Non-life insurance competition heats up as smaller players gain ground

The non-life insurance market has maintained its growth momentum in the early months of the year. By the end of February, total gross written premiums were estimated to surpass $640 million, up around 10 per cent on-year, based on data compiled from 33 non-life insurers operating in the market.

Motor vehicle insurance continues to serve as the ‘backbone’ for many non-life insurers

In terms of market structure, the top three positions remain unchanged, held by PVI Insurance, Bao Viet, and Bao Minh, with respective market shares of 19.4 per cent, 13.9 per cent, and 8.2 per cent.

Notably, DBV Insurance has climbed to fourth place, with revenue approximating $40 million, accounting for 6.1 per cent of market share, surpassing several established players such as VBI, PJICO, MIC, and PTI.

Beyond improving its ranking, DBV Insurance is also among the fastest-growing companies in terms of gross premium revenue, posting an on-year increase of 98.4 per cent – nine times the overall market growth rate and significantly higher than peers such as Bao Viet with 15 per cent hike, PVI (9 per cent), and PTI (1 per cent).

Meanwhile, several insurers even reported negative growth, including Bao Minh down 3.9 per cent in gross premium revenue, AAA down 6 per cent, MIC down 7 per cent, and AIG down 16 per cent, respectively.

Although the top three positions remain intact for now, this could change as Bao Minh (BMI), currently ranked third, has posted consecutive negative growth during the first two months of 2026.

According to the Ministry of Finance’s Global Insurance Market Bulletin No.02, Bao Minh held a 9.06 per cent market share in January 2026, with estimated revenue of $38.84 million, down 9.4 per cent.

Recently, the Ho Chi Minh City Stock Exchange placed Bao Minh’s BMI shares under warning status after its 2025 financial statements received a qualified audit opinion, indicating certain exceptions.

In a report released on April 3, auditors highlighted an issue related to assets worth over $6.2 million pending resolution, indicating that the financial statements did not fully reflect the company’s situation. Bao Minh said it is working with relevant parties to address the outstanding issues raised by auditors.

Directly behind Bao Minh in market share is DBV Insurance, with 75 per cent stake held by South Korea’s DB Group. In the non-life insurance market, DBV is increasingly seen as a ‘phenomenon’ and is potentially expected to reshape the rankings in the near future.

Motor vehicle insurance continues to serve as the primary growth driver behind DBV Insurance’s strong performance in early 2026.

Revenue from this segment reached $26.2 million after two months, up 92 per cent and accounting for 66 per cent of the company’s total revenue. DBV has also consistently maintained the number one market share position in this segment since May 2024.

Beyond the leading players, several lower-tier insurers have reported gross premium growth exceeding 50 per cent in the first two months of 2026, including Tasco ($8.6 million, up 127.7 per cent), VBI ($20.64 million, up 53.8 per cent), and VASS ($2.28 million, up 57.6 per cent).

Competition is not limited to the top tier; it is also intensifying among smaller players. Companies including VBI, Tasco, and VASS have recently posted strong growth, signalling significant untapped potential in the retail and small-to-medium enterprise segments.

This shift reflects deepening competition and suggests that, supported by stable demand and solid growth, the non-life insurance segment will continue to drive overall market expansion in the coming period.

To date, non-life insurance remains the strongest contributor to the industry's revenue growth.

According to data from the National Statistics Office under the Ministry of Finance, total insurance premium revenue in the first quarter of 2026 is estimated at $2.28 billion, up 2.5 per cent on-year. Of this, life insurance premiums are estimated at $1.32 billion, down 2.5 per cent, while non-life insurance premiums are estimated at $959.4 million, up 10.2 per cent.

Growth in the non-life segment continues to be driven by key lines such as motor vehicle insurance, health insurance, and property and engineering insurance – segments characterised by stable demand and less sensitivity to long-term spending deferrals.

In particular, motor vehicle insurance remains the ‘backbone’ for many insurers, thanks to its large scale, ease of expansion through diverse distribution channels, and high frequency of use.

Overall, the sector’s double-digit growth in the first quarter of 2026 reaffirms its role as a key pillar sustaining the broader market. However, future growth will depend heavily on insurers’ ability to balance market share expansion with risk control – an essential factor for the industry’s long-term sustainability.

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