New Financial Services research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 09/02/2014 -- 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.
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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.
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
- 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.
- Benchmark BMI's independent insurance industry forecasts for Hungary to test other views - a key input for successful budgeting and strategic business planning in Hungary's insurance market.
- Target business opportunities and risks in Hungary through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
- Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).
BMI Industry View:
Summary of BMI's key industry forecasts and views, covering the Life and Non-Life segments, the evolving competitive landscape and business operational risks.
Industry SWOT Analysis:
Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the insurance sector and within the broader political, economic and business environment.
Individual analysis of both Life and Non-Life insurance sector developments and prospects across developed states and emerging markets - supported by BMI's global industry growth forecasts. This is followed by an in-depth evaluation of region- and country-specific trends, focusing on BMI's country-by-country market growth data.
Business Environment Rankings:
BMI's Insurance Business Environment Rankings provide a country-comparative Risk-Reward Rankings index aimed at investors (Life and Non-Life) in the insurance market.
The rankings methodology makes sophisticated use of over 40 industry, economic and demographic data points and is part of BMI's integrated Country Risk-Industry Rankings products.
BMI Industry Forecasts:
Historic data series (2008-2012) and forecasts to end-2018 for key industry and economic indicators (see list below) supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:
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