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Hungary Insurance Report Q3 2011
Business Monitor International, June 2011, Pages: 70
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. Penetration levels in the life and non-life segments are modest, suggesting room for expansion.
- The industry trade association reported that in 2009, Hungary’s personal income tax system changed adversely for life insurance.
- Our core view is that the pace of economic expansion will not accelerate considerably over the coming years.
- The income tax rate has been lowered slightly from 17 to 16% in 2011 moderately easing the obligations of tax payers.
Overall, Hungary’s insurance sector is characterised by low levels of life and non-life penetration. This has not, however, dissuaded major international insurers from participating in the market. In a significant reform affecting Hungary as member of the EU, in early 2011 the European Insurance and Occupational Pensions Authority (EIOPA) was established. EIOPA will have some executive rights in relation to national regulatory bodies, insurance companies and markets.
On the domestic front, the Association of Hungarian Insurance Companies (MABISZ) said that Act LXXVII of 2009 on legal amendments for the transformation of the tax system abolished tax benefits from January 2010, including the life insurance tax benefit, noting that this and other changes to the taxation system would adversely affect life insurance.
Hungary’s insurance sector is characterised by modest, but not extraordinarily low, levels of non-life penetration for the region. We forecast non-life penetration to remain at similar levels for the remainder of the forecast period to 2015. This is despite a rebound in the growth rate in non-life premiums after a period of modest contraction registered during and immediately after the global financial crisis. While performing better than its non-life segment, analysis of Hungary’s life insurance segment shows that it is, in contrast to the regional powerhouses, achieving only modest levels of market participation. Penetration rates have remained at low levels by regional standards over the past few years and we expect them to contract slightly over the forecast period.
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