Life Insurance in Hungary, Key Trends and Opportunities to 2020

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Published: January 16, 2017 Report Code: GD-IS1382MR-ST

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

It provides key performance indicators such as written premium, incurred loss, commissions and expenses, 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, 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 life insurance segment in Hungary:

• It provides historical values for the Hungarian 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 life insurance segment, and market forecasts to 2020.

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

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

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

Key Highlights

• The Hungarian life insurance segment registered a review-period CAGR of -0.1%.

• Hungary’s life segment accounted for 51.0% of the industry’s gross written premium in 2015.

• Life insurance categories such as individual whole life and term life insurance recorded positive growth, at review-period CAGRs of 3.9% and 4.8%, respectively.

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

• The Hungarian life segment is highly concentrated, with the 10 leading insurers accounting for 85.8% of the segment’s gross written premium in 2015.

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 in the Hungarian life insurance segment.

• Assess the competitive dynamics in the 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.

NN Biztosító Zrt,Magyar Posta Életbiztositó Zrt,Groupama Garancia Biztosító Zrt,Generali-Providencia Biztosító Zrt,Aegon Magyarország Általános Biztosító Zrt,Allianz Hungária Biztosító Zrt,Uniqa Biztosító Zártkörűen Működő Rt,K&H Biztosító Zrt,Erste Vienna Insurance Group Biztosító Zrt,Cig Pannónia Életbiztosító Nyrt

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 Assets and investments

5 Outlook by Category

5.1 Policies Sold

6 Distribution Channel Outlook

7 Competitive Landscape

7.1 Company Profiles

7.1.1 NN Biztosító Zrt – company overview

7.1.2 Magyar Posta Életbiztositó Zrt – company overview

7.1.3 Groupama Garancia Biztosító Zrt – company overview

7.1.4 Generali Providencia Biztosító Zrt – company overview

7.1.5 Aegon Magyarország Általános Biztosító Zrt – company overview

8 Governance, Risk and Compliance

8.1 Legislation Overview and Historical Evolution

8.2 Latest Changes in Regulation

8.3 Legislation and Market Practice by Type of Insurance

8.3.1 Life insurance

8.3.2 Property insurance

8.3.3 Motor insurance

8.3.4 Liability insurance

8.3.5 Marine, aviation and transit insurance

8.3.6 Personal accident and health insurance

8.4 Compulsory Insurance

8.4.1 Motor third-party liability insurance

8.4.2 Air carriers and aircraft operators’ liability insurance

8.4.3 Workers’ compensation insurance

8.4.4 Marine liability insurance

8.4.5 Professional indemnity insurance for alternative investment fund managers

8.4.6 Professional indemnity insurance for insurance brokers

8.4.7 Liability for ships with respect to oil pollution

8.5 Supervision and Control

8.5.1 International Association of Insurance Supervisors

8.5.2 European Insurance and Occupational Pensions Authority

8.5.3 Magyar Nemzeti Bank

8.6 Non-Admitted Insurance Regulation

8.6.1 Overview

8.6.2 Intermediaries

8.6.3 Market practices

8.6.4 Fines and Penalties

8.7 Company Registration and Operations

8.7.1 Type of insurance organization

8.7.2 Establishing a local company

8.7.3 Foreign ownership

8.7.4 Types of license

8.7.5 Capital requirements

8.7.6 Solvency margin

8.7.7 Reserve requirements

8.7.8 Investment regulations

8.7.9 Statutory return requirements

8.7.10 Fee structure

8.8 Taxation

8.8.1 Insurance premium or policy taxation

8.8.2 Withholding taxes on premium paid overseas

8.8.3 Corporate tax

8.8.4 VAT

8.8.5 Captives

8.9 Legal System

8.9.1 Introduction

8.9.2 Access to court

8.9.3 Alternative dispute resolution (ADR)

9 Databook

9.1 Policies and Premium

9.2 Claims and Expenses

9.3 Assets and Investments

9.4 Individual Life Insurance

9.5 Individual Life Insurance by Product

9.6 Individual Life – Single vs. Non-Single Premium

9.7 Linked vs. Non-Linked Policies

10 Definitions and Methodology

10.1 Definitions

10.2 Methodology

11 About GlobalData

11.1 Contact GlobalData

11.2 About GlobalData

11.3 GlobalData’s Services

11.4 Disclaimer

Table

Table 1: Hungarian Life Insurance – Key Facts, 2015

Table 2: Hungarian Life Insurance – Segment Shares (%) of the Top Insurers, 2015

Table 3: Hungarian Government Credit Ratings

Table 4: Hungarian Life Insurance – Gross Written Premium (HUF Billion and US$ Billion), 2011–2015

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

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

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

Table 8: Hungarian Life Insurance – New Business Direct Written Premium (HUF Billion and US$ Million), 2011–2015

Table 9: Hungarian Life Insurance – New Business Direct Written Premium (HUF Billion and US$ Million), 2015–2020

Table 10: Hungarian Life Insurance – Premium per Capita (HUF and US$), 2011–2015

Table 11: Hungarian Life Insurance – Premium per Capita (HUF and US$), 2015–2020

Table 12: Hungarian Life Insurance – Number of Policies Sold (Million), 2011–2015

Table 13: Hungarian Life Insurance – Number of Policies Sold (Million), 2015–2020

Table 14: Hungarian Life Insurance – Paid Claims (HUF Billion and US$ Billion), 2011–2015

Table 15: Hungarian Life Insurance – Paid Claims (HUF Billion and US$ Billion), 2015–2020

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

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

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

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

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

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

Table 22: Hungarian Individual Life Insurance – Number of Policies Sold by Category (Thousand), 2011–2015

Table 23: Hungarian Individual Life Insurance – Number of Policies Sold by Category (Million), 2015–2020

Table 24: Hungarian Insurance Industry – Shares of the Leading Insurers (%), 2015

Table 25: NN Biztosító Zrt – Key Facts

Table 26: NN Biztosító Zrt – Key Financials (HUF Billion), 2011–2015

Table 27: Magyar Posta Életbiztositó Zrt – Key Facts

Table 28: Magyar Posta Életbiztositó Zrt – Key Financials (HUF Billion), 2011–2015

Table 29: Groupama Garancia Biztosító Zrt – Key Facts

Table 30: Groupama Garancia Biztosító Zrt – Key Financials (HUF Billion), 2011–2015

Table 31: Generali Providencia Biztosító Zrt – Key Facts

Table 32: Generali Providencia Biztosító Zrt – Key Financials (HUF Billion), 2011–2015

Table 33: Aegon Magyarország Általános Biztosító Zrt – Key Facts

Table 34: Aegon Magyarország Általános Biztosító Zrt – Key Financials (HUF Billion), 2011–2015

Table 35: Hungary – Insurance Regulatory Framework Key Features

Table 36: Hungary – Life Insurance Regulatory Framework

Table 37: Hungary – Property Insurance Regulatory Framework

Table 38: Hungary – Motor Insurance Regulatory Framework

Table 39: Hungary – Bonus-Malus System for Passenger Cars and Motorcycles

Table 40: Hungary – Bonus-Malus System for Trucks, Buses, Tractors and Other Commercial Vehicles

Table 41: Hungary – Liability Insurance Regulatory Framework

Table 42: Hungary – Minimum Coverage for Aircraft Third-Party Liability per Accident and Aircraft

Table 43: Hungary – Insurance Premium Taxation

Table 44: Hungary – Corporate Tax Rates for the Financial Year 2016

Table 45: Hungarian Life Insurance – Policies and Premium, 2011–2015

Table 46: Hungarian Life Insurance – Policies and Premium, 2015–2020

Table 47: Hungarian Life Insurance – Claims and Expenses, 2011–2015

Table 48: Hungarian Life Insurance – Claims and Expenses, 2015–2020

Table 49: Hungarian Life Insurance – Assets and Investments, 2011–2015

Table 50: Hungarian Life Insurance – Assets and Investments, 2015–2020

Table 51: Hungarian Life Insurance – Individual Life Insurance, 2011–2015

Table 52: Hungarian Life Insurance – Individual Life Insurance, 2015–2020

Table 53: Hungarian Life Insurance – Individual Life Insurance by Product, 2011–2015

Table 54: Hungarian Life Insurance – Individual Life Insurance by Product, 2015–2020

Table 55: Hungarian Life Insurance – Individual Life Insurance by Premium, 2011–2015

Table 56: Hungarian Life Insurance – Individual Life Insurance by Premium, 2015–2020

Table 57: Hungarian Life Insurance – Linked vs. Non-Linked Policies, 2011–2015

Table 58: Hungarian Life Insurance – Linked vs. Non-Linked Policies, 2015–2020

Table 59: 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 Life Insurance Penetration – Regional Comparison (%), 2015

Figure 8: Hungarian Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 9: Hungarian Life Insurance – Gross Written Premium (HUF Billion), 2011–2020

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

Figure 11: Hungarian Life Insurance – New Business Direct Written Premium (HUF Billion), 2011–2020

Figure 12: Hungarian Life Insurance – Premium per Capita (HUF), 2011–2020

Figure 13: Hungarian Life Insurance – Number of Policies Sold (Million), 2011–2020

Figure 14: Hungarian Life Insurance – Paid Claims (HUF Billion), 2011–2020

Figure 15: Hungarian Life Insurance – Total Assets (HUF Trillion), 2011–2020

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

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

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

Figure 19: Hungarian Individual Life Insurance – Number of Policies Sold by Category (Million), 2011–2020

Figure 20: Hungarian Insurance Industry – Shares of the Leading Insurers (%), 2015

Figure 21: Hungary – The Three Pillars of Solvency II

Figure 22: Hungary – Insurance Supervision and Control at Various Levels

Figure 23: Hungary – Insurance Regulatory Frameworks for Company Registration and Operation

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