Hungary Insurance Market Intelligence: 2011 Edition

Date: January 23, 2011
Pages: 23
US$ 600.00
Publisher: Koncept Analytics
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: H9FD2633C48EN

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Hungary Insurance Market Intelligence: 2011 Edition
Deregulation of Hungarian insurance sector during the first half of the nineties opened the doors to foreign insurers, which led to a high growth in its entire insurance sector. However, the demand for insurance products saw a significant drop in 2009 with premium incomes notably decreasing, particularly, in the life insurance segment. Due to heavy downturn in the capital market, demand for fund-like investment products, such as investment funds, pension and health care funds and unit-linked life insurance contracts, witnessed a significant decline in 2009. The non-life insurance sector was also affected due to low growth in motor insurance, which resulted from the decline in vehicle sales. A huge budget deficit, slowed economic growth, declining employment and a fresh levy of taxes on the financial sector will have implications on the insurance industry of Hungary in the near future.

The insurance sector in Hungary is highly fragmented with a large number of players operating in the market. The five largest insurance companies - Allianz, (Germany), Generali-Providencia (Italy), Groupama Garancia (France), Aegon (Netherlands) and ING (Netherlands) - held more than half of the market share at the end of 2009. Allianz dominates the non-life insurance sector whereas ING is the market leader in life insurance segment. Reforms in public pension system that included increasing the retirement age, changing the calculation of pension bonuses, and retirement benefits, in addition to the demand for MTPL insurance policies will further drive the demand for insurance policies in future.

1.1 Industry Structure
  1.1.1 Entry of Multinational Companies, Introduction of International Standards and Products
  1.1.2 Merger of Grupoma Biztosító Zrt. and OTP Garancia Biztosító Zrt
  1.1.3 Operating license given to new service provider, CIG Első Magyar Biztosító Zrt
1.2 Market Overview
  1.2.1 Market Size & Growth Insurance premiums continued to contract in 2009 due to downturn in capital markets Rise in life premiums whereas non-life premiums stagnated in Q110
  1.2.2 Market Segments Equal contribution of life and non-life insurance segments to overall premiums Declining income of households and rising unemployment rate affected life premiums Intense price competition and decreasing margins in mandatory car insurance sector
  1.2.3 Market Density & Penetration Decline in both insurance density and penetration in 2009
  1.2.4 Market Share ING dominated life insurance sector Highly fragmented nature of insurance sector with Allianz as market leader


2.1 Industry Developments
  Reforms in Pension System
  Tax Rate for Insurance Companies Increased to 6.2%
  BKV Signed Contract with Generali-Providencia
  April CEE Launched New Life Insurance Product
  Uniqa Launched a New Insurance Cover Called Safeline
  Generali Launched Unemployment Insurance
  Obligatory Car Insurance Regulation Changed
  Annual Home Insurance Fee Increased By 6% in 2009
  Flood Damages Totaled HUF 6 Billion
2.2 Market Drivers
  Expanding Economy
  Rising Household Savings Rate
  Reforms in Pension System
  Demand for Compulsory MTPL Insurance


3.1 Political Environment
3.2 Macro-economic Indicators: Current and Projections


4.1 Excessive budget deficit negatively affecting growth of premiums
4.2 Uncertainty in capital markets affecting performance of unit-linked products
4.3 Compulsory MTPL insurance & general liability driving non-life premiums


Annual Premium – Hungarian Insurance Industry: 2002-2009
Hungary: Gross Direct Premium Q110 Vs. Q109
Hungary Insurance Premium Share (%) by Segment: 2009
Hungary Insurance Premium by Segment: 2002-2009
Hungary Life Insurance Premium Share (%) by Segment: 2009
Hungary Non-Life Insurance Premium Share (%) by Segment: 2009
Hungarian Insurance Density (US$): 2002 – 2009
Hungarian Insurance Penetration: 2002 – 2009
Hungary: Major Non-Life Insurers’ Market Share: 2009
Hungary: Major Life Insurers’ Market Share: 2009
GDP at Current Prices in Hungary: 2002 – 2009
Household Savings Rate as a Percentage of GDP: 2002-2009
Net Financial Wealth of Households in Hungary: 2002-2009
Population Aged 60 Years and Above in Hungary: 2002-2009
Gross Premiums for Compulsory Motor Insurance: 2002-2009
Number of MTPL Policies in Hungary: 2003-2009
Forecast: Hungary Insurance Industry: 2009A - 2013F
Forecast: Hungary Life & Non-Life Insurance Industry: 2009A - 2013F


Top Ten Insurance Companies in Hungary: 2009
Benefits from Pension Insurance Fund: 2002-2009
Key Macroeconomic Indicators: 2009 – 2014F
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