Business Monitor International


Hungary Insurance Report

Published 16 January 2014

  • 72 pages
  • Instant access to your report online and PDF format through your account library
  • Includes 3 free updated quarterly reports
 
$1,295.00
Hungary Insurance Report

BMI View: As of mid-2014, the latest results published by the leading insurers confirm our view that times will remain quite testing, in both segments. In the life segment, particular multi-nationals have achieved double-digit growth in premiums in recent months, thanks to successful marketing campaigns. However, this growth has been at the expense of other life insurers. In the non-life segment, brutal competition in the motor vehicle insurance sub-sector is a key issue for many companies.

Although some of the players have achieved strong growth in premiums in that segment, it is mainly in small niche markets. Meanwhile, the economy is recovering - but slowly. In the non-life segment, a possible wildcard during the forecast period - and a positive one - is industry consolidation. We remain of the view that some of the multi-nationals who are present may reconsider their commitment to a presence in Hungary. In the life segment, the positive wildcard comes from the innovation of the market leaders: one or more of them may develop products which inspire Hungary's households and corporate clients with the result that premiums grow sharply.

Recent Developments

  • As of early 2014, the general weakness of Hungary's economy remains an issue for both life and non-life insurers.

  • The non-life segment continues to suffer from over-capacity, and downwards pressure on prices and rates - especially in motor-related lines.

  • Non-life companies are being selective in relation to the risks that they are underwriting and are positioning portfolios away from motor-related lines.

  • Particular companies have suffered a sharp contraction in life premiums through 2013.

  • This is partly due to competition from the local subsidiaries of leading global/regional multi-nationals, some of which have run successful marketing campaigns in Hungary.

Key BMI Forecasts

  • We are forecasting total gross premiums to reach US$3.4bn over 2014, falling by 1.1%.

  • Life premiums are forecast to...

Table of Contents

BMI Industry View
7
SWOT
8
Insurance
8
Political
9
Economic
10
Business Environment
11
Industry Forecast
13
Total Premiums Forecast
13
Total Premiums
13
Table: Total Gross Premiums Written 2011-2018
13
Table: Total Net Premiums Written 2011-2018
14
Reinsurance Premiums
14
Table: Total Reinsurance Premiums Written 2010-2018
14
Claims
15
Table: Total Insurance Claims 2004-2012
15
Assets and Liabilities
16
Table: Assets 2004-2012
16
Life Premiums Forecast
17
Life Premiums
18
Table: Gross Life Premiums Written 2010-2018
18
Table: Net Life Premiums Written 2010-2018
19
Reinsurance Life Premiums
19
Table: Reinsurance Life Premiums Written 2010-2018
20
Life Insurance Claims
20
Table: Life Insurance Claims 2004-2012
20
Life Insurance Assets and Liabilities
21
Table: Assets 2004-2012
21
Life Insurance Drivers
22
Table: Insurance Key Drivers, Disease Adjusted Life Years 2010-2018
22
Table: Insurance Key Drivers, Private Health Expenditure 2010-2018
23
Non Life Premiums Forecast
24
Non Life Premiums
25
Table: Gross Non-Life Premiums 2011-2018
25
Table: Net Non-Life Premiums 2010-2018
26
Non Life Reinsurance
26
Table: Reinsurance Non-Life Premiums 2010-2018
26
Non Life Claims
27
Table: Non-Life Insurance Claims 2004-2012
27
Non Life Assets and Liabilities
28
Table: Assets 2004-2012
28
Non Life Subsectors Forecast
29
Motor and Transport Insurance
30
Table: Motor Vehicle Insurance 2010-2018
31
Table: Insurance Key Drivers, Autos 2010-2018
31
Table: Transport Insurance 2010-2018
32
Table: Insurance Key Drivers, Freight Tonnage 2010-2018
33
Property Insurance
33
Table: Property Insurance 2010-2018
33
Accident and Health Insurance
34
Table: Personal Accident Insurance 2010-2018
34
Table: Health Insurance 2010-2018
34
Liability and Credit Insurance
35
Table: General Liability Insurance 2010-2018
35
Table: Credit/Financial Guarantee Insurance 2010-2018
36
Industry Risk Reward Ratings
37
Central and Eastern European Risk/Reward Ratings
37
Table: Central And Eastern Europe Risk/Reward Ratings
38
Market Overview
39
Life Market Overview
39
Table: Life Insurance Market (US$mn) 2004-2012
41
Table: Life Insurance Market (%) 2004-2012
42
Non Life Market Overview
43
Table: Non-Life Insurance Market (US$mn) 2004-2012
43
Table: Non-Life Insurance Market (%) 2004-2012
45
Company Profile
46
Allianz
46
ERGO
49
Generali
51
Groupama
54
UNIQA Group
56
Vienna Insurance Group (VIG)
59
Demographic Forecast
62
Demographic Outlook
62
Table: Hungary's Population By Age Group, 1990-2020 ('000)
63
Table: Hungary's Population By Age Group, 1990-2020 (% of total)
64
Table: Hungary's Key Population Ratios, 1990-2020
65
Table: Hungary's Rural And Urban Population, 1990-2020
65
Methodology
66
Industry Forecast Methodology
66
Risk/Reward Rating Methodology
69
Table: Insurance Risk/Reward Ratings Indicators
70
Table: Weighting Of Indicators
72

The Hungary Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Hungary Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Hungarian insurance industry.

Key Benefits

  • Benchmark BMI's independent insurance industry forecasts for Hungary to test other views - a key input for successful budgeting and strategic business planning in Hungary's insurance market.
  • Target business opportunities and risks in Hungary through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
  • Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).

Coverage

BMI Industry View

Summary of BMI's key industry forecasts and views, covering the Life and Non-Life segments, the evolving competitive landscape and business operational risks.

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the insurance sector and within the broader political, economic and business environment.

Regional Outlook

Individual analysis of both Life and Non-Life insurance sector developments and prospects across developed states and emerging markets - supported by BMI's global industry growth forecasts. This is followed by an in-depth evaluation of region- and country-specific trends, focusing on BMI's country-by-country market growth data.

Business Environment Ratings

BMI's Insurance Business Environment Ratings provide a country-comparative Risk-Reward Ratings index aimed at investors (Life and Non-Life) in the insurance market.

The ratings methodology makes sophisticated use of over 40 industry, economic and demographic data points and is part of BMI's integrated Country Risk-Industry Ratings products.

BMI Industry Forecasts

Historic data series (2008-2012) and forecasts to end-2018 for key industry and economic indicators (see list below) supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:

Premiums: Total (US$mn), growth (% y-o-y), penetration (% of GDP), density (US$ per capita) for Life and Non-Life sectors, and total premiums.

Life: Data on gross written premiums for all major non-life segments (e.g. motor, fire, work).

Non-life: Data on gross written premiums for all major life segments (e.g. life, retirement).

Economic: Nominal GDP (US$bn), real GDP growth (%), GDP per capita (US$), population (mn), unemployment (%), exchange rate (against US$).

Competitive Landscape & Rankings

Illustration of the insurance industry via rankings tables comparing gross written premiums by company (US$mn) and market share (%). This chapter also includes in-depth regional analysis of the market position, business strategies and investment potential of the leading insurance companies.

Company Profiles

Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI's industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.

secure
Benefit from discounts when you add multiple products to your basket
2 Products SAVE 10%
3 Products SAVE 15%
4 Products SAVE 20%
5 Products SAVE 25%
6 Products SAVE 30%
7 - 20 Products SAVE 35%
21 Products or more SAVE 40%

Testimonials

'An essential, multi-faceted research tool. BMI’s thorough understanding of the major market players enables an informed – and informative – review of the sector’s actual performance, together with useful insights into current industry issues, which are topped-off with detailed and invaluable forecasts of industry and macroeconomic trends.’

Senior Research Analyst, ABC International Bank plc