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  4. > Hungary Insurance Report Q3 2016

Hungary Insurance Report Q3 2016

  • May 2016
  • -
  • Business Monitor International
  • -
  • 58 pages

Includes 3 FREE quarterly updates

BMI View: Given the low penetration and density in both the life and non-life sectors, BMI believes thatHungary's insurance market offers considerable potential for growth over the next few years. The underdevelopmentof the market stems in large part from the low incomes and life expectancies of Hungary'spopulation, and we believe the expansion of the middle class will lead to growth in disposable householdincome and hence demand for personal insurance lines over the next few years. The health insurancemarket in particular presents a number of opportunities for investors given the immaturity of the marketand the currency paucity of policy holders. Cut backs in state-provided healthcare services and the growthof Hungary's retirement age population should further support the growth of the sub-sector. While anumber of the major European insurers are already active in the market, the competitive landscape remainsquite fragmented and there will be opportunities for mergers and acquisitions of smaller indigenousproviders over the next few years.

Key Updates & Forecasts

- Reports by Hungary's media in April 2016, suggested that life and health insurance company, CIGPannónia, was in a strong position to acquire the life and non-life insurance units of state-owned bank,MKB. The bank was nationalised by Hungary's government in 2015 with a view to returning to private,Hungarian ownership.

- In the same month, the CEO of one of Hungary's largest health insurance brokerages, MediHelp, said heexpected penetration growth in terms of health insurance take-up in the country over the next few years.At present 10% of the Hungarian population own health insurance and he expects this ratio to rise to 25%in the coming years.

- An improving macroeconomic environment and, in particular, improvement in consumer sentiment hasled to an upgrade of our medium-term growth projections for insurance premiums. We forecast non-lifepremiums to grow by 7.9% a year on average over 2016-2020, while non-life sales will grow by 4.8% ayear.

Table Of Contents

Hungary Insurance Report Q3 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) 12
Table: Life Insurance Claims (Hungary 2008-2014) 12
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (Hungary 2013-2020) 16
Table: Non-Life Insurance Claims (Hungary 2009-2014) 18
Non-Life Sub-Sector Forecast 19
Table: Non-Life Insurance Premiums by Product Line (Hungary 2013-2020) 28
Industry Risk Reward Ratings 30
Emerging Europe Risk/Reward Index 30
Table: Emerging Europe Insurance Risk/Reward Index - Q316 31
Market Overview 32
Life Market Overview 32
The Product Offering 32
Competitive Landscape 33
Table: Life Insurance Premiums (USDmn), 2008-2014 35
Non-Life Market Overview 36
The Product Offering 36
Competitive Landscape 36
Table: Non-Life Insurance Premiums (USDmn), 2008-2014 38
Company Profile 39
Allianz 39
Generali 41
Groupama 44
UNIQA Group 46
Vienna Insurance Group (VIG) 49
Methodology 52
Industry Forecast Methodology 52
Risk/Reward Index Methodology 55
Table: Indicators 57
Table: Weighting of Indicators 58

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