Boston, MA -- (ReleaseWire) -- 07/11/2014 -- In terms of gross written premium, the Hungarian insurance industry is the third-largest in the Central and Eastern European (CEE) region after Poland and the Czech Republic. The country's insurance industry registered a compound annual growth rate (CAGR) of -0.7% during the review period (2009-2013), and was adversely affected by subdued economic conditions. The decline was mainly led by the non-life insurance segment, which registered a CAGR of -3.6% . This contraction was primarily due to a decline in new vehicle sales, increased claims due to natural disasters, and changes in the regulatory environment. Over the forecast period (2013-2018), the segment is expected to be led by an increase in customer awareness of property insurance, which will require innovative and customized non-life insurance products.
- Property insurance is the largest category in the non-life segment, with a 51% share of the written premium value in 2013.
- According to Hungarian disaster statistical records between 1980 and 2010, the average annual economic damage incurred valued HUF12.9 million (US$57,837). In late may 2013.
- Motor insurance was the second-largest category in the non-life segment during the review period, accounting for a 42% share of the segment's written premium in 2013.
- Non-life insurance is distributed through agents, brokers, direct-marketing and bancassurance. Other distribution channels include online sales and telemarketing.
- The non-life segment is highly concentrated, with the 10 leading companies accounting for a combined share of 93.4% of the segment's total written premiums in 2012.
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This report provides a comprehensive analysis of the non-life insurance segment in Hungary:
- It provides historical values for Hungary's non-life insurance segment for the report's 2009-2013 review period and forecast figures for the 2013-2018 forecast period.
- It offers a detailed analysis of the key categiories in Hungary's non-life insurance segment, along with market forecasts until 2018.
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions.
- It analyses the various distribution channels for non-life insurance products in Hungary.
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Hungary for the non-life insurance segment.
- It provides a detailed analysis of the reinsurance segment in Hungary and its growth prospects.
- It profiles the top non-life insurance companies in Hungary and outlines the key regulations affecting them.
Reasons to Get this Report
- Make strategic business decisions using in-depth historic and forecast market data related to the Hungarian non-life insurance segment and each category within it
- Understand the demand-side dynamics, key market trends and growth opportunities within the Hungarian non-life insurance segment
- Assess the competitive dynamics in the non-life insurance segment, along with the reinsurance segment
- Identify the growth opportunities and market dynamics within key product categories
- Gain insights into key regulations governing the Hungarian insurance industry and its impact on companies and the market's future
Companies Mentioned in this Report: Allianz Hungaria Biztosito Zrt., Generali-Providencia Biztosito Zrt., Groupama Garancia Biztosito Zrt., Aegon Magyarorszag Altalanos Biztosito Zrt., Uniqa Biztosito Zrt., Union Vienna Insurance Group Biztosito Zrt., K&H Biztosito Zrt., Magyar Posta Biztosito Zrt., Kobe Kozep Europai Kolcsonos Biztosito Egyesulet, Signal Biztosito Zrt
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