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Hungary Insurance Report Q4 2016

  • August 2016
  • -
  • Business Monitor International
  • -
  • 61 pages

Includes 3 FREE quarterly updates

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

- Growth in demand for life insurance will support a steady increase in life underwriting over the next fewyears, with premiums growth set to outpace that of the non-life market by a clear distance. As such, theshare of life insurance covers to overall insurance premiums in Hungary will increase over the forecastperiod, rising from about 52.6% in 2016 to 55.5% in 2020. Still remaining low relative to other marketsin Central and Eastern Europe (CEE), non-life penetration will moderately decline, from 1.3% to 1.2% ofGDP 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 ineconomic growth forecasts, although premiums will strengthen from 2017 amid stronger marketperformance 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 to2020, but property lines will overtake the stagnant motoring segment as the largest non-life sub-sector.

Table Of Contents

Hungary Insurance Report Q4 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Hungary 2013-2020) 5
Insurance 7
Industry Forecast 9
Life Premiums Forecast 9
Table: Life Premiums (Hungary 2013-2020) 13
Table: Life Insurance Claims (Hungary 2008-2015) 13
Non-Life Premiums Forecast 14
Table: Non-Life Premiums (Hungary 2013-2020) 17
Table: Non-Life Insurance Claims (Hungary 2009-2015) 19
Non-Life Sub-Sector Forecast 20
Table: Non-Life Insurance Premiums by Product Line (Hungary 2013-2020) 30
Industry Risk Reward Ratings 32
Emerging Europe Risk/Reward Index 32
Table: Emerging Europe Insurance Risk/Reward Index - Q416 33
Market Overview 34
Life Market Overview 34
The Product Offering 34
Competitive Landscape 35
Table: Life Insurance Premiums (USDmn), 2008-2015 37
Non-Life Market Overview 38
The Product Offering 38
Competitive Landscape 38
Table: Non-Life Insurance Premiums (USDmn), 2008-2015 40
Company Profile 41
Allianz 41
Generali 44
Groupama 47
UNIQA Group 49
Vienna Insurance Group (VIG) 52
Methodology 55
Industry Forecast Methodology 55
Risk/Reward Index Methodology 58
Table: Indicators 60
Table: Weighting of Indicators 61

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