Hungary Insurance Report Q3 2014

May 14, 2014 - Business Monitor International - 74 pages
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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...

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).

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.

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Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including Daily Alerts, monthly regional Insights, and in-depth quarterly Country Forecast Reports.