The non-life insurance sector in Vietnam is undergoing a period of activity, with the recent announcement by Chubb Limited to acquire the insurance businesses of Liberty Mutual. This deal, expected to be finalized by late 2025 or early 2026, highlights the continued interest in the Vietnamese market.
Liberty Insurance in Vietnam provides a range of insurance products, including automotive, accident, health, and property coverage. The acquisition is a strategic move by Chubb to expand its market presence.
The Vietnamese insurance market presents challenges for foreign-owned companies looking to gain market share due to the dominance of local players. The top seven insurers, including PVI Insurance and Bảo Việt Insurance, control over 60% of the non-life insurance revenue, leaving the remaining market share distributed among 25 other companies. However, the industry’s growth potential continues to draw the attention of foreign investors.
Analysts note that the non-life insurance sector is primarily led by financially robust companies with strong strategies. These established businesses are expected to continue their market leadership, while less competitive firms may face challenges.
As of 2024, the Vietnamese non-life insurance market included 32 companies, a single branch of a foreign non-life insurance company, and two reinsurance companies. Techcom Non-Life Insurance Joint Stock Company was licensed and began operations this year.
Data from the Ministry of Finance indicates that the original premium revenue for the non-life sector in 2024 was estimated at over VNĐ79.36 trillion, representing an increase of 11.68% compared to 2023. PVI led the market, with nearly VNĐ13.33 trillion in premium revenue last year, a 21.12% increase compared to the previous year, and 16.79% of the total market share. Bảo Việt Insurance followed, with estimated revenue of nearly VNĐ10.46 trillion and a market share of 13.18%.
