Hungary Insurance Report Q1 2015
As of late 2014, the most recent news flow from Hungary's insurance sector remains uninspiring. Both segments are small in absolute terms and, by several metrics, underdeveloped by regional standards. Premiums are broadly stagnant relative to H113 in local currency terms, and are falling in USD terms. In spite of laudable efforts on the part of trade association MABISZ to promote transparency in, and greater consumer understanding of, insurance generally (and life insurance in particular), there is no obvious catalyst for growth through the forecast period.
A large part of the problem is the continuing sluggish growth of Hungary's economy. This has constrained (and, in the life segment, prevented) the expansion of premiums. In the life segment, lack of consumer understanding is a challenge: however, so are the significant numbers of households who cannot afford the offerings of the insurance companies.
Many of the national insurance sectors of Central and Eastern Europe (CEE) are utterly dominated by the former state-owned insurance monopoly and/or the local businesses of at least two of V ienna I nsurance G roup (VIG), Generali, Allianz and Talanx. However, this is not true of Hungary. Both segments are highly fragmented. It remains unclear whether many of the insurers really have pricing power in most of the...
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.
- 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.
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.
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.
Hungary's insurance s ector has hardly been growing . The sluggish expansion of the economy points to continuing stagnation in volumes in the non-life segment. It will also hold back the life segment despite the efforts of the trade association to promote understanding and usage of life insurance and organised savings products. A major challenge remains over-capacity resulting in pressures on prices and margins, which are generally in a downwards direction even though some players have successfully taken measures to boost profitability through 2014. The highly fragmented and competitive landscape is expected to consolidate further.
BMI Industry View
Total Premiums Forecast
Table: Total Gross Premiums Written (Hungary 2011-2018)
Table: Total Net Premiums Written (Hungary 2011-2018)
Table: Total Reinsurance Premiums Written (Hungary 2011-2018)
Table: Total Insurance Claims (Hungary 2006-2013)
Assets and Liabilities
Table: Total Insurance Assets (Hungary 2006-2013)
Life Premiums Forecast
Table: Gross Life Premiums Written (Hungary 2011-2018)
Table: Net Life Premiums Written (Hungary 2011-2018)
Reinsurance Life Premiums
Table: Reinsurance Life Premiums Written (Hungary 2011-2018)
Life Insurance Claims
Table: Life Insurance Claims (Hungary 2006-2013)
Life Insurance Assets and Liabilities
Table: Assets (Hungary 2006-2013)
Life Insurance Drivers
Table: Insurance Key Drivers, Disease Adjusted Life Years (Hungary 2011-2018)
Table: Insurance Key Drivers, Private Health Expenditure (Hungary 2011-2018)
Non-Life Premiums Forecast
Table: Gross Non-Life Premiums Written (Hungary 2011-2018)
Table: Net Non-Life Premiums Written (Hungary 2011-2018)
Table: Reinsurance Non-Life Premiums Written (Hungary 2011-2018)
Table: Non-Life Insurance Claims (Hungary 2006-2013)
Table: Assets (Hungary 2006-2013)
Non-Life Subsectors Forecast
Table: Non-Life % Breakdown (Hungary 2011-2018)
Motor and Transport Insurance
Table: Motor Vehicle Insurance (Hungary 2011-2018)
Table: Insurance Key Drivers, Autos (Hungary 2011-2018)
Table: Transport Insurance (Hungary 2011-2018)
Table: Insurance Key Drivers, Freight Tonnage (Hungary 2011-2018)
Table: Property Insurance (Hungary 2011-2018)
Accident and Health Insurance
Table: Personal Accident Insurance (Hungary 2011-2018)
Table: Health Insurance (Hungary 2011-2018)
Liability and Credit Insurance
Table: General Liability Insurance (Hungary 2011-2018)
Table: Credit/Financial Guarantee Insurance (Hungary 2011-2018)
Industry Risk Reward Ratings
Central and Eastern European Risk/Reward Ratings
Table: Central And Eastern Europe Risk/Reward Ratings
Life Market Overview
Table: Life Insurance Market (US$mn) 2007-2013
Table: Life Insurance Market (%) 2007-2013
Non-Life Market Overview
Table: Non-Life Insurance Market (US$mn) 2007-2013
Table: Non-Life Insurance Market (%) 2007-2013
Vienna Insurance Group (VIG)
Table: Hungary's Population By Age Group, 1990-2020 ('000)
Table: Hungary's Population By Age Group, 1990-2020 (% of total)
Table: Hungary's Key Population Ratios, 1990-2020
Table: Hungary's Rural And Urban Population, 1990-2020
Industry Forecast Methodology
Risk/Reward Rating Methodology
Table: Weighting of Indicators
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