Personal accident insurance provides essential coverage against accidental injuries. It can get reimbursed for medical expenses resulting from accidents, hospitalization benefits that help pay for alternative treatments, and (should accidental death occur) a lump sum payout.
Health insurance is a type of insurance coverage that typically pays for medical, surgical, prescription drug and sometimes dental expenses incurred by the insured. Health insurance can reimburse the insured for expenses incurred from illness or injury, or pay the care provider directly. Currently, personal accident insurance holds a large market share and its market value has reached $318.07 million.、
Vietnam Personal Accident and Health Insurance Industry Market can be divided into Direct Marketing, Bancassurance, Agencies, E-commerce, Brokers by distribution channel. Among them, Direct Marketing accounted for the largest market share, and Direct Marketing accounted for 35.23% of the market share in 2019.
Vietnam Personal Accident and Health Insurance Industry Market Status and Prospect Analysis
The Vietnam Personal Accident and Health Insurance Industry Market has a total value of $241.65 million back in 2015, and increased to $499.09 million in 2020. It is expected that the value of Vietnam Personal Accident and Health Insurance Industry markets can be $1524.20 million by 2027. The CAGR of Vietnam Personal Accident and Health Insurance Industry Market is 17.45% from 2019 to 2027.
South of Vietnam was the largest revenue market with a market share of 37.40% in 2015 and 38.78% in 2020 with an increase of 1.38%. North East of Vietnam ranked the second market with the market share of 29.44% in 2020.
The economy in the Mekong River Delta is one of key economic regions in Vietnam. The rapid economic development and abundant young labor resources in the south of Vietnam will become a new driving force for the development of the personal accident and health insurance industry. The market value of the region is expected to reach $626.28 million by 2027, and its market share will further expand.
The diverse geography of Northeast Vietnam has contributed significantly to the success of the economy. In recent years, the rapid economic growth rate has attracted several foreign investments, with a relatively rapid industrialization and the establishment of many companies in the energy and technology sectors. Its market value is expected to increase from $146.91 million in 2020 to $440.68 million by 2027.
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The economic development of central Vietnam is unbalanced. Central Highlands remains a small economic scale and the economy is mainly based on agriculture. The economy of the North Central Coast and South Central Coast is more developed, attracting many domestic and foreign investors. The market value in Central Vietnam is expected to grow to $278.6 million by 2027.
Opportunities and Challenges in the Vietnam Personal Accident and Health Insurance Industry
In contemporary society, a large proportion of the population suffers from various chronic diseases such as heart disease, diabetes and cancer, which are common among the Vietnamese population. Many Vietnamese insurers have introduced new health insurance products to protect their clients from financial losses due to non-communicable diseases. Although agents and brokers have traditionally been the most popular distribution channels in Vietnam, bancassurance and e-commerce are also growing at a healthy rate. Bank agents have increasingly become an important distribution channel. Vietnam allows banks to enter into one-to-many sales agreements with insurance companies. Many commercial banks already have insurance contracts with more than two insurance companies. In addition, Vietnam growing population and economic development are expected to further drive the demand for personal accident and health insurance. Over the past decade, Vietnam insurance industry has transformed from a state-owned monopoly to a more open industry, with many foreign insurers beginning to enter the Vietnamese market. The increased participation of foreign insurers in the personal accident and health insurance sector in Vietnam has improved the competitiveness of the industry and driven the market.
The Vietnamese government is also implementing a nationwide universal health care system, which will provide subsidized health insurance for low-income groups, but this may inhibit the growth of private health insurance companies. Competition will become more intense as more companies begin to enter the industry, which will also pose a threat to existing market share. At the same time, the impact of the epidemic has reduced the income of many people or even made them unemployed, and the demand for insurance has dropped, which will affect the growth of the market for the personal accident and health insurance industry in Vietnam.
As the epidemic is gradually brought under control, socio-economic development resumes steadily and public understanding of the benefits of insurance continues to improve, the market for the personal accident and health insurance industry in Vietnam still has great potential for growth. Some leading insurers are launching innovative and appropriate products and developing multiple distribution channels to expand their own sales. Regulators are also working to improve transparency and standards. Despite the current low level of market development, Vietnam is poised for a period of strong growth in insurance demand due to the economic growth potential and the gradual improvement in public living standards as well as the accelerated aging of the social structure.
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