STATISTICS: Hungary FY2017 UPDATE: Top 5 insurers accounted for almost 60% of the market GWP

Top 5 Hungarian insurers accounted together for 58.6% of the market GWP in 2017, according to the market data published by MABISZ, the local insurers' association. On the non-life side, the Top 5 market weight is even bigger, of 69.7%.

Allianz remained both the overall market leader and the top non-life insurer, holding a market share of 14.7% of the total market GWP and 21.5% of the non-life premiums production. In both cases the German group's subsidiary recorded a higher than average GWP growth thus slightly increasing its market weight.

Similarly, GENERALI and AEGON are holding the second and third positions in both the overall and the non-life rankings.

On the life insurance side, NN is the top insurers, accounting for 19.2% of the market GWP, followed by Magyar Posta Elet (12.6%) and Groupama (10.5%). Top 5 life insurers account together for about 60% of the GWP.

In 2017 Hungarian 25 insurers reported FY2017 aggregate GWP up by 7% y-o-y to HUF 948.1 billion (EUR 3 billion), according to the market data published by the National Bank of Hungary (MNB). The FY2017/16 dynamic of the insurance industry was similar with the GDP growth-rate (+7.8%), thus the calculated insurance density evolved to EUR 312 per capita, while the penetration degree remained at about the FY2016 level (2.48%).

Access www.xprimm.com and download the FY2017 Hungarian insurance market statistics.

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

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