Hungarian Personal Accident & Health Insurance Industry Records High Stable Growth Rates, Reports Timetric25 Jun 2012 • by Natalie Aster
Despite the global financial crisis, the Hungarian personal accident and health insurance segment continued to record healthy levels of growth during the review period (2007–2011), posting a CAGR of 2.4%. The segment was driven by increased levels of health insurance product penetration and an improved awareness regarding the benefits of private health insurance.
The new report "Personal Accident and Health Insurance in Hungary, Key Trends and Opportunities to 2016" by Timetric states that the Hungarian personal accident and health insurance segment is expected to record a CAGR of 5.3% over the forecast period (2012–2016). The number of personal accident and health insurance policies sold is expected to increase from 2.47 million in 2011 to 2.89 million in 2016, at a CAGR of 3.12%. This growth will be mainly driven by the availability of an expanding range of insurance products, the increased penetration of distribution channels, and the growing importance of private health insurance as a supplement to social security health insurance and rising levels of disposable income due to the country’s stable economic growth.
Personal Accident and Health Insurance in Hungary, Key Trends and Opportunities to 2016
Published: June, 2012
Price: US$ 1.950,00
Over the forecast period, the health insurance category is expected to increase its share of the overall Hungarian personal accident and health insurance segment. In 2011, health insurance accounted for 18.8% of the segment, while the personal accident and travel insurance categories accounted for respective shares of 46.1% and 35.1%. By 2016, the health insurance category is forecast to comprise a share of 23.7%, reflecting a rise in healthcare expenditure.
Changing lifestyle patterns and the increased profile of certain diseases has significantly impacted Hungarian healthcare expenditure. Consequently, a rising number of consumers have voluntarily chosen to purchase private health insurance policies on top of the insurance provided by employers and the government. This is because the cover provided by government funded health insurance is very basic and often not sufficient to cover expenses relating to critical diseases.
More information can be found in the report “Personal Accident and Health Insurance in Hungary, Key Trends and Opportunities to 2016” by Timetric.
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