Top Insurance Companies in Vietnam

As one of the fastest-growing economies in Southeast Asia, Vietnam has seen a significant increase in the insurance industry in recent years. With a population of nearly 100 million people and a GDP growth rate of 6.5% in 2022, the country has become an attractive destination for insurance companies from around the world.

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AON INPOINT309 +65 6221 8222

Aon plc (NYSE:AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Aon Inpoint is the management consulting and advisory arm of Aon, the world’s leading professional services firm on the topics of Risk, Retirement, and Health enabled by Data & Analytics, that helps insurers, reinsurers and other financial services participants, to significantly improve their performance. Aon Inpoint helps “Empower the Results” of financial services providers across the globe in the best interests of our clients.

EML2,120 +61 2 8251 9229

At EML we take great pride in helping people get their lives back after a workplace injury. Since our foundation in 1910 we’ve maintained a singular vision; to dedicate our services to improving work health and safety for the benefit of our members, workers and the broader community which we support.Today, we have over 3,000 specialists working in partnership with businesses, injured workers and government schemes across Australia, helping to make a difference.As Australia’s only mutual personal injury manager, we focus exclusively on providing tailored injury prevention and return to work support. Since we have been in operation, we have helped over 350,000 injured workers get their lives back.

LIBERTY MUTUAL INSURANCE40,869 +65 6338 0990

At Liberty Mutual, we want to help you embrace today and confidently pursue tomorrow. That’s why our company culture supports and champions each employee—helping you turn your passion into a rewarding profession. From comprehensive health and benefits to professional development opportunities, you’ll have access to the resources you need to pursue a meaningful career in an environment focused on openness, inclusion, trust and respect.As a Fortune 100 global leader in property and casualty insurance with more than 45,000 employees in 29 countries and economies around the world, our dedication to putting others first extends beyond our organization. We’re also committed to being a force for social and environmental good, and championing sustainability and Diversity & Inclusion initiatives around the world. Whether you’re helping our customers navigate an important claim or developing a new environmentally friendly product, you can feel good about the work you do at Liberty Mutual. We’ve spent more than 100 years creating innovative insurance products, services, ideas and technologies to meet the world’s ever-changing needs—breaking away from old mindsets and thinking outside of traditional insurance roles. Why? Because we’re committed to transforming our industry in order to create peace of mind for our customers. We hope you’ll join us.

SOMPO HOLDINGS (ASIA)54 +65 6223 7092

Based in Singapore, Sompo Holdings (Asia) Pte. Ltd. (“Sompo Asia”), is the regional headquarters for our Asia Pacific entities, except Japan, and is part of Sompo International Holdings Ltd.. Collectively, the companies are under the global extension of the Sompo Holdings, Inc. (“Sompo Group”) headquartered in Tokyo, Japan. With more than 70 years of trusted presence in Asia, our business spreads across 14 markets with over 4,500 employees in the region.As a leading non-life insurance company globally, we have forged strategic partnerships to access a wider network of resources and distribution to provide the best solutions for our customers, while keeping up with the evolving trends of digitalization and innovation. Sompo Group strives to contribute to the security, health and wellbeing of our stakeholders, customers, and society by providing more than just insurance. The Group operates its overseas business in 28 countries and regions worldwide, including the Americas, Europe, Middle East, Africa, Asia, and Oceania. Sompo Holdings is listed on Tokyo Stock exchange (First Section) and is rated A+ by Standard & Poor’s on its financial strength rating.To find out more, like us on Facebook: Sompoasia, subscribe on YouTube: Sompo Holdings Asia, or visit our website: www.sompo-asia.com.

CHUBB33,290 +65 6398 8785

Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs 31,000 people worldwide. Additional information can be found at: chubb.com.Read our Social Media Guidelines here: https://www.chubb.com/us-en/about-chubb/chubbs-social-media-guidelines.aspxNotre section « À propos » est également disponible en français, ici: https://www.chubb.com/ca-fr/about-chubb-in-canada/a-propos-de-chubb-au-canada.aspx

GREAT EASTERN12,502 +65 6248 2211

Established in 1908, Great Eastern places customers at the heart of everything we do. Our legacy extends beyond our products and services to our culture, which is defined by our core values and how we work. As champions of Integrity, Initiative and Involvement, our core values act as a compass, guiding and inspiring us to embrace the behaviours associated with each value, upholding our promise to our customers - to continue doing our best for them in a sustainable manner. We embrace inclusivity, giving all employees an equal opportunity to shine and play their role in exploring possibilities to deliver innovative insurance solutions. Since 2018, Great Eastern has been a signatory to the United Nations (UN) Principles of Sustainable Insurance. Our sustainability approach around environmental, social, and governance (ESG) considerations play a key role in every business decision we make. We are committed to being a sustainability-driven company to achieve a low-carbon economy by managing the environmental footprint of our operations and incorporating ESG considerations in our investment portfolios; improving people’s lives by actively helping customers live healthier, better and longer; and drive responsible business practices through material ESG risk management. Please note that our career opportunities are only posted on our Career Website (https://gecareers.taleo.net/careersection/ex_singapore/jobsearch.ftl?lang=en&portal=8116760849) and on our authorised job platforms, such as, LinkedIn, JobStreet and eFinancialCareers. We do not initiate any unsolicited calls and all official emails from Great Eastern will be sent from email addresses ending with “@greateasternlife.com or @greateasterngeneral.com”. Should you receive any communications outside from these channels, please do not provide any personal information and do reach out to us at greatcareers@greateasternlife.com for us to assist you and confirm the legitimacy of the content.

FWD INSURANCE7,946 +65 6820 8888

FWD Group is a pan-Asian life insurance business with more than 10 million customers across 10 markets, including some of the fastest-growing insurance markets in the world. FWD reached its 10-year anniversary in 2023. The company is focused on making the insurance journey simpler, faster and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD is committed to changing the way people feel about insurance.

IGLOO179 +65 6920 5134

Igloo is a full stack insurtech startup founded in 2016. It leverages big data, real-time risk assessment and end-to-end automated claims management to create innovative B2B2C insurance solutions for platform partners and insurers. Igloo’s insurance solutions enable companies to eliminate their exposure to operational risk, create new revenue streams and optimise and enhance existing products.

INCOME2,379 +65 6789 5000

Income Insurance Limited (Income Insurance) is one of the leading composite insurers in Singapore, offering life, health and general insurance. Established in Singapore to plug a social need for insurance in 1970, Income Insurance continues to put people first by serving the protection, savings and investment needs of individuals, families and businesses today. Its lifestyle-centric and data-driven approach to insurance and financial planning puts the company at the forefront of innovative solutions that empowers the people it serves with better financial well-being. Additionally, Income Insurance is committed to being a responsible business that champions the environment and builds stronger communities by supporting financial inclusion, education for youth-in-need and seniors’ well-being. For more information, please visit www.income.com.sg

PRUDENTIAL ASSURANCE MALAYSIA BERHAD5,294 +60 3-2771 0228

Our purpose is to help people get the most out of life. We make healthcare affordable and accessible, we protect people’s wealth and grow their assets, and we empower our customers to save for their goals.Our brand commitment “Listening. Understanding. Delivering.” reinforces our purpose of helping customers progress in life, meeting their evolving needs in a highly digital, interconnected world. By putting innovation at the core for our customers, Prudential continues to be as relevant today as it has been for more than 99 years.Prudential Assurance Malaysia Berhad (PAMB) was established in Malaysia in 1924 and is a subsidiary of Prudential plc, which was founded in London in 1848. Prudential plc provides life and health insurance and asset management, with a focus on Asia and Africa. Our financial strength, heritage, prudence and focus on our customers’ long-term needs ensure that people continue to turn to us to help them plan for today and tomorrow.

GALLAGHER RE2,261 +61 1800 254 287

The reinsurance landscape is evolving. To compete in a global marketplace, our clients and carriers demand scale and breadth. And we’re rising to meet the challenges ahead. As we welcome Willis Re to the Gallagher Re team, we look forward to driving greater value by combining the knowledge and expertise of our two organisations. The new Gallagher Re is more than just bigger. It’s smarter, faster, and stronger. At Gallagher Re, client advocacy is at the heart of everything we do. We are here to help you face your future with confidence.

MARSH27,114 +65 6333 6006

We help our clients and colleagues grow — and our communities thrive — by protecting and promoting Possibility. We seek better ways to manage risk and define more effective paths to the right outcome. We go beyond risk to rewards for our clients, our company, our colleagues, and the communities in which we serve.Marsh is the world’s leading insurance broker and risk advisor. With over 45,000 colleagues operating in 130 countries, Marsh serves commercial and individual clients with data-driven risk solutions and advisory services. Marsh is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people. With annual revenue nearly $20 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman.

METLIFE56,831 +65 9325 6401

We live in a time of unprecedented change. A time when economies, regulations, and social safety nets are all in flux.Customers around the globe have told us they’re overwhelmed by the pace of change and are looking for a trusted partner to help them manage life’s twists and turns.MetLife is committed to being that partner. That’s why we’re transforming our business: Delivering greater value for the people we serve by becoming a simpler, more focused, and future-facing company. We’ll be introducing new ways to meet our customers’ evolving needs, with flexible products; simpler, more intuitive experiences and a range of new services. MetLife. Navigating life together.For customer service: https://www.metlife.com/support-and-manage/contact-us/For social media notices: https://www.metlife.com/about-us/terms-and-conditions/social-media/MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East.

TOKIO MARINE INSURANCE GROUP (ASIA)1,507 +65 6221 6111

Welcome to the official page of Tokio Marine in Asia.More than 140 years ago, we were established as the first Insurance company in Japan. Our network now spans across 45 countries, and we have never lost sight of conducting business with integrity, passion and quality. Doing good, being good means profits are not the be all and end all of our existence, but a natural progression of doing the best for customers, employees and society. Working to be a Good Company brings us together as a united global insurance group. WHO WE ARE Established in the year 1879 as the first insurance company in Japan, TOKIO MARINE has grown over the decades, now offering an extensive selection of General and Life insurance products and solutions. With a presence in 45 countries and expanding, Tokio Marine ranks as one of the world’s most globally diversified and financially secure insurance groups. Today, as Japan’s largest insurance group, with over JPY22,531 billion in assets, JPY3,807 billion of market capitalisation (as at end of March 2019) and over 40,000 employees, Tokio Marine is ever-ready to partner with you to continuously realise more achievements.

AIA SINGAPORE2,769 +65 1800 248 8000

AIA Singapore is part of the AIA Group, which is the largest independent publicly listed pan-Asian life insurance group in the world and the second largest life insurance company in the world by market capitalisation. As a leading company in Singapore, AIA Singapore takes a leadership role in contributing to the nation’s social and economic progress by enabling families to live healthier, longer, better lives. Together with one of Singapore’s biggest and most committed team of AIA Financial Services Consultants, our dedicated staff are united in continually pursuing this goal. With a focus on providing excellent service to our customers, we partner with individuals, families and corporates in Singapore for a brighter and more prosperous future for all. Committed to the vision of being the pre-eminent life insurer in the country, admired for excellent service and best practices, AIA Singapore conducts our business according to an operating philosophy of “Doing the Right Thing, in the Right Way, with the Right People.Any personal information supplied by you in connection with your use of this social media platform may be collected, stored, handled, used and deleted in accordance with the AIA Singapore Privacy Policy available at http://www.aia.com.sg/en/index/personal-data-policy.html

PRUDENTIAL INDONESIA (PT PRUDENTIAL LIFE ASSURANCE)10,928 +62 1 500 085

Listening. Understanding. Delivering.At Prudential Indonesia we deliver excellence by consistently innovating, creating new opportunities and growing our business to cater all of our customers needs.With a vision of becoming truly world class, Prudential Indonesia provides quality services and proven track record of market leadership in the country.Working at Prudential Indonesia gives you many opportunities to develop yourself and explore what you’re really capable of, as well as the perfect environment to collaborate, listen and care for others.Ask around. The more you find out about us, the more you’ll learn that we’re an insurance company that understands you.We are here to listen.

REINSURANCE GROUP OF AMERICA, INCORPORATED3,426 +65 6692 9380

Reinsurance Group of America, Incorporated (NYSE: RGA) is a global industry leader specializing in life and health reinsurance and financial solutions that help clients effectively manage risk and optimize capital. Founded in 1973, RGA celebrates its 50th anniversary in 2023. Over the past five decades, RGA has become one of the world’s largest and most respected reinsurers and is listed among Fortunes Worlds Most Admired Companies. The global organization is guided by a fundamental purpose: to make financial protection accessible to all. RGA is widely recognized for superior risk management and underwriting expertise, innovative product design, and dedicated client focus. RGA serves clients and partners in key markets around the world and has approximately $3.4 trillion of life reinsurance in force and assets of $89.1 billion as of March 31, 2023. To learn more about RGA and its businesses, visit www.rgare.com.

PACIFIC PRIME476 +66 2 656 0180

Pacific Prime was founded in 2000 by Neil Raymond to simplify insurance for international clients looking for health insurance coverage. Fast forward, and over two decades later, we are now the 3rd largest employee benefits broker in the Asia Pacific region after acquiring CXA Group’s brokerage arms in Hong Kong and Singapore in 2021. Globally, we are internationally recognized as one of the largest employee benefits and insurance brokers. We have a broad portfolio of clients, including expats, families, international schools, professional services firms, and more.Our global operations in 15 strategic locations (Hong Kong, Shanghai, Beijing, Singapore, Dubai, Bangkok, London, New York, Miami, Los Angeles, Mexico City, Cebu, Kuala Lumpur, Guangzhou, Shenzhen) allow us to offer a wide range of cross-border and compliant insurance solutions. Collectively, we manage over USD $700 million in premiums and cover more than 1,500,000 lives. Moreover, our team of over 1,000 professional insurance experts and staff, speaking more than 28 different languages, helps foster strong, long-term relationships with clients and stakeholders. We are also a leading distributor for over 60 insurance companies, including BUPA, Allianz, Cigna, AXA, Aetna, CHUBB, and many more. In partnership with networks such as the Worldwide Broker Network (WBN), we strive to extend our reach and provide dedicated support and solutions to individuals and companies across various industries.If youre interested in learning more about our insurance solutions, please email us at corporate@pacificprime.com or visit our website: https://www.pacificprime.com/.

PRUDENTIAL LIFE ASSURANCE PUBLIC COMPANY LTD. (THAILAND)542 +66 81 815 2011

Prudential Life Assurance Public Company Ltd. (Thailand) (Prudential Thailand) is a subsidiary of UK-based Prudential plc and started its operations in Thailand in 1995. We have worked consistently to grow the company as well as provide the people of Thailand with opportunities to protect and secure their financial futures. Prudential Corporation Asia is one of Asia’s leading insurance companies with more than 14 million customers in 12 countries. The company offers a wide range of life insurance, protection, savings and retirement products and services. With a long heritage in Asia, the company has 500,000 financial consultants who live up to the promise every day to be “Always Listening. Always Understanding. Eastspring Investments is the asset management operation and serves both retail and institutional investors. It is one of Asias largest retail asset managers with operations in 10 regional markets plus offices in North America, the UAE, and the Europe.

SWISS RE14,208 +65 6428 1817

The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Dealing direct and working through brokers, its global client base consists of insurance companies, mid-to-large-sized corporations and public sector clients. From standard products to tailor-made coverage across all lines of business, Swiss Re deploys its capital strength, expertise and innovation power to enable the risk taking upon which enterprise and progress in society depend. Founded in Zurich, Switzerland, in 1863, Swiss Re serves clients through a network of over 70 offices globally and is rated AA- by Standard & Poors, Aa3 by Moodys and A+ by A.M. Best. Registered shares in the Swiss Re Group holding company, Swiss Re Ltd, are listed in accordance with the Main Standard on the SIX Swiss Exchange and trade under the symbol SREN. Were smarter together.For more information about Swiss Re Group, please visit: www.swissre.com or follow us on Twitter @SwissRe

Top Insurance Companies in Vietnam

Key Statistics from 2022

According to the Insurance Supervisory and Authority of Vietnam, the insurance industry is one of the top-performing sectors in the country, with a growth rate of 11.2% in 2022. The industry's total revenue was estimated at USD 11 billion, accounting for 2.2% of Vietnam's total GDP. Moreover, the sector employed over 100,000 workers in 2022, making it one of the important employers in the country.

Factors Contributing to its Growth and Success

The Vietnamese government has been actively promoting the development of the insurance industry through various initiatives. One such initiative is the adoption of the Insurance Business Law, which regulates the operation of insurance companies and provides a framework for the industry's development. The government has also encouraged the establishment of insurance companies and has provided tax incentives and other benefits to attract foreign investment.

In addition, Vietnam has a large population with a rising middle class and increasing disposable income, making it a potentially lucrative market for insurance products. The country also has a favorable investment climate, with a stable political environment and a growing economy.

Industry Growth and Comparison to Previous Years

The insurance industry in Vietnam has experienced significant growth over the past decade. In 2010, the sector's total revenue was only USD 1.5 billion, while in 2022, it reached USD 11 billion, a more than sevenfold increase. The industry's growth rate has also been impressive, with an average annual growth rate of 21.5% between 2010 and 2022.

Key Trends

One of the key trends in the insurance industry in Vietnam is the adoption of new technologies, such as mobile apps, online platforms, and data analytics. These technologies have enabled insurance companies to increase efficiency, reduce costs, and improve customer experience. In addition, the industry is witnessing a shift towards more customized insurance products, such as micro-insurance and usage-based insurance.

Another trend is the increasing importance of insurance for social welfare, such as health insurance and pension insurance. The government has implemented several initiatives to increase insurance coverage for the population, such as the National Health Insurance Program and the Social Insurance Program.

Challenges

Despite its growth and success, the insurance industry in Vietnam faces several challenges. One of the main challenges is the low penetration rate of insurance products, with only 8.6% of the population having life insurance and 1.5% having non-life insurance. In addition, the industry is highly concentrated, with a few large players dominating the market.

Another challenge is the lack of a skilled workforce in some areas, such as data analytics and risk management. The industry also faces increasing competition from other countries in the region, such as Singapore and Hong Kong, which are also investing heavily in the insurance industry.

Future Outlook

The future outlook for the insurance industry in Vietnam is positive, with continued growth expected in the coming years. The Vietnamese government has set a target of USD 24 billion in insurance premiums by 2025, which would require an average annual growth rate of 16.4% between 2022 and 2025.

To achieve this goal, the government is focusing on developing the country's insurance infrastructure, promoting innovation and technology adoption, and expanding insurance coverage for the population. The government has also signed several free trade agreements, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA), which are expected to boost the country's insurance industry by increasing foreign investment and promoting competition.

In addition, the industry is likely to benefit from the increasing demand for insurance products, driven by the rise of digitalization, automation, and changing consumer preferences. The growing middle class in Vietnam and the region is also expected to drive demand for insurance products, particularly for health insurance and pension insurance.

The industry is also likely to face new challenges and opportunities in the future, including the adoption of new technologies, the need for innovative products, and increasing competition from other countries. Companies that can adapt to these changes and leverage new technologies are likely to succeed in the future.

Conclusion

The insurance industry in Vietnam has become an important sector of the country's economy, with significant growth and potential for the future. The industry has benefited from favorable government initiatives, a large population with increasing disposable income, and a growing economy. However, the industry also faces several challenges, including low insurance penetration rates and increasing competition.

The industry is expected to continue to grow in the future, driven by new technologies, increasing demand, and government initiatives. To remain competitive, companies will need to invest in research and development, promote innovation, and expand insurance coverage for the population. With the right strategies and investments, the insurance industry in Vietnam can continue to thrive and contribute to the country's economic development.

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By Melissa Goh
Published on 31 May 2023