New Market Report Now Available: Hungary Insurance Report Q1 2014

From: Fast Market Research, Inc.
Published: Thu Jan 16 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.

The latest data from the trade association points to low growth for many lines. Total premiums in the life segment have risen, but thanks mainly to the development of unit-linked products. Meanwhile, there has been a worrying drop in the number of policies for mixed life products - which are used in any event by a minority of Hungarian households.

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There has also been slippage in the number of outstanding non-life policies. Non-life companies have also had to deal with brutal competition in auto-related lines.

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