Expanding aura of Hungary’s Non life Insurance Market: Ken Research REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit Ken research announced recent publication on, “Non-Life Insurance in Hungary, Key Trends and Opportunities to 2020“. The report provides a detailed outlook by product category for the Hungarian non-life insurance segment, and a comparison of the Hungarian insurance industry with its regional counterparts. It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets and total investment income during the review period (2011-2015) and forecast period (2015-2020). The report also analyses distribution channels operating in the segment, gives a comprehensive overview of the Hungarian economy and demographics, explains the various types of natural hazards and their impact on the Hungarian insurance industry, and provides detailed information on the competitive landscape in the country. The report brings research, modelling 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. The Hungarian non-life segment accounted for 44.1% of the insurance industry’s overall gross written premium in 2015. The Hungarian non-life insurance segment expanded during the review period at a review-period CAGR of 2.1%. The Insurance Companies and Insurance Activities Act was introduced in December 2014, and came into force on January 1, 2016. Property insurance was the largest category, accounting for 46.9% of the segment’s gross written premium. Agencies are a highly preferred channel because of their detailed understanding of risks and products related to their field and region. The Hungarian non-life insurance segment is highly concentrated, with the 10 leading companies accounting for 91.8% of its gross written premium in 2015. If compared to its regional counterparts, in Europe the trend of non-life premium revenues, the impact of the economic crisis was felt later, typically through a general decline in demand; consequently, a significant decrease in the premium revenues was seen in 2009 for the first time with a slight delay while 2008 still saw a moderate expansion. The CEE-10 countries performed better, with the changes resulting from the price changes in the premium revenues filtered. The market dynamics in the member states showed a significant dispersion in 2009: in the Baltic States, for instance. The domestic market under performed in both years in comparison with the regional average. It may considerably stem from the fact that the crisis affected the Hungarian economy more than the regional average. Examination of the distribution of the premium revenues among business lines, it can be established that the greatest weight in the European market is that of the accident and health insurance branch. This is approximately level with the motor insurance branches in terms of premium revenues, followed by insurance against fire, natural disasters and other property insurance as the third most significant branch. The CCE-10 group is characterised by a product mix considerably different from the foregoing, mostly due to the underdevelopment of the health insurance segment. Hungary’s market characterizes another major feature-the high ratio of home insurances. In spite of Europe’s economic slowdown, the Hungarian non life insurance sector continues to strengthen as more and more of the population seek greater protection. During the financial crisis, Hungary’s insurance sector proved itself crisis-resistant. In another sign of its robustness, the market has shown impressive annual growth over the last three years: according to the Hungarian Insurers’ Association, in 2015 the number of total written premiums had increased. Non-life insurance written premiums were the strongest basis of this growth, having increased tremendously. Revenue expansion in non-life insurance can be attributed to the fact that after a long period of time, the fierce premium competition in the field of compulsory third party liability motor insurance did not continue. This in turn has caused the written premiums of this line of business to increase in 2015. Nonetheless, average insurance premiums are still far below the premium level of neighbouring countries. Therefore, although the market continues to show signs of stability, there is scope for considerable growth. Following negotiations, the Insurance Act has been amended in several stages: as of this year, the act now centrally regulates the minimum levels of investment and surrender values while limiting the commission rate payable for life insurance. To further strengthen insurance rules, it has also become mandatory to involve depositaries, and from next January, only those units that have been invested by the insurance company may be shown. An even more ambitious change is that, uniquely in Hungary, the total expense ratio (TER) – which was introduced in 2010 remains applicable as a legislative provision. Regarding our short-term plans, we understand current economic trends are more beneficial for the development of non-life insurances. We are witnessing organic market development in this field, where both written premiums and penetration are increasing, therefore we are investing significant professional resources into it. Although a stronger regulatory environment does not favour life insurance policies, we can find niche markets in terms of product portfolio and sales channels, in which our company may gain significant advantages. Likewise, we benefit from our flexibility, which enables us to provide services that harmonise with the increasingly rapid pace of life and the habit of planning for the shorter term. Our overall aim is to have people consider Post Insurance – after a year or two, as well as after 10 years – as an easily accessible, reliable and useful partner in many occupations, just as more than three million Hungarian customers have considered us for almost 1.5 decades. Companies Covered Allianz Hungaria Biztosito, ZrtGenerali-Providencia Biztosito, ZrtAegon Magyarorszag altalanos Biztosito, ZrtGroupama Garancia Biztosito, ZrtUniqa Biztosito, ZrtUnion Vienna Insurance Group Biztosito, ZrtK&H Biztosito ZrtWaberer Hungaria Biztosito, ZrtKobe KozEp-Europai Kolcsonos Biztosito, Egyes,letMagyar Posta Biztosito Zrt Key Factors Considered in the Report Hungary Non-Life Insurance Industry Hungary Non Life Insurance Companies Hungary Non- Life Insurance Market Research Non-Life Insurance Sector Trends Hungary Hungary General Insurance Regulations Motor Insurance Market Research Hungary Property Insurance Sector Hungary Health Insurance Demand Hungary Hungary Automobile Insurance Industry Research Hungary General Insurance Industry For more coverage click on the link below: https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/non-life-insurance-hungary-key-trends/81984-93.html Related links: https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/life-insurance-new-zealand-key-trends-opportunities/82328-93.html https://www.kenresearch.com/banking-financial-services-and-insurance/insurance/personal-accident-health-insurance-new-zealand-key-trends-opportunities/82330-93.html Contact Us: Ken Research Ankur Gupta, Head Marketing & Communications Ankur@kenresearch.com +91-9015378249 Post Views: 6 Tags: Health insurance demand Hungary, Hungary Automobile Insurance Industry Research, Hungary General Insurance Industry Research Report, Hungary General insurance regulations, Hungary Non Life Insurance Companies, Hungary Non- Life Insurance Market Research, Hungary Non-life insurance industry, Motor Insurance Market Research Hungary, Non-Life insurance sector trends Hungary, Property Insurance Sector Hungary