Boston, MA -- (SBWIRE) -- 06/04/2014 -- BMI View: As of mid-2014, the latest results published by the leading insurers confirm our view that times will remain quite testing, in both segments. In the life segment, particular multi-nationals have achieved double-digit growth in premiums in recent months, thanks to successful marketing campaigns. However, this growth has been at the expense of other life insurers. In the non-life segment, brutal competition in the motor vehicle insurance sub-sector is a key issue for many companies.

Although some of the players have achieved strong growth in premiums in that segment, it is mainly in small niche markets. Meanwhile, the economy is recovering - but slowly. In the non-life segment, a possible wildcard during the forecast period - and a positive one - is industry consolidation. We remain of the view that some of the multi-nationals who are present may reconsider their commitment to a presence in Hungary. In the life segment, the positive wildcard comes from the innovation of the market leaders: one or more of them may develop products which inspire Hungary's households and corporate clients with the result that premiums grow sharply.

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Recent Developments

- As of early 2014, the general weakness of Hungary's economy remains an issue for both life and non-life insurers.
- The non-life segment continues to suffer from over-capacity, and downwards pressure on prices and rates - especially in motor-related lines.
- Non-life companies are being selective in relation to the risks that they are underwriting and are positioning portfolios away from motor-related lines.
- Particular companies have suffered a sharp contraction in life premiums through 2013.
- This is partly due to competition from the local subsidiaries of leading global/regional multi-nationals, some of which have run successful marketing campaigns in Hungary.

Key BMI Forecasts

- We are forecasting total gross premiums to reach US$3.4bn over 2014, falling by 1.1%.
- Life premiums are forecast to...

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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