Business Monitor International


Hungary Insurance Report

Published 14 May 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: The latest figures published by market leaders support our view that the current challenging conditions will persist over the next few quarters, in both segments. In the life sector, some multi-nationals have registered growth in premiums of around 10% in recent months due to effective marketing campaigns. This growth has meant a significant growth in premiums but has been at the expense of other insurers. The non-life sector has also faces some substantial challenges recently, the continued slide in motor insurance premiums being the most prominent issue for many companies. Despite this however the overall outlook for the insurance industry looks set to improve in the coming quarters with a strong chance of steady, albeit tepid, growth in premiums.

Despite the fact that a number of companies have witnessed a strong growth in premiums in the non-life segment, these gains have been principally focused in small niche markets. The main drag on growth in non-life sector over our forecast period will be poor performance of motor insurance premiums, with the sector set to see its non-life market share contract considerably.

Regarding Hungary's life segment, increased innovation amongst the market leaders and the development of new product ranges may result in a pickup in premiums growth rates. Recent developments such as VIG's takeover of Hungary's AXA subsidiary also suggest that there is some confidence returning to the market after a turbulent few years

Recent Developments

  • As of mid 2014, Hungary's economy is experiencing a steady but slow recovery, despite this at present conditions are not favourable for insurers. However, a general pick up is expected over the coming quarters.

  • Over capacity is still a serious issue in the non-life segment and prices and rates continue to experience downwards pressure, especially in the motor insurance sector.

  • Non-life companies are becoming more risk averse and a moving portfolios away from motor-related lines.

    ...

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 (Hungary 2011-2018)
14
Table: Total Net Premiums Written (Hungary 2011-2018)
14
Reinsurance Premiums
15
Table: Total Reinsurance Premiums Written (Hungary 2011-2018)
15
Claims
15
Table: Total Insurance Claims (Hungary 2005-2012)
16
Assets and Liabilities
16
Table: Assets (Hungary 2005-2012)
16
Life Premiums Forecast
17
Life Premiums
18
Table: Gross Life Premiums Written (Hungary 2011-2018)
18
Table: Net Life Premiums Written (Hungary 2011-2018)
19
Reinsurance Life Premiums
19
Table: Reinsurance Life Premiums Written (Hungary 2011-2018)
20
Life Insurance Claims
20
Table: Life Insurance Claims (Hungary 2005-2012)
20
Life Insurance Assets and Liabilities
21
Table: Assets (Hungary 2005-2012)
21
Life Insurance Drivers
21
Table: Insurance Key Drivers, Disease Adjusted Life Years (Hungary 2011-2018)
22
Table: Insurance Key Drivers, Private Health Expenditure (Hungary 2011-2018)
23
Non-Life Premiums Forecast
24
Non-Life Premiums
24
Table: Gross Non-Life Premiums Written (Hungary 2011-2018)
25
Table: Net Non-Life Premiums Written (Hungary 2011-2018)
26
Non-life Reinsurance
26
Table: Reinsurance Non-Life Premiums Written (Hungary 2011-2018)
26
Non-Life Claims
27
Table: Non-Life Insurance Claims (Hungary 2005-2012)
27
Non-Life Assets and Liabilities
28
Table: Assets (Hungary 2005-2012)
28
Non-Life Subsectors Forecast
29
Table: Non-Life % Breakdown (Hungary 2011-2018)
29
Motor and Transport Insurance
30
Table: Motor Vehicle Insurance (Hungary 2011-2018)
32
Table: Insurance Key Drivers, Autos (Hungary 2011-2018)
32
Table: Transport Insurance (Hungary 2011-2018)
33
Table: Insurance Key Drivers, Freight Tonnage (Hungary 2011-2018)
34
Property Insurance
34
Table: Property Insurance (Hungary 2011-2018)
34
Accident and Health Insurance
35
Table: Personal Accident Insurance (Hungary 2011-2018)
35
Table: Health Insurance (Hungary 2011-2018)
35
Liability and Credit Insurance
36
Table: General Liability Insurance (Hungary 2011-2018)
36
Table: Credit/Financial Guarantee Insurance (Hungary 2011-2018)
37
Industry Risk Reward Ratings
38
Central and Eastern European Risk/Reward Ratings
38
Table: Central And Eastern Europe Risk/Reward Ratings
39
Market Overview
40
Life Market Overview
40
Table: Life Insurance Market (US$mn) 2004-2012
42
Table: Life Insurance Market (%) 2004-2012
43
Non-Life Market Overview
44
Table: Non-Life Insurance Market (US$mn) 2004-2012
44
Table: Non-Life Insurance Market (%) 2004-2012
46
Company Profile
48
Allianz
48
ERGO
51
Generali
53
Groupama
56
UNIQA Group
58
Vienna Insurance Group (VIG)
61
Demographic Forecast
64
Table: Hungary's Population By Age Group, 1990-2020 ('000)
65
Table: Hungary's Population By Age Group, 1990-2020 (% of total)
66
Table: Hungary's Key Population Ratios, 1990-2020
67
Table: Hungary's Rural And Urban Population, 1990-2020
67
Methodology
68
Industry Forecast Methodology
68
Risk/Reward Rating Methodology
71
Table: Indicators
73
Table: Weighting of Indicators
74

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 Rankings

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

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

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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