New Market Report: Hungary Insurance Report Q2 2015

Long standing challenges such as lack of affordability and customer understanding continues to restrain the life insurance segment in Hungary, and will likely do so through the forecast period. Tax breaks for pension products that have been available through 2014 have been positive - but not a game changer for the life segment. The non-life segment will continue to be held back by overcapacity (with the consequent downwards pressure on prices) and the slow real growth of the economy: these challenges will persist through 2015 and on to the end of the forecast period. While many of the players are successfully defending profit margins through control of costs and enhancements to operational efficiencies, we continue to believe that some will rethink their commitment to the Hungarian insurance sector.

As is the case for a number of national insurance markets in Central and Eastern Europe (CEE), the current situation and short-to-medium term prospects for the insurance sector of Hungary are uninspiring. In the life segment, one constraint appears to remain the general lack of understanding of the benefits of the products that are on offer. Also, we continue to believe that too many Hungarian households find life insurance unaffordable. The tax breaks that were introduced at the beginning of 2014 have contributed to some growth in demand for pension products - but the increase does not appear to have been a game changer for most of the insurers, let alone the segment as a whole. This is at a time when investment earnings (and the returns that can be provided by unit-linked products) are held back by (very) low interest rates).

Full Report Details at
- http://www.fastmr.com/prod/951940_hungary_insurance_report_q2_2015.aspx?afid=301

In the non-life segment, the softness of the economy remains a major challenge. By some metrics, overall activity in Hungary is rising, but not by enough to have a meaningful impact on volumes. The main exception has been in the motor vehicle insurance sub-sector, where sales of new policies have boosted compulsory motorists' third...

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.

Key Benefits

About Fast Market Research

Fast Market Research is a leading distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff is always available to help you find the right research to fit your requirements and your budget.

For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.

You may also be interested in these related reports:

- Iran Insurance Report Q2 2015
- Nigeria Insurance Report Q2 2015
- Bahrain Insurance Report Q2 2015
- Canada Insurance Report Q2 2015
- Australia Insurance Report Q2 2015