Boston, MA -- (ReleaseWire) -- 02/10/2014 -- We remain of the view that Hungary's insurance sector will continue to face testing times through 2014. A difficult economic environment and volatile financial markets will challenge the players in both the non-life and the life segments. Fortunately, most are local subsidiaries of multi-national groups who are able to achieve economies of scale across regional or global businesses. Nevertheless, the relatively small absolute size of the insurance sector, and the fragmentation of the competitive landscape suggest to us that at least some of the multi-nationals may reconsider their commitment to the market.
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BMI's new insurance report format provides forecasts of the life and non life markets, including gross and net premiums, reinsurance premiums, claims and assets. Moreover, it provides forecasts for key growth drivers such as vehicle fleet size, demographic factors, and private health expenditure. The report also contains a comprehensive breakdown of the non life insurance market, providing forecasts for motor and transport insurance, property, personal accident, health, general liability and credit insurance. Finally the new report offers a detailed breakdown of the life and non life competitive landscapes, covering the top companies present in each segment by premiums and market share.
Key BMI Forecasts:
- We are forecasting total gross premiums to reach US$3.5bn over 2014, growing by 1.7%.
- Life premiums are forecast to reach US$1.86bn over 2014, growth of 1.6%.
- Non life premiums will reach US$1.58bn over 2014, growth of 1.9%.
- Total reinsurance premiums will reach US$620mn over 2014, growing by 2.4%.
- Motor insurance will fall by 1.5% to US$609mn over 2014.
- Property insurance will rise by3.7% to US$714mn over 2014.
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