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

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Published: January 16, 2017 Report Code: GD-IS1383MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

GlobalData’s '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 (2011–2015) and forecast period (2015–2020).

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 GlobalData’s 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.

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 report’s 2011–2015 review period, and projected figures for the 2015–2020 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.

Key Highlights

• The Hungarian non-life segment accounted for 44.1% of the insurance industry’s 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 segment’s 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.

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.

Allianz Hungária Biztosító Zrt,Generali-Providencia Biztosító Zrt,Aegon Magyarország Általános Biztosító Zrt,Groupama Garancia Biztosító Zrt,Uniqa Biztosító Zrt,Union Vienna Insurance Group Biztosító Zrt,K&H Biztosító Zrt,Wáberer Hungária Biztosító Zrt,Köbe Közép-Európai Kölcsönös Biztosító Egyesület,Magyar Posta Biztosító Zrt

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 Biztosító Zrt – company overview

8.1.2 Generali Providencia Biztosító Zrt – company overview

8.1.3 Aegon Magyarország Altalanos Biztosító Zrt – company overview

8.1.4 Groupama Garancia Biztosító Zrt – company overview

8.1.5 Uniqa Biztosító 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 GlobalData

12.1 Contact GlobalData

12.2 About GlobalData

12.3 GlobalData’s Services

12.4 Disclaimer

Table

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), 2011–2015

Table 5: Hungarian Non-Life Insurance – Penetration (%), 2011–2015

Table 6: Hungarian Non-Life Insurance – Gross Written Premium (HUF Billion and US$ Billion), 2015–2020

Table 7: Hungarian Non-Life Insurance – Penetration (%), 2015–2020

Table 8: Hungarian Non-Life Insurance – Premium per Capita (HUF and US$), 2011–2015

Table 9: Hungarian Non-Life Insurance – Premium per Capita (HUF and US$), 2015–2020

Table 10: Hungarian Non-Life Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 11: Hungarian Non-Life Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 12: Hungarian Non-Life Insurance – Paid Claims (HUF Billion and US$ Million), 2011–2015

Table 13: Hungarian Non-Life Insurance – Paid Claims (HUF Billion and US$ Million), 2015–2020

Table 14: Hungarian Non-Life Insurance – Profitability Ratio (%), 2011–2015

Table 15: Hungarian Non-Life Insurance – Profitability Ratio (%), 2015–2020

Table 16: Hungarian Non-Life Insurance – Total Assets (HUF Billion and US$ Billion), 2011–2015

Table 17: Hungarian Non-Life Insurance – Total Assets (HUF Billion and US$ Billion), 2015–2020

Table 18: Hungarian Non-Life Insurance – Total Investment Income (HUF Billion and US$ Million), 2011–2015

Table 19: Hungarian Non-Life Insurance – Total Investment Income (HUF Billion and US$ Million), 2015–2020

Table 20: Hungarian Non-Life Insurance – Investment Portfolio (HUF Billion), 2011–2015

Table 21: Hungarian Non-Life Insurance – Investment Portfolio (HUF Billion), 2015–2020

Table 22: Hungarian Non-Life Insurance – Gross Written Premium by Category (HUF Billion), 2011–2015

Table 23: Hungarian Non-Life Insurance – Gross Written Premium by Category (HUF Billion), 2015–2020

Table 24: Hungarian Property Insurance – Gross Written Premium by Sub-Category (HUF Billion), 2011–2015

Table 25: Hungarian Property Insurance – Gross Written Premium by Sub-Category (HUF Billion), 2015–2020

Table 26: Hungarian Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2015

Table 27: Hungarian Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2015–2020

Table 28: Hungarian Property Insurance – Paid Claims (HUF Billion and US$ Million), 2011–2015

Table 29: Hungarian Property Insurance – Paid Claims (HUF Billion and US$ Million), 2015–2020

Table 30: Hungarian Property Insurance – Loss Ratio (%), 2011–2015

Table 31: Hungarian Property Insurance – Loss Ratio (%), 2015–2020

Table 32: Hungarian Motor Insurance – Gross Written Premium by Sub-Category (HUF Billion), 2011–2015

Table 33: Hungarian Motor Insurance – Gross Written Premium by Sub-Category (HUF Billion), 2015–2020

Table 34: Hungarian Motor Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2015

Table 35: Hungarian Motor Insurance – Number of Policies Sold by Sub-Category (Thousand), 2015–2020

Table 36: Hungarian Motor Insurance – Paid Claims (HUF Billion and US$ Million), 2011–2015

Table 37: Hungarian Motor Insurance – Paid Claims (HUF Billion and US$ Million), 2015–2020

Table 38: Hungarian Motor Insurance – Loss Ratio (%), 2011–2015

Table 39: Hungarian Motor Insurance – Loss Ratio (%), 2015–2020

Table 40: Hungarian Liability Insurance – Gross Written Premium by Sub-Category (HUF Billion), 2011–2015

Table 41: Hungarian Liability Insurance – Gross Written Premium by Sub-Category (HUF Billion), 2015–2020

Table 42: Hungarian Liability Insurance – Number of Policies Sold (Million), 2011–2015

Table 43: Hungarian Liability Insurance – Number of Policies Sold (Million), 2015–2020

Table 44: Hungarian Liability Insurance – Paid Claims (HUF Billion and US$ Million), 2011–2015

Table 45: Hungarian Liability Insurance – Paid Claims (HUF Billion and US$ Million), 2015–2020

Table 46: Hungarian Liability Insurance – Loss Ratio (%), 2011–2015

Table 47: Hungarian Liability Insurance – Loss Ratio (%), 2015–2020

Table 48: Hungarian Transport Network – Global Rankings

Table 49: Hungarian Marine, Aviation and Transit Insurance – Gross Written Premium by Sub-Category (HUF Billion), 2011–2015

Table 50: Hungarian Marine, Aviation and Transit Insurance – Gross Written Premium by Sub-Category (HUF Billion), 2015–2020

Table 51: Hungarian Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2011–2015

Table 52: Hungarian Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2015–2020

Table 53: Hungarian Marine, Aviation and Transit Insurance – Paid Claims (HUF Million and US$ Million), 2011–2015

Table 54: Hungarian Marine, Aviation and Transit Insurance – Paid Claims (HUF Million and US$ Million), 2015–2020

Table 55: Hungarian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2011–2015

Table 56: Hungarian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2015–2020

Table 57: Hungarian Average Annual Loss by Hazard

Table 58: Hungarian Insurance Industry – Market Shares of Leading Insurers (%), 2015

Table 59: Allianz Hungaria Biztosító Zrt – Key Facts

Table 60: Allianz Hungaria Biztosító Zrt – Key Financials (HUF Billion), 2011–2015

Table 61: Generali Providencia Biztosító Zrt – Key Facts

Table 62: Generali Providencia Biztosító Zrt – Key Financials (HUF Billion), 2011–2015

Table 63: Aegon Magyarország Altalanos Biztosító Zrt – Key Facts

Table 64: Aegon Magyarország Altalanos Biztosító Zrt – Key Financials (HUF Billion), 2011–2015

Table 65: Groupama Garancia Biztosító Zrt – Key Facts

Table 66: Groupama Garancia Biztosító Zrt – Key Financials (HUF Billion), 2011–2015

Table 67: Uniqa Biztosító Zrt – Key Facts

Table 68: Uniqa Biztosító Zrt – Key Financials (HUF Billion), 2011–2015

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, 2011–2015

Table 80: Hungarian Insurance Industry – Policies and Premium, 2015–2020

Table 81: Hungarian Non-Life Insurance – Claims and Expenses, 2011–2015

Table 82: Hungarian Non-Life Insurance – Claims and Expenses, 2015–2020

Table 83: Hungarian Non-Life Insurance – Assets and Investments, 2011–2015

Table 84: Hungarian Non-Life Insurance – Assets and Investments, 2015–2020

Table 85: Hungarian Non-Life Insurance – Property Insurance, 2011–2015

Table 86: Hungarian Non-Life Insurance – Property Insurance, 2015–2020

Table 87: Hungarian Non-Life Insurance – Property Insurance by Product, 2011–2015

Table 88: Hungarian Non-Life Insurance – Property Insurance by Product, 2015–2020

Table 89: Hungarian Non-Life Insurance – Motor Insurance, 2011–2015

Table 90: Hungarian Non-Life Insurance – Motor Insurance, 2015–2020

Table 91: Hungarian Non-Life Insurance – Motor Insurance by Product, 2011–2015

Table 92: Hungarian Non-Life Insurance – Motor Insurance by Product, 2015–2020

Table 93: Hungarian Non-Life Insurance – Liability Insurance, 2011–2015

Table 94: Hungarian Non-Life Insurance – Liability Insurance, 2015–2020

Table 95: Hungarian Non-Life Insurance – Marine, Aviation and Transit Insurance, 2011–2015

Table 96: Hungarian Non-Life Insurance – Marine, Aviation and Transit Insurance, 2015–2020

Table 97: Insurance Industry Definitions

Figures

Figure 1: Hungarian Real GDP (HUF Trillion), 2011–2020

Figure 2: HUF–US$ Exchange Rate, 2011–2020

Figure 3: Hungarian Consumer Price Inflation (%), 2011–2020

Figure 4: Hungarian Current Account Balance as Percentage of GDP (%), 2011–2015

Figure 5: Hungarian Unemployment Rate (%), 2011–2020

Figure 6: Hungarian Population by Age Group, 1990–2025

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), 2011–2020

Figure 10: Hungarian Non-Life Insurance – Penetration (%), 2011–2020

Figure 11: Hungarian Non-Life Insurance – Premium per Capita (HUF), 2011–2020

Figure 12: Hungarian Non-Life Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 13: Hungarian Non-Life Insurance – Paid Claims (HUF Billion), 2011–2020

Figure 14: Hungarian Non-Life Insurance – Profitability Ratio (%), 2011–2020

Figure 15: Hungarian Non-Life Insurance – Total Assets (HUF Billion), 2011–2020

Figure 16: Hungarian Non-Life Insurance – Total Investment Income (HUF Billion), 2011–2020

Figure 17: Hungarian Non-Life Insurance – Investment Portfolio (HUF Billion), 2011–2020

Figure 18: Hungarian Non-Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020

Figure 19: Hungarian Non-Life Insurance – Gross Written Premium by Category (HUF Billion), 2011–2020

Figure 20: Hungarian Non-Life Insurance – Direct Written Premium Dynamics by Category, 2011–2020

Figure 21: Hungarian Construction Output Value by Category (HUF Billion), 2011–2015

Figure 22: Hungarian Property Insurance – Gross Written Premium by Sub-Category (HUF Billion), 2011–2020

Figure 23: Hungarian Property Insurance – Gross Written Premium Dynamics by Sub-Category, 2011–2020

Figure 24: Hungarian Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2020

Figure 25: Hungarian Property Insurance – Paid Claims (HUF Billion), 2011–2020

Figure 26: Hungarian Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (HUF Billion and %), 2011–2020

Figure 27: Hungarian Motor Insurance – Road Traffic Accidents, 2011–2015

Figure 28: Hungarian Motor Insurance – New Vehicle Registration, 2011–2015

Figure 29: Hungarian Motor Insurance – Gross Written Premium by Sub-Category (HUF Billion), 2011–2020

Figure 30: Hungarian Motor Insurance – Gross Written Premium Dynamics by Sub-Category, 2011–2020

Figure 31: Hungarian Motor Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2020

Figure 32: Hungarian Motor Insurance – Paid Claims (HUF Billion), 2011–2020

Figure 33: Hungarian Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (HUF Billion and %), 2011–2020

Figure 34: Hungarian Liability Insurance – Gross Written Premium (HUF Billion), 2011–2020

Figure 35: Hungarian Liability Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 36: Hungarian Liability Insurance – Paid Claims (HUF Billion), 2011–2020

Figure 37: Hungarian Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (HUF Billion and %), 2011–2020

Figure 38: Hungarian Marine, Aviation and Transit Insurance – Exports and Imports (HUF Trillion), 2011–2015

Figure 39: Hungarian Marine, Aviation and Transit Insurance – Domestic Transport of Goods (Million Tonnes), 2012–2015

Figure 40: Hungarian Marine, Aviation and Transit Insurance – International Transport of Goods (Million Tonnes), 2012–2015

Figure 41: Hungarian Marine, Aviation and Transit Insurance – Interurban Passengers Transport (Thousand), 2011–2015

Figure 42: Hungarian Marine, Aviation and Transit Insurance – Number of Water Accidents, 2011–2015

Figure 43: Hungarian Marine, Aviation and Transit Insurance – Number of Passengers (Arrival and Departures), 2011–2015

Figure 44: Hungarian Marine, Aviation and Transit Insurance – Gross Written Premium (HUF Billion), 2011–2020

Figure 45: Hungarian Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2011–2020

Figure 46: Hungarian Marine, Aviation and Transit Insurance – Paid Claims (HUF Million), 2011–2020

Figure 47: Hungarian Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (HUF Billion and %), 2011–2020

Figure 48: Hungarian – Frequency of Hazards by Type, 1990–2014

Figure 49: Hungarian Mortality by Hazards Type, 1990–2014

Figure 50: Hungarian Economic Loss by Hazards Type, 1990–2014

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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