New market study, "Hungary Insurance Report Q4 2014", has been published

From: Fast Market Research, Inc.
Published: Thu Sep 25 2014

The latest figures published by market leaders support our view that the current challenging conditions will persist over the next few quarters, in both segments. In the life sector, some multi-nationals have registered growth in premiums of around 10% in recent months due to effective marketing campaigns. This growth has meant a significant growth in premiums but has been at the expense of other insurers. The non-life sector has also faces some substantial challenges recently, the continued slide in motor insurance premiums being the most prominent issue for many companies. Despite this however the overall outlook for the insurance industry looks set to improve in the coming quarters with a strong chance of steady, albeit tepid, growth in premiums.

Despite the fact that a number of companies have witnessed a strong growth in premiums in the non-life segment, these gains have been principally focused in small niche markets. The main drag on growth in non-life sector over our forecast period will be poor performance of motor insurance premiums, with the sector set to see its non-life market share contract considerably.

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Regarding Hungary's life segment, increased innovation amongst the market leaders and the development of new product ranges may result in a pickup in premiums growth rates. Recent developments such as VIG's takeover of Hungary's AXA subsidiary also suggest that there is some confidence returning to the market after a turbulent few years

Recent Developments

* As of mid 2014, Hungary's economy is experiencing a steady but slow recovery, despite this at present conditions are not favourable for insurers. However, a general pick up is expected over the coming quarters.
* Over capacity is still a serious issue in the non-life segment and prices and rates continue to experience downwards pressure, especially in the motor insurance sector.
* Non-life companies are becoming more risk averse and a moving portfolios away from motor-related lines.


The Hungary Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Hungary Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Hungarian insurance industry.

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Company: Fast Market Research, Inc.
Contact Name: Bill Thompson
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