Personal Accident and Health Insurance in Hungary, Key Trends and Opportunities to 2018

Published: Jun, 2014 | Pages: 216 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
The report provides in depth market analysis, information and insights into the Hungarian personal accident and health insurance segment, including:
The Hungarian personal accident and health insurance segment's growth prospects by insurance categories 
Key trends and drivers for the personal accident and health insurance segment 
The various distribution channels in the Hungarian personal accident and health insurance segment
The detailed competitive landscape in the personal accident and health insurance segment in Hungary
Detailed regulatory policies of the Hungarian insurance industry
A description of the personal accident and health reinsurance segment in Hungary
Porter's Five Forces analysis of the personal accident and health insurance segment 

Summary
In 2013, the Hungarian personal accident and health insurance segment expanded at a review-period CAGR of 7.8%. The segment is dominated by the personal accident category, which accounted for 63.8% of the segment's gross written premium of that year. Travel insurance is supported by an increase in tourism within the country, as well as recovery in the business environment. Unlike the life and non-life segments, the Hungarian personal accident and health insurance segment recorded consistent growth during the review period, driven by growth in tourism and rising awareness of the benefits of private health insurance. 
Scope
This report provides a comprehensive analysis of the personal accident and health insurance segment in Hungary:
It provides historical values for the Hungarian personal accident and health 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 sub-segments in Hungarian personal accident and health 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 personal accident and health insurance products in Hungary.
Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Hungary for the personal accident and health insurance segment.
It provides a detailed analysis of the reinsurance segment in Hungary and its growth prospects.
It profiles the top personal accident and health insurance companies in Hungary and outlines the key regulations affecting them. 
Reason To Buy
 Make strategic business decisions using in-depth historic and forecast market data related to the Hungarian personal accident and health insurance segment and each category within it
Understand the demand-side dynamics, key market trends and growth opportunities within the Hungarian personal accident and health insurance segment
Assess the competitive dynamics in the personal accident and health 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 segment and its impact on companies and the market's future 
Key Highlights
 Personal accident insurance led the segment over the review period, with a 63.8% share of written premiums in 2013, posting a CAGR of 10.6%.
Increasing awareness of losses due to road accidents and preventive measures for injury and prohibition of drunken driving were followed by the Hungarian police force during the review period.
The country's overall healthcare expenditure increased from HUF2.0 trillion (US$9.8 billion) in 2009 to HUF2.4 trillion (US$10.7 billion) in 2013, and is expected to reach HUF3.1 trillion (US$14.9 billion) in 2018.
Travel insurance was the fastest-growing category after personal accident insurance, with a review-period CAGR of 7.7%.
The Hungarian personal accident and health insurance segment continued to exhibit positive growth as awareness of the need for, and benefits of, personal accident and health products grew.

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Hungarian Insurance Industry Attractiveness
3.1 Insurance Industry Size, 2009-2018
3.2 Key Industry Trends and Drivers
3.3 Challenges
3.4 Recent Market Developments
4 Persol Accident and Health Insurance Segment Outlook
4.1 Consumer Segmentation and Buying Behavior
4.2 Product and Marketing Strategies
4.3 Persol Accident and Health Insurance Growth Prospects by Category
4.3.1 Persol accident insurance
4.3.2 Travel insurance
4.3.3 Health insurance
5 Alysis by Distribution Channel
5.1 Direct Marketing
5.2 Bancassurance
5.3 Agencies
5.4 E-commerce
5.5 Brokers
5.6 Other Channels
6 Porter's Five Forces Alysis - Hungarian Persol Accident and Health Insurance
6.1 Bargaining Power of Supplier: Medium
6.2 Bargaining Power of Buyer: Medium to High
6.3 Barriers to Entry: Medium
6.4 Intensity of Rivalry: High
6.5 Threat of Substitutes: High
7 Reinsurance Growth Dymics and Challenges
7.1 Reinsurance Segment Size, 2009-2018
7.2 Reinsurance Segment Size by Type of Insurance, 2009-2018
8 Governce, Risk and Compliance
8.1 Legislation Overview and Historical Evolution
8.2 Regulations by Type of Insurance
8.2.1 Life insurance regulations
8.2.2 Property insurance regulations
8.2.3 Motor insurance regulations
8.2.4 Marine, aviation and transit insurance regulations
8.2.5 Persol accident and health insurance regulations
8.3 Compulsory Insurance
8.3.1 Motor third-party liability insurance
8.3.2 Air carriers and aircraft operators insurance
8.3.3 Workers' compensation insurance
8.3.4 Marine liability insurance
8.4 Supervision and Control
8.4.1 Intertiol Association of Insurance Supervisors (IAIS)
8.4.2 European Insurance and Occupatiol Pension Authority (EIOPA)
8.4.3 Hungarian Fincial Supervisory Authority (HFSA)
8.5 Non-Admitted Insurance Regulations
8.5.1 Overview
8.5.2 Intermediaries
8.5.3 Market practices
8.5.4 Fines and pelties
8.6 Company Registration and Operations
8.6.1 Types of insurance organization
8.6.2 Establishing a local company
8.6.3 Foreign ownership
8.6.4 Types of license
8.6.5 Capital requirements
8.6.6 Solvency margins
8.6.7 Reserve requirements
8.6.8 Investment regulations
8.6.9 Statutory return requirements
8.6.10 Fee structure
8.7 Taxation
8.7.1 Insurance premium or policy taxation
8.7.2 Withholding tax on insurance premium paid overseas
8.7.3 Corporate tax
8.7.4 VAT
8.7.5 Captives
8.8 Legal System
8.8.1 Introduction
8.8.2 Access to court
8.8.3 Altertive dispute resolution (ADR)
9 Competitive Landscape and Strategic Insights
9.1 Overview
9.2 Leading Companies in the Hungarian Persol Accident and Health Insurance Segment
9.3 Generali-Providencia Biztosito Zrt. - Company Overview
9.3.1 Generali-Providencia Biztosito Zrt. - key facts
9.4 Groupama Garancia Biztosito Zrt. - Company Overview
9.4.1 Groupama Garancia Biztosito - key facts
9.5 Aegon Magyarorszag altalanos Biztosito Zrt. - Company Overview
9.5.1 Aegon Magyarorszag altalanos Biztosito Zrt. - key facts
9.6 Uniqa Biztosito Zrt. - Company Overview
9.6.1 Uniqa Biztosito Zrt. - key facts
9.7 Allianz Hungaria Zrt. - Company Overview
9.7.1 Allianz Hungaria Zrt. - key facts
9.8 Sigl Biztosito Zrt. - Company Overview
9.8.1 Sigl Biztosito Zrt. - key facts
10 Business Environment and Country Risk
10.1 Business Confidence
10.1.1 Market capitalization trend - Budapest Stock Exchange, Hungary
10.2 Economic Performance
10.2.1 GDP at constant prices (US$)
10.2.2 GDP per capita at constant prices (US$)
10.2.3 GDP at current prices (US$)
10.2.4 GDP per capita at current prices (US$)
10.2.5 GDP by key segments
10.2.6 Agriculture, hunting, forestry and fishing net output at current prices (US$)
10.2.7 Agriculture, hunting, forestry and fishing net output at current prices as a percentage of GDP
10.2.8 Manufacturing net output at current prices (US$)
10.2.9 Manufacturing net output at current prices as a percentage of GDP
10.2.10 Mining, manufacturing and utilities at current prices (US$)
10.2.11 Mining, manufacturing and utilities at current prices, as percentage of GDP
10.2.12 Construction net output at current prices, (US$)
10.2.13 Construction net output at current prices as a percentage of GDP
10.2.14 Inflation rate
10.2.15 Exports as a percentage of GDP
10.2.16 Imports as a percentage of GDP
10.2.17 Merchandise exports growth
10.2.18 Merchandise imports growth
10.2.19 Annual average exchange rate HUF-US$
10.3 Infrastructure
10.3.1 Commercial vehicles exports - total value
10.3.2 Commercial vehicles imports - total value
10.3.3 Automotive exports - total value
10.3.4 Automotive imports - total value
10.3.5 Total internet subscribers
10.4 Labor Force
10.4.1 Labor force
10.4.2 Unemployment rate
10.5 Demographics
10.5.1 Gross tiol disposable income (US$)
10.5.2 Household consumption expenditure (US$)
10.5.3 Total population
10.5.4 Urban and rural populations
10.5.5 Age distribution of the total population
11 Appendix
11.1 Methodology
11.2 Contact Timetric
11.3 About Timetric
11.4 Timetric's Services
11.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Hungarian Insurance - Gross Written Premium by Segment (HUF Billion), 2009-2013
Table 3: Hungarian Insurance - Gross Written Premium by Segment (US$ Billion), 2009-2013
Table 4: Hungarian Insurance - Gross Written Premium by Segment (HUF Billion), 2013-2018
Table 5: Hungarian Insurance - Gross Written Premium by Segment (US$ Billion), 2013-2018
Table 6: Hungarian Insurance - Segmentation, Gross Written Premium (% Share), 2009-2018
Table 7: Hungarian Insurance - Direct Written Premium by Segment (HUF Billion), 2009-2013
Table 8: Hungarian Insurance - Direct Written Premium by Segment (US$ Billion), 2009-2013
Table 9: Hungarian Insurance - Direct Written Premium by Segment (HUF Billion), 2013-2018
Table 10: Hungarian Insurance - Direct Written Premium by Segment (US$ Billion), 2013-2018
Table 11: Hungarian Insurance - Segmentation, Direct Written Premium (% Share), 2009-2018
Table 12: Hungarian Persol Accident and Health Insurance - Written Premium by Category (HUF Billion), 2009-2013
Table 13: Hungarian Persol Accident and Health Insurance - Written Premium by Category (US$ Million), 2009-2013
Table 14: Hungarian Persol Accident and Health Insurance - Written Premium by Category (HUF Billion), 2013-2018
Table 15: Hungarian Persol Accident and Health Insurance - Written Premium by Category (US$ Million), 2013-2018
Table 16: Hungarian Persol Accident and Health Insurance - Earned Premium (HUF Billion), 2009-2013
Table 17: Hungarian Persol Accident and Health Insurance - Earned Premium (HUF Billion), 2013-2018
Table 18: Hungarian Persol Accident and Health Insurance - Paid Claims by Category (HUF Billion), 2009-2013
Table 19: Hungarian Persol Accident and Health Insurance - Paid Claims by Category (US$ Million), 2009-2013
Table 20: Hungarian Persol Accident and Health Insurance - Paid Claims by Category (HUF Billion), 2013-2018
Table 21: Hungarian Persol Accident and Health Insurance - Paid Claims by Category (US$ Million), 2013-2018
Table 22: Hungarian Persol Accident and Health Insurance - Incurred Loss by Category (HUF Billion), 2009-2013
Table 23: Hungarian Persol Accident and Health Insurance - Incurred Loss by Category (US$ Million), 2009-2013
Table 24: Hungarian Persol Accident and Health Insurance - Incurred Loss by Category (HUF Billion), 2013-2018
Table 25: Hungarian Persol Accident and Health Insurance - Incurred Loss by Category (US$ Million), 2013-2018
Table 26: Hungarian Persol Accident and Health Insurance - Retentions by Category (HUF Billion), 2009-2013
Table 27: Hungarian Persol Accident and Health Insurance - Retention by Category (US$ Million), 2009-2013
Table 28: Hungarian Persol Accident and Health Insurance - Retentions by Category (HUF Billion), 2013-2018
Table 29: Hungarian Persol Accident and Health Insurance -  Retentions by Category (US$ Million), 2013-2018
Table 30: Hungarian Persol Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 31: Hungarian Persol Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 32: Hungarian Persol Accident and Health Insurance - Commission and Expenses (HUF Billion), 2009-2013
Table 33: Hungarian Persol Accident and Health Insurance - Commission and Expenses (HUF Billion), 2013-2018
Table 34: Hungarian Persol Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 35: Hungarian Persol Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 36: Hungarian Persol Accident and Health Insurance - Frauds and Crimes (HUF Billion), 2009-2013
Table 37: Hungarian Persol Accident and Health Insurance - Frauds and Crimes (HUF Billion), 2013-2018
Table 38: Hungarian Persol Accident and Health Insurance - Total Investment Income (HUF Billion), 2009-2013
Table 39: Hungarian Persol Accident and Health Insurance - Total Investment Income (HUF Billion), 2013-2018
Table 40: Hungarian Persol Accident and Health Insurance - Retentions (HUF Billion), 2009-2013
Table 41: Hungarian Persol Accident and Health Insurance - Retentions (HUF Billion), 2013-2018
Table 42: Hungarian Persol Accident Insurance - Number of Policies Sold (Thousand), 2009-2013
Table 43: Hungarian Persol Accident Insurance - Number of Policies Sold (Thousand), 2013-2018
Table 44: Hungarian Persol Accident Insurance - Written Premium (HUF Billion), 2009-2013
Table 45: Hungarian Persol Accident Insurance - Written Premium (HUF Billion), 2013-2018
Table 46: Hungarian Persol Accident Insurance - Loss Ratio (%), 2009-2013
Table 47: Hungarian Persol Accident Insurance - Loss Ratio (%), 2013-2018
Table 48: Hungarian Travel Insurance - Number of Policies Sold (Thousand), 2009-2013
Table 49: Hungarian Travel Insurance - Number of Policies Sold (Thousand), 2013-2018
Table 50: Hungarian Travel Insurance - Written Premium (HUF Billion), 2009-2013
Table 51: Hungarian Travel Insurance - Written Premium (HUF Billion), 2013-2018
Table 52: Hungarian Travel Insurance - Loss Ratio (%), 2009-2013
Table 53: Hungarian Travel Insurance - Loss Ratio (%), 2013-2018
Table 54: Hungarian Health Insurance - Number of Policies Sold (Thousand), 2009-2013
Table 55: Hungarian Health Insurance - Number of Policies Sold (Thousand), 2013-2018
Table 56: Hungarian Health Insurance - Written Premium (HUF Billion), 2009-2013
Table 57: Hungarian Health Insurance - Written Premium (HUF Billion), 2013-2018
Table 58: Hungarian Health Insurance - Retentions (HUF Billion), 2009-2013
Table 59: Hungarian Health Insurance - Retentions (HUF Billion), 2013-2018
Table 60: Hungarian Health Insurance - Loss Ratio (%), 2009-2013
Table 61: Hungarian Health Insurance - Loss Ratio (%), 2013-2018
Table 62: Hungarian Persol Accident and Health Insurance - Direct Marketing Commission Paid (HUF Billion), 2009-2013
Table 63: Hungarian Persol Accident and Health Insurance - Direct Marketing Commission Paid (HUF Billion), 2013-2018
Table 64: Hungarian Persol Accident and Health Insurance - Written Premium Through Direct Marketing (HUF Billion), 2009-2013
Table 65: Hungarian Persol Accident and Health Insurance - Written Premium Through Direct Marketing (HUF Billion), 2013-2018
Table 66: Hungarian Persol Accident and Health Insurance - Policies Sold Through Direct Marketing (Thousand), 2009-2013
Table 67: Hungarian Persol Accident and Health Insurance - Policies Sold Through Direct Marketing (Thousand), 2013-2018
Table 68: Hungarian Persol Accident and Health Insurance - Number of Direct Marketing Distributors, 2009-2013
Table 69: Hungarian Persol Accident and Health Insurance - Number of Direct Marketing Distributors, 2013-2018
Table 70: Hungarian Persol Accident and Health Insurance - Bancassurance Commission Paid (HUF Billion), 2009-2013
Table 71: Hungarian Persol Accident and Health Insurance - Bancassurance Commission Paid (HUF Billion), 2013-2018
Table 72: Hungarian Persol Accident and Health Insurance - Written Premium Through Bancassurance (HUF Billion), 2009-2013
Table 73: Hungarian Persol Accident and Health Insurance - Written Premium Through Bancassurance (HUF Billion), 2013-2018
Table 74: Hungarian Persol Accident and Health Insurance - Policies Sold Through Bancassurance (Thousand), 2009-2013
Table 75: Hungarian Persol Accident and Health Insurance - Policies Sold Through Bancassurance (Thousand), 2013-2018
Table 76: Hungarian Persol Accident and Health Insurance - Number of Bancassurance Distributors, 2009-2013
Table 77: Hungarian Persol Accident and Health Insurance - Number of Bancassurance Distributors, 2013-2018
Table 78: Hungarian Persol Accident and Health Insurance - Commission Paid to Agencies (HUF Billion), 2009-2013
Table 79: Hungarian Persol Accident and Health Insurance - Commission Paid to Agencies (HUF Billion), 2013-2018
Table 80: Hungarian Persol Accident and Health Insurance - Written Premium Through Agencies (HUF Billion), 2009-2013
Table 81: Hungarian Persol Accident and Health Insurance - Written Premium Through Agencies (HUF Billion), 2013-2018
Table 82: Hungarian Persol Accident and Health Insurance - Policies Sold Through Agencies (Thousand), 2009-2013
Table 83: Hungarian Persol Accident and Health Insurance - Policies Sold Through Agencies (Thousand), 2013-2018
Table 84: Hungarian Persol Accident and Health Insurance - Number of Agencies, 2009-2013
Table 85: Hungarian Persol Accident and Health Insurance - Number of Agencies, 2013-2018
Table 86: Hungarian Persol Accident and Health Insurance - E-Commerce Commission Paid (HUF Million), 2009-2013
Table 87: Hungarian Persol Accident and Health Insurance - E-Commerce Commission Paid (HUF Million), 2013-2018
Table 88: Hungarian Persol Accident and Health Insurance - Written Premium Through E-Commerce (HUF Million), 2009-2013
Table 89: Hungarian Persol Accident and Health Insurance - Written Premium Through E-Commerce (HUF Million), 2013-2018
Table 90: Hungarian Persol Accident and Health Insurance - Policies Sold Through E-Commerce (Thousand), 2009-2013
Table 91: Hungarian Persol Accident and Health Insurance - Policies Sold Through E-Commerce (Thousand), 2013-2018
Table 92: Hungarian Persol Accident and Health Insurance - Number of E-Commerce Distributors, 2009-2013
Table 93: Hungarian Persol Accident and Health Insurance - Number of E-Commerce Distributors, 2013-2018
Table 94: Hungarian Persol Accident and Health Insurance - Commission Paid to Brokers (HUF Billion), 2009-2013
Table 95: Hungarian Persol Accident and Health Insurance - Commission Paid to Brokers (HUF Billion), 2013-2018
Table 96: Hungarian Persol Accident and Health Insurance - Written Premium Through Brokers (HUF Billion), 2009-2013
Table 97: Hungarian Persol Accident and Health Insurance - Written Premium Through Brokers (HUF Billion), 2013-2018
Table 98: Hungarian Persol Accident and Health Insurance - Policies Sold Through Brokers (Thousand), 2009-2013
Table 99: Hungarian Persol Accident and Health Insurance - Policies Sold Through Brokers (Thousand), 2013-2018
Table 100: Hungarian Persol Accident and Health Insurance - Number of Brokers, 2009-2013
Table 101: Hungarian Persol Accident and Health Insurance - Number of Brokers, 2013-2018
Table 102: Hungarian Persol Accident and Health Insurance - Commission Paid to Other Channels (HUF Billion), 2009-2013
Table 103: Hungarian Persol Accident and Health Insurance - Commission Paid to Other Channels (HUF Billion), 2013-2018
Table 104: Hungarian Persol Accident and Health Insurance - Written Premium Through Other Channels (HUF Billion), 2009-2013
Table 105: Hungarian Persol Accident and Health Insurance - Written Premium Through Other Channels (HUF Billion), 2013-2018
Table 106: Hungarian Persol Accident and Health Insurance - Policies Sold Through Other Channels (Thousand), 2009-2013
Table 107: Hungarian Persol Accident and Health Insurance - Policies Sold Through Other Channels (Thousand), 2013-2018
Table 108: Hungarian Persol Accident and Health Insurance - Number of Distributors in Other Channels, 2009-2013
Table 109: Hungarian Persol Accident and Health Insurance - Number of Distributors in Other Channels, 2013-2018
Table 110: Hungarian Reinsurance by Category (HUF Billion), 2009-2013
Table 111: Hungarian Reinsurance by Category (US$ Million), 2009-2013
Table 112: Hungarian Reinsurance  by Category (HUF Billion), 2013-2018
Table 113: Hungarian Reinsurance by Category (US$ Million), 2013-2018
Table 114: Hungarian Premium Ceded to Reinsurance by Type of Insurance (HUF Billion), 2009-2013
Table 115: Hungarian Premium Ceded to Reinsurance by Type of Insurance (US$ Million), 2009-2013
Table 116: Hungarian Premium Ceded to Reinsurance by Type of Insurance (HUF Billion), 2013-2018
Table 117: Hungarian Premium Ceded to Reinsurance by Type of Insurance (US$ Million), 2013-2018
Table 118: Hungarian Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 119: Hungarian Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 120: Hungary - Life Insurance Regulatory Framework
Table 121: Hungary - Property Insurance Regulatory Framework
Table 122: Hungary - Motor Insurance Regulatory Framework
Table 123: Hungary - Minimum Coverage for Aircraft Third-Party Liability per Accident and Aircraft
Table 124: Hungary - Insurance Premium Taxation
Table 125: Hungary - Corporate Tax Rates for the Fincial Year 2013
Table 126: Persol Accident and Health Insurance Companies, Hungary
Table 127: Generali-Providencia Biztos�t� Zrt., Key Facts
Table 128: Groupama Garancia Biztos�t� Zrt., Key Facts
Table 129: Aegon Magyarorsz�g �ltal�nos Biztos�t� Zrt., Key Facts
Table 130: Uniqa Biztos�t� Zrt., Key Facts
Table 131: Allianz Hung�ria Zrt., Key Facts
Table 132: Sigl Biztos�t� Zrt., Key Facts