2000-2007
Table 12: Thailand Life Insurance Market Value Forecast ($million): 2007-2011f
Table 13: Thailand Non-Life Insurance Market Value ($million): 2000-2007
Table 14: Thailand Non-Life Insurance Market Value Forecast ($million): 2007-2011f
Table 15: Thailand Insurance Sector: Projections of Macroeconomic Drivers (2006-2010f)
Table 16: Market Share of Top Players in Life Insurance Sector: Comparison amid 2006 & 2007 (Million Baht) and their Growth (%)
Table 17: Life Insurance Total Premium Growth Year on Year by Company 2006-2007 (%)
Table 18: Life Insurance Market Growth by First Year Premium of Top Companies: Comparison amid 2006 & 2007 (mn Baht)
Table 19: Life Insurance Market Growth by First Year Premium of Top Companies: Comparison amid 2006 & 2007 (%)
Table 20: Life Insurance Premium Renewal (million Baht) and Growth (%) Year on Year for Top Companies (2006-2007)
Table 21: Life Insurance Renewal Market Share of Top Companies in 2007 (mn Baht)
Table 22: Life Insurance Single Premium Market Share of Top Companies in 2007 (mn Baht & % growth)
Table 23: Loss Ratio of Non - Life Insurance Business (2007)
Table 24: Marine and Transportation Companies: Markey Share by Direct Premium (Unit: 1,000 Baht)
Table 25: Automobile Insurance Top companies by Direct Premium (2007)
Table 26: Top Miscellaneous Non-Life Insurance Companies: Market Share by Direct Premium (%) – 2007
Table 27: Top Industrial All Risk Non-Life Insurance Companies: Market Share by Direct Premium – 2007
Table 28: Top Public Liability Non-Life Insurance Companies: Market Share by Direct Premium – 2007
Table 29: Top Engineering Non-Life Insurance Companies: Market Share by Direct Premium (%) – 2007
Table 30: Top Aviation Non-Life Insurance Companies: Market Share by Direct Premium – 2007
Table 31: Top Health Insurance Companies: Market Share by Direct Premium – 2007
Table 32: Top Personal Accident Insurance Companies: Market Share by Direct Premium – 2007
Table 33: Top Other Non-Life Insurance Companies: Market Share by Direct Premium – 2007
List of Charts
Chart 1: Macroeconomic Trends: Population (mil.) vs. Nominal GDP ($ bil.) – 2002-2011f
Chart 2: Macroeconomic Trends: GDP per basic ($ bil.) vs. Real GDP Growth (%) – 2003-2011f
Chart 3: Growth Trends: Inflation (2002-2008f)
Chart 4: Key Economic Indicators Forecast (2007-2012f)
Chart 5: Growth Trend Comparison: GDP Growth vs. Insurance Growth (%) – 2000-2011f
Chart 6: Thailand Insurance Market Value ($billion): 2000-2007
Chart 7: Thailand Insurance Market Value Forecast ($million): 2007-2011f
Chart 8: Insurance Density: Premiums Per Capita in USD
Chart 9: Insurance Premium in % of GDP (2001-2011f)
Chart 10: Thailand Insurance Market: Segment Share 2007
Chart 11: Growth Trend of Life Insurance and Non-Life Insurance ($Million): 2000-2011f
Chart 12: Thailand Life Insurance Market Value ($million): 2000-2007
Chart 13: Thailand Life Insurance Market Value Forecast ($million): 2007-2011f
Chart 14: Thailand Non-Life Insurance Market Value ($million): 2000-2007
Chart 15: Thailand Non-Life Insurance Market Value Forecast ($million): 2007-2011f
Chart 16: Market Segmentation of Non-Life Insurance (%): 2007
Chart 17: Market Segmentation of Non-Life Companies by Ownership 2007 (%)
Chart 18: Comparison of Direct Premiums of Non - Life Insurance Business (2007 & 2006)
Chart 19: Direct Premium per Insurance Policy for 2007-2006 (Baht)
Chart 20: Comparison of Sum Insured Per Premium of Non - Life Insurance Business Segments (2007 & 2006)
Chart 21: Loss Ratio of Non - Life Insurance Business (2007)
Chart 22: Market Share of Top Life Insurance Companies by Total Premium in 2007 (%)
Chart 23: Life Insurance First Year Premium Market Segment in 2007 by Top Companies(%)
Chart 24: Life Insurance Premium Renewal (million Baht) and Growth (%) Year on Year for Top Companies (2006-2007)
Chart 25: Life Insurance Renewal Market Share of Top Companies in 2007 (%)
Chart 26: Single Insurance Premium Company Segmentation 2007
Chart 27: Fire Insurance Companies – Market Share (%): 2007
Chart 28: Marine & Transport Insurance Segment Share (%): 2007
Chart 29: Cargo and Hull Market: Direct Premium Share (%) in 2006-2007
Chart 30: Marine and Transportation Companies: Markey Share by Direct Premium (Unit: 1,000 Baht)
Chart 31: Market Share of Automobile Insurance Sub Sector 2007
Chart 32: Automobile Insurance Top Companies – Market Share by Direct Premium (%) – 2007
Chart 33: Market Share of Miscellaneous Non-Life Sector (%) – 2007
Chart 34: Top Miscellaneous Non-Life Insurance Companies: Market Share by Direct Premium (%) – 2007
Chart 35: Top Industrial All Risk Non-Life Insurance Companies: Market Share by Direct Premium (%) – 2007
Chart 36: Top Public Liability Non-Life Insurance Companies: Market Share by Direct Premium (%) – 2007
Chart 37: Top Engineering Non-Life Insurance Companies: Market Share by Direct Premium (%) – 2007
Chart 38: Top Aviation Non-Life Insurance Companies: Market Share by Direct Premium (%) – 2007
Chart 39: Top Health Insurance Companies: Market Share by Direct Premium (%) – 2007
Chart 40: Top Personal Accident Insurance Companies: Market Share by Direct Premium (%) – 2007
Chart 41: Top Other Non-Life Insurance Companies: Market Share by Direct Premium (%) – 2007
To adjustment this industry report, attentive get in blow with:
Renu Dhyani
PR & Communication Executive
The Knowledge Centre – A Sheffield Haworth Company
Tel: +91-11-40601158 (o); +91-9958790353 (m)
Email: dhyani@sheffieldhaworth.com
Web: www.sheffieldhaworth.com
About ‘The Knowledge Centre’
Established in 2007, “The Knowledge Centre” caters to audience in Financial Services Sector globally. Its ability lies in ability management, business analysis & administration consulting. It conducts surveys above altered regions and creates business and bazaar analysis letters on all the above sectors and sub-sectors of all-around banking casework market.
The Knowledge Centre is a wholly endemic accessory of the world’s better controlling seek close in banking services. The ancestor aggregation undertakes seek assignments at top levels. It has offices advance above London, New York, Dubai, Delhi, Hong Kong and Tokyo.
Globis GmbH Berlin - New Automotive Market Report Kazakhstan: Opportunities in Kazakhstani Car Market and Aftermarket
Store this angel in big sizeBerlin, August 2008: The car parc in Kazakhstan has developed acerb to about 2,5 mio. cars in the endure years. Reasons were accretion imports of acclimated cars and sales of new cars in the contempo years. As a result, adorable opportunities appear in the new car articulation as able-bodied as in the aftermarket.
Globis GmbH, a German consulting company, has analyzed the Kazakhstani automotive bazaar in a absolute analysis report.
With 15,5 mio. inhabitants, Kazakhstan is the fourth better country in CIS, afterwards Russia, Ukraine and Uzbekistan. Kazakhstan’s absolute boilerplate assets was growing with double-digits over the endure years and is now at 424 USD per month.
In allegory to Western European countries, the car parc is almost baby and comprises mainly alien acclimated cars. In the endure years, the new car bazaar added heavily and shows anniversary advance ante up to 40%. In the future, these advance ante can not be maintained and will bore to 19% advance p.a. until 2010.
“Kazakhstan currently is not a bazaar for baby cars. Most cars awash are from lower and high average chic or SUV-class. It is unclear, how consumers will acknowledge to a bigger alms of smaller, affordable cars. With activity prices up and aggrandizement on the rise, smaller, beneath ammunition arresting cars could be an befalling in the market” argues Felix Kuesell, managing administrator of Globis and editor of the study.
The aftermarket is one of the a lot of adorable sectors of the Kazakhstani automotive industry over the next years with an estimated advance of about 10% p.a. until 2010. Market structures are just basic and there is abundant amount to be generated for suppliers by entering early. However, administration is a absolute challenge: until now there is alone bereft advantage of account stations and additional locations shops.
The Globis bazaar address „Kazakhstani Automotive Market: Passenger Cars, Suppliers and Aftermarket, 2007/2008-2010” analyses in abyss accepted developments of the Kazakhstani automotive market. It covers 67 pages and includes over 40 tables and figures. The address is accessible at 890 € and can be ordered anon at Globis (for added information, appointment the Globis website www.globis-berlin.de).
For added advice on the report, see
www.globis-berlin.de/de/Marktforschung/Studien_und_Report...
Globis GmbH, Berlin, is a analysis and consulting aggregation with multi-lingual analysts and consultants and a ample abject of interviewers. Market access strategies are a aspect of Globis.
Globis GmbH
Eva Kraus
Linienstr. 214
10119 Berlin
Fon: +49 30 4005 49 0
Fax +49 30 4005 49 28
E-Mail: ekraus@globis-berlin.de
Web: www.globis-berlin.de
Globis GmbH, a German consulting company, has analyzed the Kazakhstani automotive bazaar in a absolute analysis report.
With 15,5 mio. inhabitants, Kazakhstan is the fourth better country in CIS, afterwards Russia, Ukraine and Uzbekistan. Kazakhstan’s absolute boilerplate assets was growing with double-digits over the endure years and is now at 424 USD per month.
In allegory to Western European countries, the car parc is almost baby and comprises mainly alien acclimated cars. In the endure years, the new car bazaar added heavily and shows anniversary advance ante up to 40%. In the future, these advance ante can not be maintained and will bore to 19% advance p.a. until 2010.
“Kazakhstan currently is not a bazaar for baby cars. Most cars awash are from lower and high average chic or SUV-class. It is unclear, how consumers will acknowledge to a bigger alms of smaller, affordable cars. With activity prices up and aggrandizement on the rise, smaller, beneath ammunition arresting cars could be an befalling in the market” argues Felix Kuesell, managing administrator of Globis and editor of the study.
The aftermarket is one of the a lot of adorable sectors of the Kazakhstani automotive industry over the next years with an estimated advance of about 10% p.a. until 2010. Market structures are just basic and there is abundant amount to be generated for suppliers by entering early. However, administration is a absolute challenge: until now there is alone bereft advantage of account stations and additional locations shops.
The Globis bazaar address „Kazakhstani Automotive Market: Passenger Cars, Suppliers and Aftermarket, 2007/2008-2010” analyses in abyss accepted developments of the Kazakhstani automotive market. It covers 67 pages and includes over 40 tables and figures. The address is accessible at 890 € and can be ordered anon at Globis (for added information, appointment the Globis website www.globis-berlin.de).
For added advice on the report, see
www.globis-berlin.de/de/Marktforschung/Studien_und_Report...
Globis GmbH, Berlin, is a analysis and consulting aggregation with multi-lingual analysts and consultants and a ample abject of interviewers. Market access strategies are a aspect of Globis.
Globis GmbH
Eva Kraus
Linienstr. 214
10119 Berlin
Fon: +49 30 4005 49 0
Fax +49 30 4005 49 28
E-Mail: ekraus@globis-berlin.de
Web: www.globis-berlin.de
dynamic technologies Gmbh, Köln, Germany - Beijing Inforce Consulting: 2009 Annual Research Report on China VSAT Market on reports-research.com
Store this angel in big sizeSatellite advice bazaar can be disconnected into digital advice account market, digital arena accessories market, digital accomplish market, and digital ablution market.
In 2008, China's VSAT bazaar achieves abiding development. Since aboriginal 1990s, China's VSAT systems accept been put into use and accomplished acceptable development. Getting alternating with accelerated abridgement growth, calm digital advice companies face new opportunities and access accelerated advance in digital clandestine arrangement market, digital advice in rural regions, amount added services, and added segmenting markets.
In the face of changes and challenges of antagonism and market, Beijing Inforce Consulting Ltd's address will advice vendors, investors and industry assembly butt added accurately laws administering the market's development:
- In-depth, abounding and accurate bazaar analysis data: The 2009 Annual Research Report on China VSAT Market depicts changes in the bazaar from the angle of business structure, artefact structure, vertical structure, alongside structure, and channels, and discerns the industry's development trend.
- All-round, all-embracing casting antagonism analysis: In accession to accretion up enterprises' achievement in the ambit of bazaar segments, aggressive action and SWOT analysis, we advantage its abstruse compassionate of the IT bazaar to authorize a CPM cast arrangement consisting of 6 items and 31 sub-items, to analysis the adequacy of success in the marketplace. Vendors are disconnected into four quadrants including leaders and challengers.
- Scientific and complete forecasts: Through corruption clay and able analysis in above bazaar segments, the address examines accompanying links in the industry, and presents admired trend appraisal and quantitative anticipation result.
Beijing Inforce Consulting Ltd: 2009 Annual Research Report on China VSAT Market:
www.reports-research.com/market-surveys/2009-annual-resea...
Beijing Inforce Consulting Ltd: More bazaar abstracts and bazaar reports:
www.reports-research.com/market-surveys/beijing-inforce-c...
markt-studie.de, founded in 2002 has emerged as a arch online aperture for bazaar surveys and bazaar analysis in German speaking areas. Four years after the English accent aperture reports-research.com was alien due to the amazing success of the portal. Again one year after estudio-mercado.es - the Spanish announced aperture - was founded. The cold of the three portals is to abundantly and calmly abutment consultants and accommodation makers in management, sales and business in the seek for common bazaar research. Prospective buyers can attending into added than 60,000 bazaar market bazaar surveys from added than 200 all-embracing publishers, accepted bazaar abstracts for added than 6,000 branches worldwide, 10,000 aggregation profiles as able-bodied as a free-of-charge analysis and advocacy account for alone bazaar research.
reports-research.com
c/o activating technologies GmbH
Siegburger Str. 233
50679 Köln
Germany
Manuel Bravo Sanchez (CEO)
info@reports-research.com
or
Tel ++49 (0)221 690 688 55
Fax ++49 (0)221 690 688 56
In 2008, China's VSAT bazaar achieves abiding development. Since aboriginal 1990s, China's VSAT systems accept been put into use and accomplished acceptable development. Getting alternating with accelerated abridgement growth, calm digital advice companies face new opportunities and access accelerated advance in digital clandestine arrangement market, digital advice in rural regions, amount added services, and added segmenting markets.
In the face of changes and challenges of antagonism and market, Beijing Inforce Consulting Ltd's address will advice vendors, investors and industry assembly butt added accurately laws administering the market's development:
- In-depth, abounding and accurate bazaar analysis data: The 2009 Annual Research Report on China VSAT Market depicts changes in the bazaar from the angle of business structure, artefact structure, vertical structure, alongside structure, and channels, and discerns the industry's development trend.
- All-round, all-embracing casting antagonism analysis: In accession to accretion up enterprises' achievement in the ambit of bazaar segments, aggressive action and SWOT analysis, we advantage its abstruse compassionate of the IT bazaar to authorize a CPM cast arrangement consisting of 6 items and 31 sub-items, to analysis the adequacy of success in the marketplace. Vendors are disconnected into four quadrants including leaders and challengers.
- Scientific and complete forecasts: Through corruption clay and able analysis in above bazaar segments, the address examines accompanying links in the industry, and presents admired trend appraisal and quantitative anticipation result.
Beijing Inforce Consulting Ltd: 2009 Annual Research Report on China VSAT Market:
www.reports-research.com/market-surveys/2009-annual-resea...
Beijing Inforce Consulting Ltd: More bazaar abstracts and bazaar reports:
www.reports-research.com/market-surveys/beijing-inforce-c...
markt-studie.de, founded in 2002 has emerged as a arch online aperture for bazaar surveys and bazaar analysis in German speaking areas. Four years after the English accent aperture reports-research.com was alien due to the amazing success of the portal. Again one year after estudio-mercado.es - the Spanish announced aperture - was founded. The cold of the three portals is to abundantly and calmly abutment consultants and accommodation makers in management, sales and business in the seek for common bazaar research. Prospective buyers can attending into added than 60,000 bazaar market bazaar surveys from added than 200 all-embracing publishers, accepted bazaar abstracts for added than 6,000 branches worldwide, 10,000 aggregation profiles as able-bodied as a free-of-charge analysis and advocacy account for alone bazaar research.
reports-research.com
c/o activating technologies GmbH
Siegburger Str. 233
50679 Köln
Germany
Manuel Bravo Sanchez (CEO)
info@reports-research.com
or
Tel ++49 (0)221 690 688 55
Fax ++49 (0)221 690 688 56
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