Analyst Pin-board Insurance industry – Reformation is coming
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Earnings of insurance companies have thrived in 2021, as a result of technical factors and claim payment deferral, which we consider temporary. In our view, this will not hold into 2022 and hardship will come in the shape of higher expenses, although we see opportunities for premium sales to continue its high grow momentum. Looking further, there will be structural changes triggered by the coming new insurance business law that is expected to come into effect from July 1st 2023. 2021 premium revenue rebounded on low comparison base According to the Ministry of Finance, 9M2021 premium rebounded 15.4% YoY to VND 152 tn from the low base last year, despite a weak growth of 7% YoY in Q3, due to the severe pandemic outbreak. Fierce competition continued to narrow and reshape market shares among top five players while giving more opportunities to smaller ones. Large players kept opting for profit rather than market share, in both life and non-life sectors. |
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