Hungary Insurance Report Q2 2013

Date: February 27, 2013
Pages: 73
US$ 1,175.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF), Download
ID: H483B3A5914EN

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Includes 3 FREE quarterly updates

The Hungary Insurance Report considers the prospects for both life and non-life insurers in the country. Relative to its peers in Central and Eastern Europe, Hungary stands out for several reasons. The most obvious is that it has been shrinking, by at least one metric, for years. The latest data, published by the Association of Hungarian Insurance Companies (MABISZ) in Q312, indicates that, in terms of gross premiums written, both segments are smaller in 2012 than they had been in 2007. Although the life segment is dominated by unit-linked products, a characteristic that attests to the risk tolerance of Hungarian households who use life insurance and one that also sets Hungary's insurance sector apart from others in the region, the volatility of financial markets has taken its toll. Brutal competition in motor related lines (ie: both compulsory motorists third-party liability - CMTPL - cover and voluntary hull insurance or CASCO) has forced tariffs downwards: this is a challenge that has been highlighted by many of the insurers that have commented on business conditions in Hungary over the last year.

Hungary's is, of course, not the only non-life segment in Central and Eastern Europe in which there has been, or remains, competition in motor-related lines. However, BMI remains of the view that the competition has been exacerbated by the fragmentation of the market. In spite of the lack of growth and the small size of the Hungarian non-life market, by most metrics, all of the multinational companies that have a commitment to the region are present. Unlike in the Czech Republic, Slovakia and Poland (but in a similar way to Serbia, Croatia and Slovenia) small indigenous companies, collectively, command a significant market share. The life segment, too, is relatively fragmented.
BMI Industry View
  Table: Hungary Total Premiums, 2010-2017
Business Environment
Industry Forecast
  Table: Hungary's Life Premiums, 2010-2017
Non Life
  Table: Hungary's Non-Life Premiums, 2010-2017
Industry Risk Reward Ratings
  Table: Hungary Insurance Risk/Reward Rating
  Table: Central And Eastern Europe Insurance Risk/Reward Ratings
Market Overview
Life Sector Update
Non Life Sector Update
Industry Trends And Developments
Life Growth Drivers and Risk Management Projections
  Table: Insurance Key Drivers, Demographics, 2010-2017
Non Life Growth Drivers and Risk Management Projections
Macroeconomic Outlook
  Table: Hungary - Economic Activity
Political Stability Outlook
  Table: Europe Security Risk Ratings
Healthcare Insurance
  Table: Insurance Key Drivers, Disease Adjusted Life Years 2010-2017
  Table: Insurance Key Drivers, Autos 2010-2017
Competitive Landscape
Company Profile
Generali PPF Holding
Regional Overview
Central And Eastern Europe Life Sector Overview
  Table: Central And Eastern European Life Premiums, 2010-2017 (US$mn)
Central And Eastern Europe Non Life Sector Overview
  Table: Central And Eastern European Non-Life Premiums, 2010-2017 (US$mn)
Demographic Forecast
  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
Insurance Risk/Reward Ratings
  Table: Insurance Risk/Reward Ratings Indicators And Rationale
  Table: Weighting Of Indicators
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