Synopsis
The report provides in depth market analysis, information and insights into the Hungarian life insurance segment, including:
The Hungarian life insurance segment’s growth prospects by life insurance categories
Key trends and drivers for the life insurance segment
The various distribution channels in the Hungarian life insurance segment
Detailed competitive landscape in the life insurance segment in Hungary
Detailed regulatory framework of the Hungarian insurance industry
A description of the life reinsurance segment in Hungary
Porter's Five Forces Analysis of the life insurance segment
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Executive summary
In terms of gross written premium, the Hungarian insurance industry is the third-largest in the Central and Eastern European (CEE) region after Poland and the Czech Republic. Affected by the adverse economic conditions in the Eurozone, the Hungarian insurance industry declined at a CAGR of -1.6% during the review period (2008–2012). The Hungarian life insurance segment also recorded a decline at a CAGR of 0.7%. However, over the forecast period (2012−2017), the Hungarian life insurance segment is expected to recover due to economic improvements and an increase in the country’s working population.
Life insurance in hungary, key trends and opportunities to 2017
1. Life Insurance in Hungary, Key Trends and Opportunities to 2017
Synopsis
The report provides in depth market analysis, information and insights into the Hungarian life insurance
segment, including:
The Hungarian life insurance segment’s growth prospects by life insurance categories Key trends and
drivers for the life insurance segment The various distribution channels in the Hungarian life insurance
segment Detailed competitive landscape in the life insurance segment in Hungary Detailed regulatory
framework of the Hungarian insurance industry A description of the life reinsurance segment in Hungary
Porter's Five Forces Analysis of the life insurance segment
Executive summary
In terms of gross written premium, the Hungarian insurance industry is the third-largest in the Central and
Eastern European (CEE) region after Poland and the Czech Republic. Affected by the adverse economic
conditions in the Eurozone, the Hungarian insurance industry declined at a CAGR of -1.6% during the review
period (2008–2012). The Hungarian life insurance segment also recorded a decline at a CAGR of
0.7%. However, over the forecast period (2012−2017), the Hungarian life insurance segment is
expected to recover due to economic improvements and an increase in the country’s working
population.
Scope
This report provides a comprehensive analysis of the life insurance segment in Hungary:
It provides historical values for Hungary's life insurance segment for the report’s 2008–2012
review period and forecast figures for the 2012–2017 forecast period It offers a detailed analysis of the
key sub-segments in Hungary's life insurance segment, along with market forecasts until 2017 It covers an
exhaustive list of parameters including written premium, incurred loss, loss ratio, commissions and expenses,
combined ratio, frauds and crimes, total assets, total investment income and retentions It analyses the various
distribution channels for life insurance products in Hungary Using Porter’s industry-standard
“Five Forces” analysis, it details the competitive landscape in Hungary for the life insurance
business It provides a detailed analysis of the reinsurance segment in Hungary and its growth prospects It
profiles the top life insurance companies in Hungary and outlines the key regulations affecting them
Reasons to buy
Make strategic business decisions using in depth historic and forecast market data related to the Hungarian
life insurance segment and each category within it Understand the demand-side dynamics, key market trends
and growth opportunities within the Hungarian life insurance segment Assess the competitive dynamics in the
life insurance segment, along with the reinsurance segment Identify the growth opportunities and market
dynamics within key product categories Gain insights into key regulations governing the Hungarian insurance
industry and its impact on companies and the market's future
Key highlights
Affected by the adverse economic conditions in the Eurozone, the Hungarian insurance industry declined at
a CAGR of -1.6% during the review period The number of active life insurance policies fell from 3.1 million
in 2008 to 2.7 million in 2012 This fall was primarily due to the expiration of old policies and large-scale debt
Life Insurance in Hungary, Key Trends and Opportunities to 2017
2. burdens which reduced the demand for life insurance products New channels such as online distribution and
brokers are expected to drive the growth of the segment over the forecast period The e-commerce channel
grew at a review-period CAGR of 11.4%, registering the highest growth
table Of Contents
1 Executive Summary
2 Introduction
2.1 What Is This Report About?
2.2 Definitions
2.3 Methodology
3 Hungarian Insurance Industry Attractiveness
3.1 Insurance Industry Size, 2008–2017
3.2 Key Industry Trends And Drivers
4 Life Insurance Outlook
4.1 Life Insurance Growth Prospects By Category
4.1.1 Individual Life Insurance
4.1.2 Individual General Annuity Insurance
4.1.3 Individual Pension Insurance
4.1.4 Individual Endowment Insurance
4.1.5 Individual Marriage And Birth Insurance
4.1.6 Individual Unit-linked Insurance
4.1.7 Individual Term Life Insurance
4.1.8 Other Individual Insurance
4.1.9 Group Superannuation Insurance
4.2 Life Insurance Growth Prospects By Product Type
4.2.1 Individual Single-premium Policies
4.2.2 Individual Non-single-premium Policies
4.2.3 Group Single-premium Policies
4.2.4 Group Non-single-premium Policies
5 Analysis By Distribution Channel
5.1 Direct Marketing
5.2 Bancassurance
5.3 Agencies
Life Insurance in Hungary, Key Trends and Opportunities to 2017
3. 5.4 E-commerce
5.5 Brokers
5.6 Other Channels
6 Porter’s Five Forces Analysis – Hungarian Life Insurance
6.1 Bargaining Power Of Supplier: High
6.2 Bargaining Power Of Buyer: Medium
6.3 Barriers To Entry: Medium
6.4 Intensity Of Rivalry: High
6.5 Threat Of Substitutes: Medium
7 Reinsurance Growth Dynamics And Challenges
7.1 Reinsurance Segment Size By Type Of Insurance, 2008–2017
8 Governance, Risk And Compliance
8.1 Legislation Overview And Historical Evolution
8.2 Regulations By Type Of Insurance
8.2.1 Life Insurance Regulations
8.2.2 Property Insurance Regulations
8.2.3 Motor Insurance Regulations
8.2.4 Marine, Aviation And Transit Insurance Regulations
8.2.5 Personal Accident And Health Insurance Regulations
8.3 Compulsory Insurance
8.3.1 Motor Third-party Liability Insurance
8.3.2 Air Carriers And Aircraft Operators Insurance
8.3.3 Workers’ Compensation Insurance
8.3.4 Marine Liability Insurance
8.4 Supervision And Control
8.4.1 International Association Of Insurance Supervisors (iais)
8.4.2 European Insurance And Occupational Pension Authority (eiopa)
8.4.3 Hungarian Financial Supervisory Authority (hfsa)
8.5 Non-admitted Insurance Regulations
8.5.1 Overview
8.5.2 Intermediaries
8.5.3 Market Practices
8.5.4 Fines And Penalties
8.6 Company Registration And Operations
8.6.1 Types Of Insurance Organization
8.6.2 Establishing A Local Company
8.6.3 Foreign Ownership
Life Insurance in Hungary, Key Trends and Opportunities to 2017
4. 8.6.4 Types Of License
8.6.5 Capital Requirements
8.6.6 Solvency Margins
8.6.7 Reserve Requirements
8.6.8 Investment Regulations
8.6.9 Statutory Return Requirements
8.6.10 Fee Structure
8.7 Taxation
8.7.1 Insurance Premium Or Policy Taxation
8.7.2 Withholding Tax On Insurance Premium Paid Overseas
8.7.3 Corporate Tax
8.7.4 Vat
8.7.5 Captives
8.8 Legal System
8.8.1 Introduction
8.8.2 Access To Court
8.8.3 Alternative Dispute Resolution (adr)
9 Competitive Landscape And Strategic Insights
9.1 Overview
9.2 Leading Companies In The Hungarian Life Insurance Segment
9.3 Comparison Of The Top-five Insurers
9.3.1 Gross Written Premium
9.3.2 Net Earned Premium
9.3.3 Incurred Loss
9.3.4 Loss Ratio
9.3.5 Assets
9.4 Ing Biztosito Zrt. – Company Overview
9.4.1 Ing Biztosito Zrt. – Key Facts
9.4.2 Ing Biztosito Zrt. – Key Financials
9.5 Allianz Hungária Biztosito Zrt. – Company Overview
9.5.1 Allianz Hungaria Biztosito Zrt. – Key Facts
9.5.2 Allianz Hungaria Biztosito Zrt. – Key Financials
9.6 Groupama Garancia Biztosító Zrt. – Company Overview
9.6.1 Groupama Garancia Biztosító Zrt. – Key Facts
9.6.2 Groupama Garancia Biztosító Zrt. – Key Financials
9.7 Generali-providencia Biztosító Zrt. – Company Overview
9.7.1 Generali-providencia Biztosító Zrt. – Key Facts
9.7.2 Generali-providencia Biztosító Zrt. – Key Financials
9.8 Magyar Posta Életbiztosító Zrt. – Company Overview
9.8.1 Magyar Posta Életbiztosító Zrt. – Key Facts
9.8.2 Magyar Posta Életbiztosító Zrt. – Key Financials
Life Insurance in Hungary, Key Trends and Opportunities to 2017
5. 9.9 Aegon Magyarország Zrt. – Company Overview
9.9.1 Aegon Magyarország Zrt. – Key Facts
9.9.2 Aegon Magyarország Zrt. – Key Financials
9.1 Uniqa Biztosító Zrt. – Company Overview
9.10.1 Uniqa Biztosító Zrt. – Key Facts
9.10.2 Uniqa Biztosító Zrt. – Key Financials
9.11 Cig Pannónia ElsÅ‘ Magyar Általános Biztosító Zrt – Company Overview
9.11.1 Cig Pannónia ElsÅ‘ Magyar Általános Biztosító Zrt – Key Facts
9.11.2 Cig Pannónia ElsÅ‘ Magyar Általános Biztosító – Key Financials
9.12 Metlife Biztosító Zrt. – Company Overview
9.12.1 Metlife Biztosító Zrt. – Key Facts
9.12.2 Metlife Biztosító Zrt. – Key Financials
9.13 Erste Vienna Insurance Group Biztosító Zrt. – Company Overview
9.13.1 Erste Vienna Insurance Group Biztosító Zrt. – Key Facts
9.13.2 Erste Vienna Insurance Group Biztosító Zrt. – Key Financials
10 Business Environment And Country Risk
10.1 Business Confidence
10.1.1 Market Capitalization Trend – Budapest Stock Exchange, Hungary
10.2 Economic Performance
10.2.1 Gdp At Constant Prices (us$)
10.2.2 Gdp Per Capita At Constant Prices (us$)
10.2.3 Gdp At Current Prices (us$)
10.2.4 Gdp Per Capita At Current Prices (us$)
10.2.5 Gdp By Key Segments
10.2.6 Agriculture, Hunting, Forestry And Fishing Net Output At Current Prices (us Dollar)
10.2.7 Agriculture, Hunting, Forestry And Fishing Net Output At Constant Prices As A Percentage Of Gdp
10.2.8 Manufacturing Net Output At Constant Prices (us$)
10.2.9 Manufacturing Net Output At Constant Prices As A Percentage Of Gdp
10.2.10 Mining, Manufacturing And Utilities At Constant Prices (us$)
10.2.11 Mining, Manufacturing And Utilities At Constant Prices, As Percentage Of Gdp
10.2.12 Construction Net Output At Constant Prices, (us$)
10.2.13 Construction Net Output At Constant Prices As A Percentage Of Gdp
10.2.14 Inflation Rate
10.2.15 Exports As A Percentage Of Gdp
10.2.16 Imports As A Percentage Of Gdp
10.2.17 Exports Growth
10.2.18 Imports Growth
10.3 Infrastructure Quality And Availability
10.3.1 Automotive Exports – Total Value
10.3.2 Automotive Imports – Total Value
10.3.3 Total Internet Subscribers
Life Insurance in Hungary, Key Trends and Opportunities to 2017
6. 10.4 Labor Force
10.4.1 Labor Force
10.4.2 Unemployment Rate
10.5 Demographics
10.5.1 Gross National Disposable Income (us$)
10.5.2 Total Population
10.5.3 Urban And Rural Populations
10.5.4 Median Age Of The Population
10.5.5 Age Distribution Of The Total Population
11 Appendix
11.1 Methodology
11.2 Contact Timetric
11.3 About Timetric
11.4 Timetric’s Services
11.5 Disclaimer
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Life Insurance in Hungary, Key Trends and Opportunities to 2017