Implementation of new insurance policies and rising unexpected risk awareness are the leading factors expected to drive the Vietnam health insurance market during the forecast period. According to TechSci Research report, “Vietnam Health Insurance Market - Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F” The Vietnam health insurance market is expected to grow during the forecast period owing to many factors, including increased spending on medical examination and treatment, which has created opportunities in the health insurance industry and is driving market demand for health insurance throughout the forecast period.
The Important Aspects of the Vietnam Health Insurance Market
As people grow older and their immune systems weaken, they are more likely to develop health problems such as dental, heart, cancer, and terminal illnesses. As a result, the health insurance market may benefit from an aging population.
Health insurance is a type of insurance that pays for medical costs incurred due to an illness or injury. These medical expenses include hospitalization, medication, and doctor/physician fees. Health insurance is designed to cover your medical costs in a medical emergency. Simply put, the insured pays regular premiums to the insurance provider in exchange for financial assistance.
Customers prefer to buy health insurance with extra benefits, like an expanding selection of health insurance plans. The industry is being boosted owing to growing awareness regarding health concerns.
The percentage of people in Vietnam who have health insurance is one of the most significant achievements in the organization and implementation of health insurance policies. Over the years, the country has grown dramatically. Health insurance coverage reached 57% and 74.7% of the population in 2009 and 2015, respectively. By the end of 2021, coverage reached approximately 91% of the population. In addition, every year, more than 100 million people with health insurance undergo medical examinations and treatments.
The market has grown favorably nationwide during the period. It is one of the essential cost-sharing tools for paying medical expenses associated with illnesses and accidents that impact individuals and a group of people large enough to form a family. Additionally, it provides excellent healthcare services. Depending on the conveniences, the insurance policy may be acquired for annual or monthly premium payments for a specific amount of time or the rest of one's life. Health insurance reimburses the costs if the insured person experiences an accident or is identified with a severe health condition during enrollment. That will encourage people to buy health insurance as it is sharing the people's financial burden, which will boost the market demand during the projected period.
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The Vietnam health insurance market is segmented on the basis of type of insurance provider, type of coverage, mode of purchase, premium types, end users, region, and competitional landscape.
Based on the type of insurance provider, the market is further bifurcated into public vs. private. The private segment is expected to grow during the forecast period because of the increased number of private health insurance providers in the market.
Based on the type of coverage, the market is further divided into individual and family. A family health insurance policy covers both major and minor medical expenses for the entire family under one policy. The health insurance premium and the total amount insured are higher than an individual health insurance plan, which only covers one person.
Based on premium type, the market is divided into regular premium and single premium.. Before the start of coverage, a single premium health insurance policy needs to be paid in full. A regular premium policy mandates that the insured make periodic payments toward the insurance coverage throughout the policy's duration. The timeframe could be anything from a month to a year. Most customers favor regular premium policies due to the availability of automated payments through various apps.
Additionally, based on the mode of purchase, the market is divided into insurance companies, insurance agents/brokers, and others (insurance companies, third parties, etc.). Based on end users, the market is fragmented into minors, adults, and senior citizens. Based on region, the market is divided into North Vietnam, South Vietnam, and Central Vietnam.
Key market players in the Vietnam health insurance market include:
- AIA Vietnam Life Insurance Company Limited
- Prudential Vietnam Life Insurance Co., Ltd
- Manulife Vietnam Co., Ltd.
- Chubb Group Holdings Inc.
- Tokio Marine Insurance Vietnam Co, Ltd.
- Pacific Cross Vietnam
- Assicurazioni Generali S.p.A
- BIDV Insurance Corporation (BIC)
- HSBC Group
- BaoMinh Insurance
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“Benefits of health insurance policies are a prominent trend that is expected to have a positive impact on the growth of the health insurance market over the forecast period, including the implementation of new government insurance policies aimed at Vietnamese people with the goal of health care, which is expected to play a significant role in increasing demand for health insurance in the coming years. Furthermore, the rising cost of medical services has led to an increase in the health insurance business, which is expected to boost industry growth during the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Vietnam management consulting firm.
Vietnam Health Insurance Market, By Type of Insurance Provider (Public v/s Private), By Type of Coverage (Individual v/s Family), By Mode of Purchase (Insurance Companies, Insurance Agents/Brokers, and Others (Insurance Companies, Third Parties, etc.)), By Premium Type (Regular Premium, Single Premium), By End Users (Minors, Adults, Senior Citizens)), By Region, By Company, Forecast & Opportunities, 2018-2028F, has evaluated the future growth potential of health insurance and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in Vietnam's health insurance market.
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