According to the national comprehensive financial strategy outlined in Decision 149/QD-TTg, the goal is to achieve average insurance premium revenue of 3.5% of GDP by 2025, with a vision extending to 2030. This strategy aims to popularize basic financial products and services, including insurance.

According to the Vietnam Insurance Association’s data, from 2019 to 2023, the top 10 non-life insurance companies in Vietnam, including PVI, Bao Viet, PTI, and MIC, accounted for 78% of total market revenue. These enterprises have consistently maintained their leading positions, backed by robust financial health and strong capital from state-owned corporations and credit institutions.

In recent years, the shareholder structure of these leading enterprises has seen the involvement of prominent global strategic investors. For instance, HDI Global SE (Germany), Funderburk Lighthouse (Oman Government investment fund), and the International Finance Corporation (IFC) are notable shareholders in PVI. Similarly, AXA Insurance Finance Group (France) and Firstland Company Limited hold more than 20% of Bao Minh Insurance's capital.

Hyundai Marine & Fire Insurance holds 25% of VBI’s charter capital, while Bangkok Insurance and PICC P&C (People's Insurance Group of China) have partnered with Bao Viet since 2018.

BIC, VBI, and PJICO are notable for their growth in recent years. BIC, supported by Fair Fax Asia, increased its market share from 3.8% in 2019 to 6.4% in 2023. PJICO reached a milestone of 4,000 billion VND in original insurance revenue in 2023, maintaining a market share of 5-6%.

The remaining 22 non-life insurance companies, accounting for about 22% of the market share, face fierce competition and struggle to establish a foothold. Many of these companies have foreign partners, but success has been elusive.

Groupama Vietnam, the first foreign investor in Vietnam's insurance market, withdrew in 2022 after nearly 20 years. Similarly, IAG from Australia sold its stake in AAA Insurance to Bamboo Capital Group and BCG Financial in 2021 after an unsuccessful decade. ERGO Insurance Group (Germany) and AFC Vietnam Fund (Cayman Islands) also faced challenges, with market shares stagnating or declining.

The competition remains intense, with smaller enterprises like GIC, ABIC, and Bao Long struggling to maintain minimal market shares despite foreign investment. Many of these companies have not met expectations, leading to withdrawals or continued struggles.

Financial experts note that smaller enterprises often seek foreign partners to gain financial and managerial support. However, most have not achieved the desired outcomes. The Top 10 market share rankings in Vietnam's non-life insurance market are unlikely to change significantly in the near future, leaving limited opportunities for smaller businesses.

Luu Minh