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Hungary Insurance Report Q3 2008
Business Monitor International, Sep 2008, Pages: 80
Our Hungary Insurance Report provides independent forecasts and competitive intelligence on Hungary's insurance industry.
The author has made some key changes to its methodology in Q308, one of which is the inclusion of more information about companies operating across entire geo-political regions. We have sought to make it much clearer who is operating in each country and under what name(s). Perhaps equally importantly, our profiles make it plain which multi-national companies are not operating in each country.
In Central and Eastern Europe, we profile 22 multi-national insurance companies. In alphabetical order, these are AEGON, AIG, Allianz, Aviva, AXA, Cardif, ERGO, Eureko, Fortis, Generali, GRAWE, Groupama, HDI-Gerling, HSBC Insurance, ING, MetLife, Prudential Financial, QBE, RSA, UNIQA, Vienna Insurance Group and Zurich Financial Services.
We also discuss the regional presence of Belgium’s KBC and Austria’s Erste Bank through a number of insurance subsidiaries and explain the importance, for each of the various countries, of purely domestic firms.
For almost all the countries whose reports we are updating, we are also able to include actual data for calendar 2007. This was not the case for our Q208 reports. In 2007, total premiums in Hungary rose by 14% to HUF930,915mn. Non-life premiums rose by 3% to HUF419,824mn, while Life premiums rose by 24% to HUF511,091mn.
Between now and the end of the forecast period, we expect that annual Non-life premiums will grow by HUF406,203mn, while annual Life premiums should increase by HUF190,303mn. Growth in Non-life premiums should be driven by the general growth in nominal GDP plus a rise in Non-life penetration from the current level of 1.67% to 2.40%. Growth in Life premiums should be driven by the change in the overall population and a rise in life density from US$265.12 to US$350.00 per capita.
Our Insurance Business Environment Rating is 60.7.
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