HUNGARY 1Q2013: market trend "reversed" by the currency depreciation

8 August 2013 — Daniela GHETU
hungary-statisticsThe volatility of the national currency exchange rate is once again affecting the market results when denominated in euro - thus, the almost 1% growth in the total GWP volume turns into an almost 2% fall when the market results are denominated in European currency. Yet, the situation is not changing so drastically when looking separately to the two main business line: the life insurance segment recorded a positive trend regardless the currency used, while the fall in non-life insurance premiums is visible both in HUF and euro.

Hungarian life insurers reported a total GWP volume of EUR 419 million, 3.24% up y-o-y (HUF 127.5 billion, +6.3%), mostly driven by the spectacular growth rate recorded on the "Assurance on death" class.

On the non-life side, the motor insurance lines - especially the Motor Hull class -, continued to determine a negative trend. Thus, the total non-life GWP amounted to EUR 373.7 million, 7.2% less y-o-y (HUF 113.7 billion, -4.44%), while on the motor insurance lines GWP recorded a 10% fall in euro (-15% for Motor Hull and -7.2% for MTPL). Unlike in the past quarters, the property lines ended 1Q2013 also "in red", with a decrease of the premium volume of 4.8% in euro.

ALLIANZ remained the absolute market leader in Hungary, with a 20% market share and a total GWP volume amounting to EUR 161 million. GENERALI-PROVIDENCIA and GROUPAMA are ranking second and third, with market shares of 12.6% and 9.6% respectively.

Access and download the 1Q2013 Hungarian insurance market statistics.

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