Hungary Insurance Report Q4 2011
Business Monitor International, September 2011, Pages: 69
Business Monitor International's 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.
It is a good thing that Hungary's insurance sector is dominated by subsidiaries of large regional and global multinationals that have large balance sheets, ready access to global capital markets, international brands, ability to develop innovative products and – perhaps most importantly – the ability to take the long view. If it were not an integral part of the EU economy, it is possible that some of the players might rethink their commitment to the market – if only because they could easily see more attractive opportunities elsewhere.
In the life segment, a problem appears to be that life insurance does not appear to have caught the imagination of households that can afford to use it. Hungary is emphatically not a rich country where the government can be expected to provide universal and generous retirement incomes (unlike Slovenia, for example) and other benefits that are normally sourced from the insurance sector. In local currency terms, life density has been falling over recent years. BMI also accepts that some households have stopped using life insurance as a result of more difficult personal circumstances. The latest results from ING, Allianz, Generali and other majors indicate that H111 was a lacklustre but not disastrous period for life insurers.
In theory, the life market could grow quickly if the majors deliver the right products (a lesson from the Czech Republic in recent months). In practice, it appears that the constraints on the development of life insurance are having a depressing impact on the evolution of premiums for the time being.
For non-life companies, the environment is grim. In mid-August 2011, the Association of Hungarian Insurance Companies (MABISZ) said Hungary's non-life premiums fell from HUF215bn in H110 to HUF206bn in H111. The main problem appears to be price competition in auto-related lines. However, it also appears that overall marketing and other costs (if not losses) have been rising. If Allianz's H111 earnings are any guide, Hungary is a rare market in the region where non-life combined ratios have been rising. BMI expect non-life premiums to achieve single-digit growth in 2011. It may well be that BMI have to cut our projections in the coming months.
Executive Summary
Table: Total Premiums, 2008-2015
Key Insights And Key Risks
SWOT Analysis
Hungary Insurance Industry SWOT
Hungary Political SWOT
Hungary Economic SWOT
Hungary Business Environment SWOT
Life Sector
Central And Eastern Europe Life Sector Overview
Table: Central And Eastern Europe Life Premiums, 2008-2015 (US$mn)
Hungary Life Sector Update
Life Industry Forecast Scenario
Table: Life Premiums, 2008-2015
Growth Drivers And Risk Management Projections
Population
Table: Insurance Sector Key Drivers – Demographics, 2008-2015
Non-Life Sector
Central And Eastern Europe Non-Life Sector Overview
Table: Central And Eastern Europe Non-Life Premiums, 2008-2015 (US$mn)
Hungary Non-Life Sector Update
Non-Life Industry Forecast Scenario
Table: Non-Life Premiums, 2008-2015
Growth Drivers And Risk Management Projections
Macroeconomic Outlook
Table: Hungary Economic Activity, 2008-2015
Political Stability Outlook
Table: Europe Security Risk Ratings
Healthcare
Health Insurance
Epidemiology
Table: Insurance Sector Key Drivers – Disability-Adjusted Life Years, 2008-2015
Motor
Table: Insurance Sector Key Drivers – Vehicle Sales, 2008-2015
Tourism
Table: Insurance Sector Key Drivers – Tourism, 2008-2015
Insurance Risk/Reward Ratings
Table: Hungary's Insurance Risk/Reward Ratings
Table: Central And Eastern Europe Insurance Risk/Reward Ratings
Competitive Landscape
Competitive Landscape Analysis
Major Players In Hungary's Insurance Sector
Table: Life Segment – Gross Written Premiums And Fees, 9M10
Table: Non-Life Segment – Gross Written Premiums And Fees, 9M10
Table: Breakdown Of Compulsory Third-Party Motor Liability Insurance, 9M10
Company Profiles
Local Company Profiles
KOBE (Transport Insurance Association)
Posta Biztosító (Hungarian Post Insurance/Life)
Regional Company Profiles
AEGON
Allianz
Aviva
AXA
BNP Paribas Cardif
ERGO
Eureko
Generali
GRAWE
Groupama
HDI-Gerling/Talanx
ING
KBC Group
MetLife ALICO
Prudential Financial
QBE
RSA
Uniqa
Vienna Insurance Group
Zurich
BMI Methodology
Insurance Risk/Reward Ratings
Table: Insurance Business Environment Indicators And Rationale
Table: Weighting Of Indicators
- KOBE (Transport Insurance Association)
- Posta Biztosító (Hungarian Post Insurance/Life)
- Regional
- AEGON
- Allianz
- Aviva
- AXA
- BNP Paribas Cardif
- ERGO
- Eureko
- Generali
- GRAWE
- Groupama
- HDI-Gerling/Talanx
- ING
- KBC Group
- MetLife ALICO
- Prudential Financial
- QBE
- RSA
- Uniqa
- Vienna Insurance Group
- Zurich
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