Boston, MA -- (SBWIRE) -- 07/19/2012 -- The written premium value of the Hungarian non-life insurance segment slightly declined during the review period. This decline was primarily due to a decline in new vehicle sales and regulatory changes. During the review period, natural disasters, such as floods in 2006 and 2010, caused large-scale loss of life and property damage; and, consequently, had a significant impact on the Hungarian non-life insurance segment. However, over the forecast period, the growth of the non-life insurance segment is expected to be driven by the development of large-scale renewable energy and infrastructure projects, coupled with an increase in customer awareness of property insurance that is expected to require innovative and customized non-life insurance products.
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- During the review period, natural disasters, such as floods in 2006 and 2010, caused large-scale loss of life and property damage; and, consequently, had a significant impact on the Hungarian non-life insurance segment.
- The high level of competition in the motor insurance category has led to price wars among the leading motor insurance providers during the review period.
- A significant proportion of Hungarian property insurance policies are for protection against natural disasters, as the country is prone to hailstorms and floods.
- The Hungary non-life segment consists of both domestic and foreign companies and is highly competitive. Moderate growth opportunities are anticipated over the forecast period, as the country's favorable macroeconomic environment and moderate forecast GDP growth are expected to lead to an increase in income levels.
- The Hungarian non-life insurance segment is dominated by foreign insurers, with the country's leading insurers competing by offering products and services at low prices due to high levels of competition. Allianz, Generali-Providencia, Groupama Garanacia, Aegon Magyarorszag Altalanos and UNIQA Insurance are the leading five foreign insurance companies offering non-life insurance in Hungary."
This report provides a comprehensive analysis of the non-life insurance market in Hungary:
- It provides historical values for the Hungarian non-life insurance market for the report's 2007-2011 review period and forecast figures for the 2012-2016 forecast period
- It offers a detailed analysis of the key sub-segments in the Hungarian non-life insurance market, along with market forecasts until 2016
- 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 non-life insurance products in Hungary
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Hungary for the non-life insurance business
Companies Mentioned in this Report: Allianz Hungaria Zrt., Generali-Providencia Biztosito Zrt., Groupama Garancia Biztosito, AEGON Hungary General Insurance Company, UNIQA GROUP, Posta Biztosito, Chartis Hungary
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