Hungary General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028
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Hungary General Insurance Market Report Overview
The gross written premium of the Hungary general insurance market was HUF904.4 billion ($2.3 billion) in 2023 and is expected to achieve a CAGR of more than 8% during 2024-2028. The Hungary general insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s general insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including gross written premium, penetration, and premium ceded and cession rates for the review and forecast periods.
Hungary General Insurance Market Outlook, 2023-2028 (HUF Billion)
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The Hungary general insurance market report also gives a comprehensive overview of the Hungarian economy and demographics. It further evaluates the competitive landscape in the country, which entails segment dynamics, competitive advantages, and profiles of insurers operating in the country. Moreover, it also includes details of insurance regulations and recent changes in the regulatory structure.
Market Size (2023) | HUF904.4 billion ($2.3 billion) |
CAGR (2024-2028) | >8% |
Forecast Period | 2024-2028 |
Historical Period | 2019-2023 |
Key Lines of Business | · Property
· Motor · Liability · Financial Lines · MAT · General Insurance PA&H · Miscellaneous |
Leading Companies | · Allianz Hungary
· Generali-Providencia Biztosito · Aegon Magyarorszag Altalanos Biztosito · Groupama Garancia Biztosito · Union VIG |
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Hungary General Insurance Market Trends
The proliferation of electric vehicles (EVs), the inclusion of insurance for electric scooters (e-scooters), and the EU Data Act are a few of the recurring trends impacting the Hungarian general insurance market.
- Although e-scooters are a popular mode of transport for the younger generations of Hungary, they do not fall under the Uniform Regulation of Road Regulations (Közúti Rendelkezések Egységes Szabályozása; KRESZ) which regulates traffic on public roads in Hungary. Furthermore, as of now, there is no mandatory third-party liability insurance requirement for micro-mobility vehicles.
- The EU’s Data Act is expected to come into force in January 2024 and will apply to companies from H2 2025. The Act is expected to regulate both the use and access to data generated by connected devices and services. Individual and business users of connected devices will be granted access to product data and related service data free of charge, directly, securely, in real-time, and continuously.
Hungary General Insurance Market Segmentation by Lines of Business
Motor was the leading general insurance line of business in 2023
The key lines of business in the Hungary general insurance industry are property, motor, liability, financial lines, MAT, general insurance PA&H, and miscellaneous. Motor was the largest insurance LOB accounting for over 49% share in general insurance GWP in 2023. High interest rates and rising prices in 2023 caused many Hungarians to postpone their vehicle purchase decision. The number of new passenger cars registered in 2023 witnessed a 3.4% decrease from 2022. However, sales are expected to somewhat recover in 2024 which will support motor insurance growth.
Hungary General Insurance Market Analysis by Lines of Business, 2023 (%)
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Hungary General Insurance Market - Competitive Landscape
Allianz Hungary was the largest general insurer in 2022
A few of the leading general insurance companies in Hungary are:
- Allianz Hungary
- Generali-Providencia Biztosito
- Aegon Magyarorszag Altalanos Biztosito
- Groupama Garancia Biztosito
- Union VIG
The general insurance sector is predominantly based on foreign insurers, with nine of the top 10 being foreign.
Hungary General Insurance Market Analysis by Companies, 2022 (%)
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Hungary General Insurance Market - Latest Developments
- In November 2023, the Hungarian Government launched a scheme worth HUF60 billion ($173 million) to promote the use of EVs. The government plans to build 170, high-capacity charging stations along the country’s busiest roads with a budget of HUF30 billion ($86.5 million).
- In October 2023, the Chinese automobile manufacturer BYD started selling pure EVs in Hungary; the first in East and Central Europe. These vehicles are priced competitively and are provided with 24-hour roadside assistance.
Segments Covered in the Report
Hungary General Insurance Lines of Business Outlook (Value, HUF Billion, 2019-2028)
- Property
- Motor
- Liability
- Financial Lines
- MAT
- General Insurance PA&H
- Miscellaneous
Scope
This report provides:
- A comprehensive analysis of the general insurance segment in Hungary.
- Historical values for Hungary’s general insurance segment for the report’s 2019–23 review period, and projected figures for the 2024–28 forecast period.
- Profiles of the top general insurance companies in Hungary and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of Hungary’s general insurance segment.
- A comprehensive overview of Hungary’s economy, government initiatives, and investment opportunities.
- Hungary’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- Hungary’s general insurance industry’s market structure giving details of lines of business.
- Hungary’s general reinsurance business’ market structure giving details of premium ceded along with cession rates.
- Distribution channels deployed by the Hungary’s general insurers.
- Details of the competitive landscape and competitors’ profiles.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to Hungary’s general insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in Hungary’s general insurance segment.
- Assess the competitive dynamics in the general insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Generali-Providencia Biztosito
Aegon Magyarorszag Altalanos Biztosito
Groupama Garancia Biztosito
Union VIG
K&H Biztosito
Uniqa Biztosito
Waberer Hungary Biztosito
Table of Contents
Frequently asked questions
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What was the Hungary general insurance market gross written premium in 2023?
The gross written premium of the Hungary general insurance market was HUF904.4 billion ($2.3 billion) in 2023.
-
What will the Hungary general insurance market growth rate be during the forecast period?
The general insurance market in Hungary is expected to achieve a CAGR of more than 8% during 2024-2028.
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Which line of business held the largest share of the Hungary general insurance market in 2023?
Motor held the largest share of the Hungary general insurance market in 2023.
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Which are the key companies operating in the Hungary general insurance market?
A few of the leading general insurance companies in Hungary are Allianz Hungary, Generali-Providencia Biztosito, Aegon Magyarorszag Altalanos Biztosito, Groupama Garancia Biztosito, and Union VIG.
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