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Non-Life Insurance in Hungary, Key Trends and Opportunities to 2020

Published By :

Timetric

Published Date : Jan 2017

Category :

Life Insurance

No. of Pages : 140 Pages

Synopsis
Timetrics 'Non-Life Insurance in Hungary, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Hungarian non-life insurance segment, and a comparison of the Hungarian insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets and total investment income during the review period (20112015) and forecast period (20152020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Hungarian economy and demographics, explains the various types of natural hazards and their impact on the Hungarian insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together Timetrics research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary
Timetrics 'Non-Life Insurance in Hungary, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Hungarian non-life insurance segment, including:

The Hungarian non-life segments detailed outlook by product category

A comprehensive overview of the Hungarian economy and demographics

A comparison of the Hungarian non-life insurance segment with its regional counterparts

The various distribution channels in the Hungarian non-life insurance segment

Detailed analysis of natural hazards and their impact on the Hungarian insurance industry

Details of the competitive landscape in the Hungarian non-life insurance segment

Details of regulatory policy applicable to the Hungarian insurance industry

Scope
This report provides a comprehensive analysis of the non-life insurance segment in Hungary:

It provides historical values for the Hungarian non-life insurance segment for the reports 20112015 review period, and projected figures for the 20152020 forecast period.

It offers a detailed analysis of the key categories in the Hungarian non-life insurance segment, and market forecasts to 2020.

It provides a comparison of the Hungarian non-life insurance segment with its regional counterparts

It analyzes the various distribution channels for non-life insurance products in Hungary.

It analyzes various natural hazards and their impact on the Hungarian insurance industry

It profiles the top non-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 non-life insurance segment, and each category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the Hungarian non-life insurance segment.

Assess the competitive dynamics in the non-life insurance segment.

Identify growth opportunities and market dynamics in key product categories.

Gain insights into key regulations governing the Hungarian insurance industry, and their impact on companies and the industry's future.

Key Highlights
The Hungarian non-life segment accounted for 44.1% of the insurance industrys overall gross written premium in 2015.

The Hungarian non-life insurance segment expanded during the review period at a review-period CAGR of 2.1%.

The Insurance Companies and Insurance Activities Act was introduced in December 2014, and came into force on January 1, 2016.

Property insurance was the largest category, accounting for 46.9% of the segments gross written premium.

Agencies are a highly preferred channel as a result of their detailed understanding of risks and products related to their field and region.

The Hungarian non-life insurance segment is highly concentrated, with the 10 leading companies accounting for 91.8% of its gross written premium in 2015.


Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Policies sold
4.2.3 Claims
4.2.4 Profitability
4.2.5 Assets and investments
5 Outlook by Category
5.1 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Policies sold
5.1.4 Claims
5.1.5 Profitability
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Policies sold
5.2.4 Claims
5.2.5 Profitability
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.3.3 Policies sold
5.3.4 Claims
5.3.5 Profitability
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
5.4.3 Policies sold
5.4.4 Claims
5.4.5 Profitability
6 Distribution Channel Outlook
7 Natural and Man-Made Hazards
7.1 Flooding
7.2 Drought
7.3 Earthquakes
7.4 Exposure
8 Competitive Landscape
8.1 Company Profiles
8.1.1 Allianz Hungaria Biztost Zrt company overview
8.1.2 Generali Providencia Biztost Zrt company overview
8.1.3 Aegon Magyarorszg Altalanos Biztost Zrt company overview
8.1.4 Groupama Garancia Biztost Zrt company overview
8.1.5 Uniqa Biztost Zrt company overview
9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulation
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Motor third-party liability insurance
9.4.2 Air carriers and aircraft operators liability insurance
9.4.3 Workers compensation insurance
9.4.4 Marine liability insurance
9.4.5 Professional indemnity insurance for alternative investment fund managers
9.4.6 Professional indemnity insurance for insurance brokers
9.4.7 Liability for ships with respect to oil pollution
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors
9.5.2 European Insurance and Occupational Pensions Authority
9.5.3 Magyar Nemzeti Bank
9.6 Non-Admitted Insurance Regulation
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and Penalties
9.7 Company Registration and Operations
9.7.1 Type of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margin
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding taxes on premium paid overseas
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution (ADR)
10 Databook
10.1 Policies and Premium
10.2 Claims and Expenses
10.3 Assets and Investments
10.4 Property Insurance
10.5 Property Insurance by Product
10.6 Motor Insurance
10.7 Motor Insurance by Product
10.8 Liability Insurance
10.9 Marine, Aviation and Transit Insurance
11 Definitions and Methodology
11.1 Definitions
11.2 Methodology
12 About Timetric
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetrics Services
12.4 Disclaimer


List of Tables
Table 1: Hungarian Non-Life Insurance Key Facts, 2015
Table 2: Hungarian Non-Life Insurance Segment Shares of the Top Insurers, 2015
Table 3: Hungarian Government Credit Ratings
Table 4: Hungarian Non-Life Insurance Gross Written Premium (HUF Billion and US$ Billion), 20112015
Table 5: Hungarian Non-Life Insurance Penetration (%), 20112015
Table 6: Hungarian Non-Life Insurance Gross Written Premium (HUF Billion and US$ Billion), 20152020
Table 7: Hungarian Non-Life Insurance Penetration (%), 20152020
Table 8: Hungarian Non-Life Insurance Premium per Capita (HUF and US$), 20112015
Table 9: Hungarian Non-Life Insurance Premium per Capita (HUF and US$), 20152020
Table 10: Hungarian Non-Life Insurance Number of Policies Sold (Thousand), 20112015
Table 11: Hungarian Non-Life Insurance Number of Policies Sold (Thousand), 20152020
Table 12: Hungarian Non-Life Insurance Paid Claims (HUF Billion and US$ Million), 20112015
Table 13: Hungarian Non-Life Insurance Paid Claims (HUF Billion and US$ Million), 20152020
Table 14: Hungarian Non-Life Insurance Profitability Ratio (%), 20112015
Table 15: Hungarian Non-Life Insurance Profitability Ratio (%), 20152020
Table 16: Hungarian Non-Life Insurance Total Assets (HUF Billion and US$ Billion), 20112015
Table 17: Hungarian Non-Life Insurance Total Assets (HUF Billion and US$ Billion), 20152020
Table 18: Hungarian Non-Life Insurance Total Investment Income (HUF Billion and US$ Million), 20112015
Table 19: Hungarian Non-Life Insurance Total Investment Income (HUF Billion and US$ Million), 20152020
Table 20: Hungarian Non-Life Insurance Investment Portfolio (HUF Billion), 20112015
Table 21: Hungarian Non-Life Insurance Investment Portfolio (HUF Billion), 20152020
Table 22: Hungarian Non-Life Insurance Gross Written Premium by Category (HUF Billion), 20112015
Table 23: Hungarian Non-Life Insurance Gross Written Premium by Category (HUF Billion), 20152020
Table 24: Hungarian Property Insurance Gross Written Premium by Sub-Category (HUF Billion), 20112015
Table 25: Hungarian Property Insurance Gross Written Premium by Sub-Category (HUF Billion), 20152020
Table 26: Hungarian Property Insurance Number of Policies Sold by Sub-Category (Thousand), 20112015
Table 27: Hungarian Property Insurance Number of Policies Sold by Sub-Category (Thousand), 20152020
Table 28: Hungarian Property Insurance Paid Claims (HUF Billion and US$ Million), 20112015
Table 29: Hungarian Property Insurance Paid Claims (HUF Billion and US$ Million), 20152020
Table 30: Hungarian Property Insurance Loss Ratio (%), 20112015
Table 31: Hungarian Property Insurance Loss Ratio (%), 20152020
Table 32: Hungarian Motor Insurance Gross Written Premium by Sub-Category (HUF Billion), 20112015
Table 33: Hungarian Motor Insurance Gross Written Premium by Sub-Category (HUF Billion), 20152020
Table 34: Hungarian Motor Insurance Number of Policies Sold by Sub-Category (Thousand), 20112015
Table 35: Hungarian Motor Insurance Number of Policies Sold by Sub-Category (Thousand), 20152020
Table 36: Hungarian Motor Insurance Paid Claims (HUF Billion and US$ Million), 20112015
Table 37: Hungarian Motor Insurance Paid Claims (HUF Billion and US$ Million), 20152020
Table 38: Hungarian Motor Insurance Loss Ratio (%), 20112015
Table 39: Hungarian Motor Insurance Loss Ratio (%), 20152020
Table 40: Hungarian Liability Insurance Gross Written Premium by Sub-Category (HUF Billion), 20112015
Table 41: Hungarian Liability Insurance Gross Written Premium by Sub-Category (HUF Billion), 20152020
Table 42: Hungarian Liability Insurance Number of Policies Sold (Million), 20112015
Table 43: Hungarian Liability Insurance Number of Policies Sold (Million), 20152020
Table 44: Hungarian Liability Insurance Paid Claims (HUF Billion and US$ Million), 20112015
Table 45: Hungarian Liability Insurance Paid Claims (HUF Billion and US$ Million), 20152020
Table 46: Hungarian Liability Insurance Loss Ratio (%), 20112015
Table 47: Hungarian Liability Insurance Loss Ratio (%), 20152020
Table 48: Hungarian Transport Network Global Rankings
Table 49: Hungarian Marine, Aviation and Transit Insurance Gross Written Premium by Sub-Category (HUF Billion), 20112015
Table 50: Hungarian Marine, Aviation and Transit Insurance Gross Written Premium by Sub-Category (HUF Billion), 20152020
Table 51: Hungarian Marine, Aviation and Transit Insurance Number of Policies Sold (Thousand), 20112015
Table 52: Hungarian Marine, Aviation and Transit Insurance Number of Policies Sold (Thousand), 20152020
Table 53: Hungarian Marine, Aviation and Transit Insurance Paid Claims (HUF Million and US$ Million), 20112015
Table 54: Hungarian Marine, Aviation and Transit Insurance Paid Claims (HUF Million and US$ Million), 20152020
Table 55: Hungarian Marine, Aviation and Transit Insurance Loss Ratio (%), 20112015
Table 56: Hungarian Marine, Aviation and Transit Insurance Loss Ratio (%), 20152020
Table 57: Hungarian Average Annual Loss by Hazard
Table 58: Hungarian Insurance Industry Market Shares of Leading Insurers (%), 2015
Table 59: Allianz Hungaria Biztost Zrt Key Facts
Table 60: Allianz Hungaria Biztost Zrt Key Financials (HUF Billion), 20112015
Table 61: Generali Providencia Biztost Zrt Key Facts
Table 62: Generali Providencia Biztost Zrt Key Financials (HUF Billion), 20112015
Table 63: Aegon Magyarorszg Altalanos Biztost Zrt Key Facts
Table 64: Aegon Magyarorszg Altalanos Biztost Zrt Key Financials (HUF Billion), 20112015
Table 65: Groupama Garancia Biztost Zrt Key Facts
Table 66: Groupama Garancia Biztost Zrt Key Financials (HUF Billion), 20112015
Table 67: Uniqa Biztost Zrt Key Facts
Table 68: Uniqa Biztost Zrt Key Financials (HUF Billion), 20112015
Table 69: Hungary Insurance Regulatory Framework Key Features
Table 70: Hungary Life Insurance Regulatory Framework
Table 71: Hungary Property Insurance Regulatory Framework
Table 72: Hungary Motor Insurance Regulatory Framework
Table 73: Hungary Bonus-Malus System for Passenger Cars and Motorcycles
Table 74: Hungary Bonus-Malus System for Trucks, Buses, Tractors and Other Commercial Vehicles
Table 75: Hungary Liability Insurance Regulatory Framework
Table 76: Hungary Minimum Coverage for Aircraft Third-Party Liability per Accident and Aircraft
Table 77: Hungary Insurance Premium Taxation
Table 78: Hungary Corporate Tax Rates for the Financial Year 2016
Table 79: Hungarian Insurance Industry Policies and Premium, 20112015
Table 80: Hungarian Insurance Industry Policies and Premium, 20152020
Table 81: Hungarian Non-Life Insurance Claims and Expenses, 20112015
Table 82: Hungarian Non-Life Insurance Claims and Expenses, 20152020
Table 83: Hungarian Non-Life Insurance Assets and Investments, 20112015
Table 84: Hungarian Non-Life Insurance Assets and Investments, 20152020
Table 85: Hungarian Non-Life Insurance Property Insurance, 20112015
Table 86: Hungarian Non-Life Insurance Property Insurance, 20152020
Table 87: Hungarian Non-Life Insurance Property Insurance by Product, 20112015
Table 88: Hungarian Non-Life Insurance Property Insurance by Product, 20152020
Table 89: Hungarian Non-Life Insurance Motor Insurance, 20112015
Table 90: Hungarian Non-Life Insurance Motor Insurance, 20152020
Table 91: Hungarian Non-Life Insurance Motor Insurance by Product, 20112015
Table 92: Hungarian Non-Life Insurance Motor Insurance by Product, 20152020
Table 93: Hungarian Non-Life Insurance Liability Insurance, 20112015
Table 94: Hungarian Non-Life Insurance Liability Insurance, 20152020
Table 95: Hungarian Non-Life Insurance Marine, Aviation and Transit Insurance, 20112015
Table 96: Hungarian Non-Life Insurance Marine, Aviation and Transit Insurance, 20152020
Table 97: Insurance Industry Definitions


List of Figures
Figure 1: Hungarian Real GDP (HUF Trillion), 20112020
Figure 2: HUFUS$ Exchange Rate, 20112020
Figure 3: Hungarian Consumer Price Inflation (%), 20112020
Figure 4: Hungarian Current Account Balance as Percentage of GDP (%), 20112015
Figure 5: Hungarian Unemployment Rate (%), 20112020
Figure 6: Hungarian Population by Age Group, 19902025
Figure 7: Hungarian Non-Life Insurance Penetration Regional Comparison (%), 2015
Figure 8: Hungarian Insurance Segment Direct Written Premium Shares Regional Comparison (%), 2015
Figure 9: Hungarian Non-Life Insurance Gross Written Premium (HUF Billion), 20112020
Figure 10: Hungarian Non-Life Insurance Penetration (%), 20112020
Figure 11: Hungarian Non-Life Insurance Premium per Capita (HUF), 20112020
Figure 12: Hungarian Non-Life Insurance Number of Policies Sold (Thousand), 20112020
Figure 13: Hungarian Non-Life Insurance Paid Claims (HUF Billion), 20112020
Figure 14: Hungarian Non-Life Insurance Profitability Ratio (%), 20112020
Figure 15: Hungarian Non-Life Insurance Total Assets (HUF Billion), 20112020
Figure 16: Hungarian Non-Life Insurance Total Investment Income (HUF Billion), 20112020
Figure 17: Hungarian Non-Life Insurance Investment Portfolio (HUF Billion), 20112020
Figure 18: Hungarian Non-Life Insurance Investment Portfolio Dynamics by Category, 20112020
Figure 19: Hungarian Non-Life Insurance Gross Written Premium by Category (HUF Billion), 20112020
Figure 20: Hungarian Non-Life Insurance Direct Written Premium Dynamics by Category, 20112020
Figure 21: Hungarian Construction Output Value by Category (HUF Billion), 20112015
Figure 22: Hungarian Property Insurance Gross Written Premium by Sub-Category (HUF Billion), 20112020
Figure 23: Hungarian Property Insurance Gross Written Premium Dynamics by Sub-Category, 20112020
Figure 24: Hungarian Property Insurance Number of Policies Sold by Sub-Category (Thousand), 20112020
Figure 25: Hungarian Property Insurance Paid Claims (HUF Billion), 20112020
Figure 26: Hungarian Property Insurance Earned Premium, Incurred Loss and Loss Ratio (HUF Billion and %), 20112020
Figure 27: Hungarian Motor Insurance Road Traffic Accidents, 20112015
Figure 28: Hungarian Motor Insurance New Vehicle Registration, 20112015
Figure 29: Hungarian Motor Insurance Gross Written Premium by Sub-Category (HUF Billion), 20112020
Figure 30: Hungarian Motor Insurance Gross Written Premium Dynamics by Sub-Category, 20112020
Figure 31: Hungarian Motor Insurance Number of Policies Sold by Sub-Category (Thousand), 20112020
Figure 32: Hungarian Motor Insurance Paid Claims (HUF Billion), 20112020
Figure 33: Hungarian Motor Insurance Earned Premium, Incurred Loss and Loss Ratio (HUF Billion and %), 20112020
Figure 34: Hungarian Liability Insurance Gross Written Premium (HUF Billion), 20112020
Figure 35: Hungarian Liability Insurance Number of Policies Sold (Thousand), 20112020
Figure 36: Hungarian Liability Insurance Paid Claims (HUF Billion), 20112020
Figure 37: Hungarian Liability Insurance Earned Premium, Incurred Loss and Loss Ratio (HUF Billion and %), 20112020
Figure 38: Hungarian Marine, Aviation and Transit Insurance Exports and Imports (HUF Trillion), 20112015
Figure 39: Hungarian Marine, Aviation and Transit Insurance Domestic Transport of Goods (Million Tonnes), 20122015
Figure 40: Hungarian Marine, Aviation and Transit Insurance International Transport of Goods (Million Tonnes), 20122015
Figure 41: Hungarian Marine, Aviation and Transit Insurance Interurban Passengers Transport (Thousand), 20112015
Figure 42: Hungarian Marine, Aviation and Transit Insurance Number of Water Accidents, 20112015
Figure 43: Hungarian Marine, Aviation and Transit Insurance Number of Passengers (Arrival and Departures), 20112015
Figure 44: Hungarian Marine, Aviation and Transit Insurance Gross Written Premium (HUF Billion), 20112020
Figure 45: Hungarian Marine, Aviation and Transit Insurance Number of Policies Sold (Thousand), 20112020
Figure 46: Hungarian Marine, Aviation and Transit Insurance Paid Claims (HUF Million), 20112020
Figure 47: Hungarian Marine, Aviation and Transit Insurance Earned Premium, Incurred Loss and Loss Ratio (HUF Billion and %), 20112020
Figure 48: Hungarian Frequency of Hazards by Type, 19902014
Figure 49: Hungarian Mortality by Hazards Type, 19902014
Figure 50: Hungarian Economic Loss by Hazards Type, 19902014
Figure 51: Hungarian Insurance Industry Market Shares of Leading Insurers (%), 2015
Figure 52: Hungary The Three Pillars of Solvency II
Figure 53: Hungary Insurance Supervision and Control at Various Levels
Figure 54: Hungary Insurance Regulatory Frameworks for Company Registration and Operation

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