Vietnam Health Insurance Market to be Fueled by Regular Premium during the Forecast Period
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.
Furthermore, 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 was 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 (insurtech 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 (Insurtech Companies , Third
Party, 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 health
insurance market.
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