Hungary Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028

Powered by

All the vital news, analysis, and commentary curated by our industry experts.

$3999
Buy Report View Sample

Published: January 25, 2024 Report Code: GDIS2809MR-ST

Select Item

Hungary Life Insurance Market Report Overview

The gross written premium of Hungary life insurance market was HUF618.3 billion ($1.6 billion) in 2023 and is expected to achieve a CAGR of more than 5% during 2024-2028. The Hungary life insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s life 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 Life Insurance Market Outlook, 2023-2028 (HUF Billion)

Hungary Life Insurance Market Outlook, 2023-2028 (HUF Billion)

Buy Full Report to Gain More Information about the Hungary Life Insurance Market Forecast

Download A Free Report Sample

The Hungary life 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 includes details of insurance regulations and recent changes in the regulatory structure.

Market Size (2022) HUF618.3 billion ($1.6 billion)
CAGR (2024-2028) >5%
Forecast Period 2024-2028
Historical Period 2019-2023
Key Lines of Business ·        Whole Life

·        General Annuity

·        Endowment

·        Term Life

·        Pension

·        Life PA&H

·        Other Life
Leading Companies ·        Magyar Posta Eletbiztosito

·        NN Biztosito

·        Union VIG

·        Generali-Providencia Biztosito

·        Groupama Garancia Biztosito
Enquire &Decide Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase.

Hungary Life Insurance Market Trends

Focus on Environmental, social, and governance (ESG), and insurtech are the recurring trends impacting the Hungarian life insurance market.

  • ESG has been a major theme for all large insurers and will be a central part of any leading business strategy over the coming years. ESG incorporation, in Hungary, is led by the presence of large, European insurance conglomerates and is practiced by local subsidiaries, both in investments and operations.
  • The life insurance sector is experiencing a demand for fast, simple, and online services which is paving the way for the emergence of insurtech startups and partnerships. With generative artificial intelligence (AI) that focuses on creating models and algorithms capable of generating new content, insurtechs are generating personalized insurance policies based on customer data. This, in turn, is enhancing customer experiences and increasing policy uptake. Additionally, generative AI is also being utilized to create interactive chatbots or virtual assistants that provide real-time support and streamline claims processing.

Hungary Life Insurance Market Segmentation by Lines of Business

Endowment was the leading life insurance line of business in 2023

The key lines of business in the Hungary life insurance industry are whole life, general annuity, endowment, term life, pension, life PA&H, and other life. The prevalent higher interest rate is likely to see insurers postponing the termination of guaranteed return products, thus supporting the growth of endowment policies.

Hungary Life Insurance Market Analysis by Lines of Business, 2023 (%)

Hungary Life Insurance Market Analysis by Lines of Business, 2023 (%)

Buy the Full Report for more Lines of Business Insights into the Hungary Life Insurance Market

Download A Free Report Sample

Hungary Life Insurance Market - Competitive Landscape

Magyar Posta Eletbiztosito was the largest life insurer in 2022

A few of the leading life insurance companies in Hungary are:

  • Magyar Posta Eletbiztosito
  • NN Biztosito
  • Union VIG
  • Generali-Providencia Biztosito
  • Groupama Garancia Biztosito

Hungary Life Insurance Market Analysis by Companies, 2022 (%)

Hungary Life Insurance Market Analysis by Companies, 2022 (%)

Buy the Full Report to Know More about the Companies in Hungary Life Insurance Market

Download A Free Report Sample

Hungary Life Insurance Market - Latest Developments

  • In November 2023, the Irish insurtech startup Companjon partnered with Erste Bank Hungary to provide AI-enabled lifestyle insurance products and services to the latter’s customers. Through the Erste Bank Hungary’s George app, the insurtech aims to use AI to provide end-to-end, embedded insurance solutions.

Segments Covered in the Report

Hungary Life Insurance Lines of Business Outlook (Value, HUF Billion, 2019-2028)

  • Whole Life
  • General Annuity
  • Endowment
  • Term Life
  • Pension
  • Life PA&H
  • Other Life

Scope

This report provides:

  • A comprehensive analysis of the life insurance segment in Hungary.

  • It provides historical values for Hungary life’s insurance segment for the report’s 2019–23 review period, and projected figures for the 2024–28 forecast period.

  • It profiles the top life insurance companies in Hungary and outlines the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of Hungary’s life 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 life insurance segment’s market structure gives details of lines of business.

  • Hungary’s life reinsurance business’ market structure gives details of premium ceded along with cession rates.

  • Distribution channels deployed by Hungary’s life 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 life insurance segment.

  • Understand the demand-side dynamics, key market trends, and growth opportunities in Hungary’s life insurance segment.

  • Assess the competitive dynamics in the life insurance segment.

  • Identify growth opportunities and market dynamics in key product categories.

Magyar Posta Eletbiztosito
NN Biztosito
Union Vienna Insurance
Generali-Providencia Biztosito
Groupama Garancia Biztosito
Allianz Hungaria
Aegon Magyarorszag Altalanos Biztosito
MetLife Magyarorszag

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Trends and KPIs

Line of Business

Competitive Landscape

Deals and Jobs

Competitor Profiles

Reinsurance

Appendix

Frequently asked questions

Hungary Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028 standard reports
Currency USD
$3,999

Can be used by individual purchaser only

Most Popular
$7,998

Can be shared by unlimited users within one corporate location e.g. a regional office

$11,997

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

Add to Basket

Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

Sample Report

Hungary Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028 was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

 Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

 Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

 Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

 Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

 Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

 Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

 Senior Account Manager, TSYS

Related reports

View more Life Insurance reports
Financial Services
New
Worldline - Competitor Profile
$350 | March 2024
Financial Services
New
Bulgaria Cards and Payments - Opportunities and Risks to 2028
$2,750 | April 2024
Financial Services
New
United Kingdom (UK) Bancassurance Distribution Dynamics and Future Market, 2023…
$1,295 | April 2024
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Hungary Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028 in real time.

  • Access a live Hungary Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028 dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.
Tell me more