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Hungary Insurance Report Q1 2010
Business Monitor International, Dec 2009, Pages: 75
Hungary Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Hungary's insurance industry.
This report differs from its predecessors in several respects. In the analysis of competitive conditions, the authors provide a much more comprehensive ranking of insurance companies in the major segments from the point of view of the organisation that is providing the data (in practice almost always the national insurance regulator or the national insurance trade association). In Poland, for instance, the three largest non-life companies in the first half of 2009 – in terms of Gross Written Premiums written – were Allianz, Generali Providencia and Groupama Garancia whose market shares were 32.5%, 20.0% and 10.4% respectively. In the life segment, the leaders in the first half of 2009 were ING, Aegon and Generali Providencia whose market shares were 21.4%, 11.3% and 11.0% respectively. Over time, The authors hope to derive insights from observing how market shares change. They emphasise though, that a decline in share of gross written premiums is not automatically a bad thing and is often the result of a deliberate corporate decision to focus on more profitable business lines.
This report also provides a breakdown of the insurance sector by line – from the point of view of the regulator or the trade association. In Poland, for instance, the largest non-life lines in calendar 2008 were Compulsory Motor Third Party Liability (CMTPL), land vehicles voluntary insurance (CASCO) and Fire and Diverse Risks. These accounted for 31%, 22% and 22%, respectively, of total non-life premiums. Over time, the authors should be able to use this information to bring greater sophistication to the forecasting process.
Writing in November 2009, the authors have been able to ensure that the report includes actual data for 2008. The have generally been able to use data that has been published over the course of 2009 to adjust the forecasts for the year as a whole. The authors have also extended the forecasts out to 2014. They are expecting total premiums in 2009 of HUF839,881mn. This includes non-life premiums of HUF425,379mn and life premiums of HUF414,502mn. In 2014, the corresponding figures should be HUF1,297,449mn, HUF650,649mn and HUF646,800mn. In terms of the key drivers that underpin the forecasts, they are looking for non-life penetration to rise from 1.67% in 2009 to 1.96% in 2014, and for life density to rise from US$220 to US$333. The proprietary Insurance Business Environment Rating for Hungary is 59.1.
This quarter, the report includes a discussion of developments within regional markets – on the basis of results published by major cross-border companies in relation to Q209 or Q309 and the latest information provided by regulators and/or trade associations. In local currency terms, the authors saw non-life premiums shrink marginally for Hungary, in a similar fashion to Croatia and Slovakia
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