STATISTICS: Hungary, MNB: Insurersʼ FY2018 GWP up by 7.1% y-o-y

Hungarian insurersʼ revenues from premiums rose 7.1% y-o-y in 2018 to HUF 1,024 billion (EUR 3.2 billion), as the figures recently published by the National Bank of Hungary (MNB) show.

The MNB centralised the figures provided by 23 insurers, including six life insurance companies, nine non-life insurers, and eight composite insurers. Data show aggregate pre-tax profit of HUF 77.75 billion in 2018 (EUR 240 million), up by 13% y-o-y, while after-tax profit was up by 12.6% to HUF 72.87 billion (EUR 226 million).

Per insurance lines, life insurance GWP was up by 3.5% y-o-y to HUF 476.7 billion (EUR 1.5 billion), while non-life policies generated the remaining  HUF 547.3 billion (EUR 1.7 billion), or 10.5% more y-o-y.

Incurred claims (payments and reserves, summed) totaled HUF 364.1 billiom (EUR 1.1 bilion) for life insurance contracts, and HUF 232.9 billion (EUR 724.5 billion) for non-life contracts last year. The presented amounts were down by 0.1% y-o-y and up by 2.4% y-o-y, respectively.

The number of insurance contracts was up 3.64% in 2018 compared to 2017, at 13,917,575 million. There were 2,390,969 million life insurance contracts, down by a marginal 0.1%, and 11,526,606 million non-life contracts following a 4.4% rise.

Access www.xprimm.com and download the FY2018 Hungarian insurance market statistics.

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

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