Hungary Insurance Report Q4 2016

Date: August 24, 2016
Pages: 61
US$ 1,295.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)

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Includes 3 FREE quarterly updates

BMI View: The Hungarian insurance market's low penetration rates and under-development provide plenty of opportunity for strong growth, but this will not transpire in 2016. This year will witness overall market stagnation in both the life and non-life segments. Rising disposable incomes, stronger economic growth and demographic change, with an increasingly middle-class and older population, will boost growth over the following years. While motoring insurance will show little growth, property and health lines will be growth leaders amid rising home purchases and cut-backs in state healthcare. The market is crowded with a number of foreign and domestic insurers and new entrants are likely to seek acquisitions, while consolidation is a likely possibility.

Key Updates & Forecasts
  • Growth in demand for life insurance will support a steady increase in life underwriting over the next few years, with premiums growth set to outpace that of the non-life market by a clear distance. As such, the share of life insurance covers to overall insurance premiums in Hungary will increase over the forecast period, rising from about 52.6% in 2016 to 55.5% in 2020. Still remaining low relative to other markets in Central and Eastern Europe (CEE), non-life penetration will moderately decline, from 1.3% to 1.2% of GDP over the period.
  • Non-life premiums will rise on average by 3.0% in 2016-2020, which is a marked decline on the 4.8% annual growth forecast in the previous quarter. The downgrade is in line with BMI's overall reduction in economic growth forecasts, although premiums will strengthen from 2017 amid stronger market performance assisted by the low interest, lower tax environment and an ageing population.
  • Property and motor vehicle insurance will remain the pillars of non-life insurance spending through to 2020, but property lines will overtake the stagnant motoring segment as the largest non-life sub-sector.
BMI Industry View
  Table: Headline Insurance Forecasts (Hungary 2013-2020)
Industry Forecast
Life Premiums Forecast
  Table: Life Premiums (Hungary 2013-2020)
  Table: Life Insurance Claims (Hungary 2008-2015)
Non-Life Premiums Forecast
  Table: Non-Life Premiums (Hungary 2013-2020)
  Table: Non-Life Insurance Claims (Hungary 2009-2015)
Non-Life Sub-Sector Forecast
  Table: Non-Life Insurance Premiums by Product Line (Hungary 2013-2020)
Industry Risk Reward Ratings
Emerging Europe Risk/Reward Index
  Table: Emerging Europe Insurance Risk/Reward Index - Q416
Market Overview
Life Market Overview
The Product Offering
Competitive Landscape
  Table: Life Insurance Premiums (USDmn), 2008-2015
Non-Life Market Overview
The Product Offering
Competitive Landscape
  Table: Non-Life Insurance Premiums (USDmn), 2008-2015
Company Profile
Vienna Insurance Group (VIG)
Industry Forecast Methodology
Risk/Reward Index Methodology
  Table: Indicators
  Table: Weighting of Indicators
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Hungary Insurance Report Q1 2016 US$ 1,295.00 Nov, 2015 · 53 pages
Hungary Insurance Report Q2 2013 US$ 1,175.00 Feb, 2013 · 73 pages
Hungary Insurance Report Q3 2016 US$ 1,295.00 May, 2016 · 58 pages
Life Insurance in Hungary US$ 350.00 Jan, 2014 · 38 pages

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