Life Insurance in Hungary, Key Trends and Opportunities to 2020

Published: Jan, 2017 | Pages: 105 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Summary

Timetric’s 'Life Insurance in Hungary, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Hungarian life insurance segment, including:

• An overview of the Hungarian life insurance segment

• The Hungarian life insurance segment’s growth prospects by category

• A comprehensive overview of the Hungarian economy and demographics

• A comparison of the Hungarian life insurance segment with its regional counterparts

• The various distribution channels in the Hungarian life insurance segment

• Details of the competitive landscape in the Hungarian life insurance segment

• Details of regulatory policy applicable to the Hungarian insurance industry

Synopsis

Timetric’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 Timetric’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.

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.

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 a 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.

 Table of Content

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 Timetric
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric’s Services
11.4 Disclaimer

List of Tables

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

List of 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