subject: Hungary Insurance Market Intelligence - Market Research Reports On Aarkstore Enterprise [print this page] Hungary Insurance Market Intelligence "The strong growth of the Hungarian insurance market is evident by the fact that it more than doubled from 2000 to 2008 in the local currency. The most important development in the Hungarian insurance sector is the entry of large multinational companies during the first half of the nineties. As a result of this, most of Hungary's top insurance companies were able to apply international standards and products to the local market. The entry of large foreign insurers in the country helped remedy a serious lack of available insurance in Hungary, especially life insurance. The strong growth in the economy of Hungary has been one of the strongest growth drivers, apart from factors like rising income levels and increasing household expenditure.
The insurance market of Hungary is basically divided into life insurance and non-life insurance segments. Accident, health and travel insurance are treated separate from life and non-life and considered as personal insurance. Life insurance segment includes term life, endowment, mixed-life, term-fix life, annuity and unit-linked products. Hungary, like many countries, has seen strong development of unit-linked insurance products. In 2007, these products represented more than two-thirds of life insurance premiums in Hungary and most of their annual growth. Increasing population, increase in life expectancy, strong economy, increasing household property insurance, increasing demand of investment products are the important drivers of insurance industry, which will be aiding the Hungarian insurance market in near future.
The present report gives an overview of the Hungarian market along with an analysis of the countrys political structure and the economic growth. The report provides an insight into the market size and growth in insurance premiums as well as life and non-life premiums. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the Hungarian insurance industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry and its sub-segments life and non-life insurance. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
Table of Contents :
1. Industry Snapshot
1.1 Industry Structure
1.1.1 Entry of Multinational Companies, Introduction of International Standards and Products
1.1.2 Categorization of Insurance Industry
1.2 Market Overview
1.2.1 Market Size & Growth
1.2.1.1 Strong Growth in Insurance Market, Strong Growth in Economy
1.2.1.2 Impact of Global Recession, Major Impact on Life Segment
1.2.1.3 Investment Linked Insurance and Property Insurance Growing More than the Market
1.2.2 Market Segments
1.2.2.1 Life Segment is the Largest in Insurance, Yet Loosing Its Place
1.2.2.2 Decline in Life Segment, Decline in the Single Premium Products
1.2.2.3 Non-Life Segment Growth Supported by Household Property Insurance
1.2.2.4 Unit-Link Insurance Largest Share in Life Insurance Segment
1.2.2.5 Motor Insurance Largest Share in Non-Life Segment
1.2.3 Market Density & Penetration
1.2.3.1 Tremendous Growth in Insurance Density, Growing Premiums on Static Population
1.2.3.2 Fluctuating Penetration Rates but Registered Overall Growth
1.2.3.3 Hungary Penetration Levels Much Lower than EU25 Levels
1.2.4 Market Share
1.2.4.1 Top Positions of Insurance Players Remained Unchanged
1.2.4.2 Market Concentration of Insurance Players on a Decline
1.2.4.3 Non-Life More Concentrated than the Life Segment
2. Industry Analysis
2.1 Industry Developments
Pension Reforms Influenced by Recession
Pszaf Suspends Wabard's Right to Sign New Vehicle Insurance Contracts
New Housing Loan Subsidy System
Health Insurance Fees to Grow by 10%
Association Creating Standard Cost Indicator for Insurance Products
2.2 Market Drivers
Excellent Economic Growth
Rising Popularity of Investment Products
Increasing Pensions Funds
Growth of Household Property Insurance
3. Country Analysis: Risk Assessment
3.1 Political Environment
3.2 Macro-Economic Indicators: Current and Projections
4. Industry Outlook: Forecast and Projections
4.1 Impact of Economic Turmoil on Industry Growth
4.2 Larger Decline in Life Segment Expected Than Non-Life Segment
4.3 Classical Life Products and Variety of Insurance Products to Resist the Decline
4.4 Fire and Elementary Risk, and Guarantee Insurance May Continue Growing
List of Tables
Top 10 Insurance Players by Gross Insurance Premium (2008)
Benefits Financed From Pension Insurance Fund (2000-2008)
