The obvious driver of the negative trend was the life insurance segment for which GWP decreased by 7%, to EUR 389 million, losing ground mainly on the "death insurance" business line (-30% y-o-y), but also on the unit-linked products segment which decreased by about 15% y-o-y.
Non-life business recorded an overall positive evolution (2.6% y-o-y increase in GWP, to EUR 383.5 million). However, two of the most important non-life classes witnessed a negative trend. Thus, on the "fire and allied perils" insurance class GWP went down 2% y-o-y, while the Motor Hull line saw a 3% decrease in written premiums as compared with 1Q2013.
The total amount of claims paid by the Hungarian insurers in 1Q2014 was 16% lower than in the first quarter of 2013, the most significant reduction being recorded for the life insurance segment (-21.7% y-o-y). The overall sum paid for claims totaled EUR 417.3 million.
Access www.xprimm.com and download the 1Q2014 Hungarian insurance market statistics.
Market portfolio (in EUR and HUF) according to the National Bank of Hungary (MNB):
- Gross written premiums
- Paid claims
- Growth rates
- Overall market ranking
- Overall life insurance ranking
- Non-life insurance ranking
- Compulsory MTPL