Vietnam Health Insurance Market

Vietnam Health Insurance Market: Tailored Protection for Minors, Adults, and Senior Citizens

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Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the Vietnam Health Insurance Market “.

TechSci Research’s report, “Vietnam Health Insurance Market – Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F,” anticipates substantial growth in the Vietnam health insurance sector. The forecast period is marked by increased spending on medical services, creating opportunities and driving demand for health insurance. Various factors contribute to this growth, including the aging population’s susceptibility to health issues and heightened awareness of health concerns, fostering a preference for health insurance with extra benefits.

Health insurance serves as a financial safety net for medical costs arising from illnesses or injuries, covering expenses such as hospitalization, medication, and doctor/physician fees. With the insured paying regular premiums to the insurance provider, the industry thrives on addressing medical emergencies and offering financial assistance.

Techsci Report: 

The Vietnam health insurance market has witnessed remarkable achievements in policy implementation, with coverage reaching approximately 91% of the population by the end of 2021. The market’s favorable nationwide growth is considered an essential cost-sharing tool, aiding individuals and families in managing medical expenses related to illnesses and accidents.

Key Highlights:

  • Segmentation: The Vietnam health insurance market is segmented based on the type of insurance provider, coverage, mode of purchase, premium types, end-users, region, and competitive landscape.
  • Type of Insurance Provider: Segmentation into public vs. private providers, with the private segment expected to grow due to an increased number of private health insurance providers.
  • Type of Coverage: Division into individual and family coverage, with family health insurance offering comprehensive coverage for both major and minor medical expenses.
  • Premium Types: Categorized into regular and single premiums, where regular premiums involve periodic payments, and single premiums require full payment before coverage begins.
  • Mode of Purchase: Segmentation into insurance companies, insurance agents/brokers, and others (insurtech companies, third parties, etc.).
  • End Users: Fragmentation into minors, adults, and senior citizens.
  • Regional Division: Split into North Vietnam, South Vietnam, and Central Vietnam.

The report emphasizes the significance of health insurance policy benefits as a driving trend, supported by new government insurance policies aimed at enhancing healthcare for Vietnamese citizens. The rising cost of medical services further fuels the health insurance business, contributing to industry growth.

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.” – 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,” evaluates the future growth potential of health insurance, providing statistics and information on market structure, size, share, and future growth. The report aims to provide cutting-edge market intelligence, helping decision-makers make informed investment decisions, and identifying emerging trends, drivers, challenges, and opportunities present in the Vietnam health insurance market.

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About Techsci Research

TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity, and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high-value market research and advisory services that help them identify new market opportunities, growth engines, and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends.

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