The life insurance segment grew by 5.5%, y-o-y nominal change in HUF, to HUF 439.8 billion (EUR 1.4 billion). Unit-linked, currently representing an over 66% share of the life insurance portfolio, was the only class recording a positive change, of 10.6%, while on the traditional life insurance classes there was a drop of about 4.5%. According MABISZ, the fall in the number of life insurance policies by about 47,000 units was related to the early foreign currency-denominated mortgage repayment scheme. Hungarian citizens who had a bank loan in foreign currency could join the scheme until the end of last year and repay the amounts due at a discounted exchange rate.
On the non-life insurance side, the 2011 figures show a drop in GWP of almost 5% (nominal, HUF), to HUF 381 billion (EUR 1.22 billion). Within the segment, premiums from MTPL insurance came to HUF 98.2 billion (16.7% less than in 2010, in nominal terms), while Motor Hull insurance premiums revenue reached HUF 72.3 billion (12.5% less than in 2010, in nominal terms). Fire and natural disaster insurance polices generated HUF 89.7 billion, 4.15% more than one year ago, in nominal terms.
ALLIANZ, GENERALI-PROVIDENCIA and GROUPAMA maintained their top 3 position in the overall ranking, in spite of the negative growth rates registered in 2011. Among them, only ALLIANZ reported an significantly above average negative change in GWP, of 13.7% in nominal terms, loosing over 2 percentage point of its market share. Most of this drop in GWP came from the MTPL business, for which the company reported a 33.4% lower GWP than in 2010. However, ALLIANZ still hold the leader position for this line, with a market weight shrinking from over 34% in December 2010, to 27.2% by the end of 2011.
Access www.xprimm.com and download the FY2011 Hungarian insurance market statistics.
Market portfolio (in EUR and HUF):
- Gross written premiums
- Growth rates
- Overall market ranking
- Life insurance ranking
- Unit-linked insurance ranking
- Non-life insurance ranking
- MTPL insurance ranking