Ken Research has announced latest publication titled, “Non-Life Insurance in Hungary, Key Trends and Opportunities to 2020” which provides a detailed outlook by product category for the Hungarian non-life insurance segment, and a comparison of the Hungarian insurance industry with its regional counterparts.The report furnishes values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets and total investment income during the review period (2011-2015) and forecast period (2015-2020).By analyzing distribution channels operating in the segment, it gives a comprehensive overview of the Hungarian economy and demographics, and properly explains the various types of natural hazards and their impact on the Hungarian insurance industry along with detailed information on the competitive landscape in the country.It also includes features of insurance regulations, and recent changes in the regulatory structure as well as provides detailed analysis of natural hazards and their impact on the Hungarian insurance industry.
It aids the users in making strategic business decisions using in-depth historic and forecast market data related to the Hungarian non-life insurance segment, and each category within it.In spite of Europe’s economic slowdown, the Hungarian insurance sector perpetuates to strengthen as more and more of the population seeks greater protection. The Hungarian non-life insurance segment has expanded during the review period at a CAGR of 2.1%.During the financial crisis, Hungary’s insurance sector proved itself to be crisis-resistant. The market showed an impressive annual growth over the years, and in 2015 the number of total written premiums had increased by 2.2 percent in a non-inflationary environment.The Hungarian non-life segment accounted for 44.1% of the insurance industry's overall gross written premium and was highly concentrated, with the 10 leading companies accounting for 91.8% of its gross written premium in 2015.The Insurance Companies and Insurance Activities Act were introduced in December 2014, and came into force on January 1, 2016.Property insurance was the largest category, accounting for 46.9% of the segment's gross written premium and agencies were anytime considered to be superior to all other means because they involve in-depth understanding of risks and products related to their field and region.In the future years, this sector is expected to generate more revenues since awareness is bound to rise with the time.