Hungary Insurance Report

Providing expert analysis, independent forecasts and competitive intelligence on the insurance industry.

Report includes: BMI Industry View, Industry SWOT Analysis, Industry Forecasts, BMI's Insurance Risk Reward Index and Company Profiles.

Why you should buy this report

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  • Understand the threats to your operations and investments and protect your company against future risks
  • Gain insight on emerging trends that could support, strengthen or disrupt your activities in the market
  • Get a full view of the competitive landscape to assess your market position
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Hungary Insurance Report
Product Price
$1,295.00

BMI View: The outlook for Hungary's insurance market is highly positive. Rising levels of household income and solid demographic trends are boosting demand for various life products , leading to gains in penetration and density rates over the five year forecast period. Strong demand for some of the smaller non-life lines, such as health and personal accident insurance, will also support growth in the non-life sector.

Headline Insurance Forecasts (Hungary 2013-2020)
Indicator 2013 2014 2015e 2016f 2017f 2018f 2019f 2020f
BMI/Hungarian Insurance Commission (MABISZ)
Gross life premiums written, HUFbn 432.68 451.82 527.87 576.02 623.75 671.57 720.38 770.84
Gross life premiums written, HUF, % y-o-y 7.4 4.4 16.8 9.1 8.3 7.7 7.3 7.0
Gross life premiums written, USDbn 1.94 1.94 1.89 2.04 2.34 2.69 3.06 3.27
Gross life premiums written, USD, % y-o-y 8.0 0.3 -2.9 8.4 14.4 14.9 13.9 7.0
Gross non-life premiums written, HUFbn 375.91 392.25 410.91 426.42 446.36 467.62 488.90 508.73
Gross non-life premiums written, HUF, % y-o-y 5.1 4.3 4.8 3.8 4.7 4.8 4.6 4.1
Gross non-life premiums written, USDbn 1.68 1.69 1.47 1.51 1.67 1.87 2.08 2.16
Gross non-life premiums written, USD, % y-o-y 5.8 0.2 -12.9 3.1 10.5 11.8 11.0 4.1

Key Updates A nd Forecasts

  • Life insurance is expected to prove the main source of growth in Hungary's insurance market over the forecast period. Life premiums are currently forecast to grow by 11.7% annually between 2016 and 2020, meaning that life premiums will account for over 60% of all premiums written.

  • While growth will be slower in the smaller non-life sector, premiums are also expected to rise by a healthy rate of 8.1% annually over the forecast period. While density (premiums per capita) will rise, the rate of penetration (premiums against GDP) is expected to slip slightly as the non-life market is outpaced by wider economic growth.

  • We are currently forecasting relatively slow growth in the motor insurance sub-sector. Although one of the largest non-life lines, motor insurance is highly competitive, which has placed downwards pressure on pricing. Hungary's motor insurers are reportedly now considering more robust premium increases in light of high loss ratios, particularly in terms of commercial vehicle coverage.

BMI Industry View
5
Table: Headline Insurance Forecasts (Hungary 2012-2019)
5
SWOT
6
Insurance
6
Industry Forecast
8
Life Premiums Forecast
8
Table: Life Premiums (Hungary 2012-2019)
11
Table: Life Insurance Claims (Hungary 2007-2014)
12
Non-Life Premiums Forecast
12
Table: Non-Life Premiums (Hungary 2012-2019)
15
Table: Non-Life Insurance Claims (Hungary 2008-2014)
17
Non-Life Sub-Sector Forecast
17
Table: Non Life Insurance Premiums by Product Line (Hungary 2012-2019)
26
Industry Risk Reward Ratings
28
Emerging Europe Risk/Reward Index
28
Table: Emerging Europe Insurance Risk/Reward Index
29
Market Overview
30
Life Market Overview
30
The Product Offering
30
Competitive Landscape
31
Table: Life Insurance Premiums (USDmn), 2006-2013
32
Non-Life Market Overview
33
The Product Offering
33
Competitive Landscape
33
Company Profile
35
Allianz
35
Generali
37
Groupama
40
UNIQA Group
42
Vienna Insurance Group (VIG)
44
Methodology
47
Industry Forecast Methodology
47
Risk/Reward Index Methodology
50
Table: Indicators
52
Table: Weighting of Indicators
53

The Hungary Insurance Report has been researched at source and features BMI Research'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.

BMI Industry Forecasts

Historic data series (2005-2014) and forecasts to end-2019 for key industry indicators, supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:

  • Life/non-life Premiums: Total premium growth (USDmn), premium growth (% y-o-y), penetration (% of GDP), density (USD per capita) for Life and Non-Life sectors, claims reinsurance, and assets and liabilities.
  • Non-life subsectors: Data on gross written premiums for all major Non-Life segments (motor, transport, property, personal accident, health, general liability and credit financial).

BMI’s Insurance Risk Reward Index

BMI’s Risk Reward Indices provide investors (Life and Non-Life) looking for opportunities in the region with a clear country-comparative assessment of a market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry, economic and demographic data points to provide an indices of highest to lowest appeal to investors, with each position explained.

Company Profiles*

Examines the competitive positioning and short- to medium-term business strategies of key industry players. 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.

Growth Drivers & Risk Management Projections

Key data and forecasts to end-2019 focusing on the growth drivers and downside risks to specific insurance lines including:

  • Population: Male/female, by age group, active/pensionable/youth population % of total, urban/rural population % of total.
  • Freight: Tonnage – air freight, rail freight, road freight, inland waterway.
  • Motor: Fleet size by type of vehicle % change y-o-y.
  • Epidemiology: Disease Adjusted Life Years and private health expenditure.

Market Overview & Rankings

Illustration of the insurance industry via rankings tables comparing gross written premiums by company (USDmn) and market share (%) for the top 20 players in both Life and Non-Life. This chapter also includes in-depth regional analysis of the market position, business strategies and investment potential of the leading insurance companies.

Sources

The insurance Reports draw on an extensive network of primary sources, such as multilateral organisations, government departments, industry associations, chambers and company reports.

*Company profiles are not available for every country. Those reports instead contain information on the current activities of prominent companies operating in the market.