Hungary Insurance Report - Business Monitor International - Industry Reports

Hungary Insurance Report

Hungary Insurance Report - Business Monitor International - Industry Reports
Hungary Insurance Report
Published Aug 20, 2016
61 pages — Published Aug 20, 2016
Price US$ 1,295.00  |  Buy this Report Now

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Abstract:

The Hungarian government is increasingly proactive in taking a pro-consumer stance, intervening in the industry to cut premium costs that it deems are excessively high. According to Budapest Business Journal, in Q--- the National Bank of Hungary (MNB) was considering imposing strict limits on the fees of non- pension-based unit-linked insurance products insurers can charge customers by introducing total cost indicator limits. ...The Hungarian government is increasingly proactive in taking a pro-consumer stance, intervening in the industry to cut premium costs that it deems are excessively high. According to Budapest Business Journal, in Q--- the National Bank of Hungary (MNB) was considering imposing strict limits on the fees of non- pension-based unit-linked insurance products insurers can charge customers by introducing total cost indicator limits. The objective would be to bring the cost of non-pension insurance products, which is very high, to the upper limit or below the level recommended by the MNB and the Hungarian Insurers Association (MABISZ). ...Growth in demand for life insurance will support a steady increase in life underwriting over the next few years, with premiums growth set to outpace that of the non-life market by a clear distance. As such, the share of life insurance covers to overall insurance premiums in Hungary will increase over the forecast period, rising from about --.- in ---- to --.- in ----.

...We maintain our outlook for ---- that life penetration levels will remain low. Although temporary, tax breaks for pensions, which were introduced in early ---- provided a boost for some insurers products and helped to improve awareness and understanding of the benefits of various life products. ...In US dollar terms this will be reflected in growth of -.- - recovering well from a slip in ----. Similar growth will be maintained throughout the forecast period to ----, creating positive opportunities for growth, though we note that at less than USD--- per capita and -.- of GDP, respectively by the end of the forecast period, density and penetration will remain at levels that are low by the standards of Central and Eastern Europe (let alone Western Europe). Demographic factors present an opportunity for Hungary s life insurers. ...Demographic factors present an opportunity for Hungary s life insurers. Despite a gradually shrinking population and a relatively small workforce of -.-mn (well below the average for Emerging Europe of

...Growth in demand for life insurance will support a steady increase in life underwriting over the next few years, with premiums growth set to outpace that of the non-life market by a clear distance. As such, the share of life insurance covers to overall insurance premiums in Hungary will increase over the forecast period, rising from about --.- in ---- to --.- in ----. ...

  
Source:
Document ID
1750-5666
Country
Industry
Format:
PDF Adobe Acrobat
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Business Monitor International - Industry Reports—Established in 1984, Business Monitor International is a leading online publisher of specialist business information on global emerging markets. Business Monitor's range of quarterly services covers political risk, finance, macroeconomic performance, outlook and forecast, industry sectors and the business operating environment. Each Industry Report has been researched at source, and features latest-available data covering production, sales, imports and exports; 5-year industry forecasts through end-2012; company rankings and competitive landscapes for multinational and local manufacturers and suppliers; and analysis of latest industry developments, trends and regulatory changes.

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MLA:
Business Monitor International - Industry Reports. "Hungary Insurance Report" Aug 20, 2016. Alacra Store. Dec 04, 2016. <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Hungary-Insurance-Report-2026-241>
  
APA:
Business Monitor International - Industry Reports. (2016). Hungary Insurance Report Aug 20, 2016. New York, NY: Alacra Store. Retrieved Dec 04, 2016 from <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Hungary-Insurance-Report-2026-241>
  
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