Non-life Insurance in First 8 months 2016: Increased Premium Income, Low Compensation

The Vietnam Insurance Supervisory Authority estimated that for the first 8-month of this year, the net loss amount of non-life segment stands at VND 7,482 billion, the gross loss ratio is 31.90%, less than the ratio compared at the same period of 2015 (43.76%).

18 out of 30 local and foreign Insurers have lower gross loss ratio than the ratio of whole market. The remaining Insurers having higher ratio including Fubon, Cathay, PHS …

In term of market share, the top 5 contribute more than 60% of market share. In specific, PVI Insurance leads the market with income estimated at VND 4,733 billion, climbed by 2.62% from the previous year and accounting for 20.18% of market share. Bao Viet Insurance is ranked at the 2nd with revenues estimated at VND 3,924 billion, rose by 7.19% over the same period and contributing for 16.73% of market share. PTI overcome Bao Minh and stands at the 3rd position with sales reaching VND 1,909 billion, increased by 27.03% over the same period and accounting for 8.14% of market share. Bao Minh back to 4th position with revenues estimated at VND 1,895 billion, grew by 8.46% compared to last year and contributing for 8.08% of market share. The 5th position belongs to PJICO with revenues estimated at VND 1,525 billion, rose by 9.67% over the same period and accounting for 6.50% of market share.

In terms of insurance line, revenue from Motor Vehicle Insurance occupies the largest portion with VND 7,690 billion accounting for 32.79% market share, followed by Health Insurance and Personal Accident (VND 5,424 billion, accounting for 23.13% share) and Property Insurance and BI (VND 3,863 billion, accounting for 16.47% share)