As compared with the same period of the previous year, after tax profits decreased, in national currency, by about 10%, while GWP went up by about 3.3%. In European currency, the profit's decrease rate stood at about 17%, while the GWP also changed with a negative rate of about 0.6%, both results being affected by the Hungarian forint depreciation.
Life insurance underwriting recorded a 3.4% increase, to HUF 338 million, maintaining the sector's share in the market portfolio, of 53.6%. The "assurance on death" line saw a spectacular increase in GWP, to almost double as compared with 3Q2013. Yet the HUF 19 billion surplus in premium achieved for this line was partially shadowed by the HUF 10 billion decrease in the unit-linked products sales.
On the non-life side, GWP increased y-o-y by 3.27%, to HUF 292.7 billion. Motor insurance lines, especially the MTPL insurance class, are responsible for the largest part of the GWP growth, with a 5.04% y-o-y growth rate or, in absolute terms, a HUF 5.44 billion plus in written premiums corresponding to a total number of MTPL policies sold larger by 151,256 units than in 3Q2013.
Somehow unexpected, property insurance recorded a 0.54% decrease in premium as a result of the negative change recorded for the "fire and allied perils" line which saw a decrease of the total number of policies sold by about 10,000 units leading to a drop in GWP of 3.47%.
As far as the claims paid are concerned, the first three quarters of 2014 made a period of calmness, free from major weather related events. Thus, paid claims decrease y-o-y by almost 12%, helping Hungarian insurers to maintain the financial balance "in black".
Access www.xprimm.com and download the 3Q2014 Hungarian insurance market statistics.
Market portfolio (in EUR and HUF) according to the National Bank of Hungary (NBH):
- Gross written premiums
- Paid claims
- Growth rates
- Overall market ranking
- Overall life insurance ranking
- Non-life insurance ranking
- Compulsory MTPL
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