STATISTICS:

STATISTICS: HUNGARY, 1H2018: 25% increase in the market aggregated profitability

Hungarian insurers have reported consolidated GWP worth HUF 520.15 billion in 1H2018, by 7.1% up y-o-y. Yet, given the over 6% depreciation of the Forint against the European currency, the market results denominated in Euro show a total GWP volume of EUR 1.58 billion, only 0.6% up y-o-y.

According to market data provided by the National Bank of Hungary, the insurance portfolio didn't saw significant changes. Yet, increasing by a lower than average rate, GWP for life insurance have lost about 1.5 percentage point market share, currently accounting for 45.46% of the total GWP. Unit-Linked products, accounting for about half of the life insurance business, have seen a negative trend, with GWP decreasing by 4.9% (in HUF).

On the non-life side, the overall property insurance business (Fire and damage to property of individuals, institutions, undertakings (excluding Small and Medium Sized Undertakings), Small and Medium Sized Undertakings & Other fire and damage to property - summed) saw a 4.16% increase in GWP, to HUF 98.55 billion, while paid claims decreased by about 18% in a "calmer" first half of the year during which the number claims files decreased by about 7,000.

Motor insurance lines recorded both a positive premiums dynamic: 16% growth in GWP for Motor Hull, to HUF 45.11 billion and 14.23% growth in the MTPL GWP, to HUF 138.8 billion. Paid claims for motor insurance went up by over 12%, mostly driven by the MTPL segment. The total number of policies sold increased for both motor insurance lines: by about 50.000 units for Motor Hull and some 250.000 units for MTPL.

The total number of insurers active on the Hungarian market decreased by 4, to 23 following a number of M&S operations among which the merger of the three companies owned by VIENNA Insurance Group into one - UNION Biztosito -, is the most important.

Overall, Hungarian insurers ended 1H2018 with a consolidated profit after tax of HUG 40 billion, 25% up y-o-y.

Access www.xprimm.com and download the 1H2018 Hungarian insurance market statistics.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

Hungary: less than 20% of Hungarians have an accident insurance policy

Only 10-20% have an accident insurance, while in many countries of the Western Europe accident insurance coverage among their population is of more than 80%, The Budapest Business Journal reports. The low penetration leaves about 8 million Hungarians uninsured for the accident risk.

2018-07-18

ON THE MOVE

AZERBAIJAN: Azer ALIYEV re-heads Azerbaijan Insurers Association

Azer ALIYEV has been appointed the new chairman of the Azerbaijan Insurers Association (ASA). Association's ex-chair Mustafa ABBASBEYLIi has been assigned advisor to Labor & Social Protection Minister Sahil BABAYEV, as analytical and news agency FINEKO and ABC.AZ wrote.

23.01.2019

ALLIANZ announced three executives appointments

German insurance Group ALLIANZ announced three senior leadership appointments at ALLIANZ DIGITAL Health, ALLIANZ Private Krankenversicherung and Allianz Global Corporate & Specialty SE.

18.01.2019

TOP EVENT

Inclusive insurance on the agenda of the second CEE & SEE - Regional Actuarial Insurance Conference in Skopje, Macedonia

Insurance should be accessible to all social classes, regardless of their wealth and income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. The low insurance penetration rates across the region show the need for another approach.

10.01.2019

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all