Hungary Insurance Report Q2 2016
BMI View: The outlook for Hungary's insurance market is highly positive. Rising levels of householdincome and solid demographic trends are boosting demand for various life products, leading to gains inpenetration and density rates over the five year forecast period. Strong demand for some of the smaller nonlifelines, such as health and personal accident insurance, will also support growth in the non-life sector.
Key Updates And Forecasts
Life insurance is expected to prove the main source of growth in Hungary's insurance market over theforecast period. Life premiums are currently forecast to grow by 11.7% annually between 2016 and 2020,meaning that life premiums will account for over 60% of all premiums written.
While growth will be slower in the smaller non-life sector, premiums are also expected to rise by ahealthy rate of 8.1% annually over the forecast period. While density (premiums per capita) will rise, therate of penetration (premiums against GDP) is expected to slip slightly as the non-life market is outpacedby wider economic growth.
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