Hungary's insurance market suffered a decline in HUF by 3.3% in 2011, according to Hungarian Financial Supervision Authority (PSZAF). In European currency, the decrease was, due the devaluation of HUF, 13.3% to EUR 2.62 billion, confirming the figures published last month by the Association of Hungarian Insurance Companies (MABISZ).Negative market trend was strong determined by a significant decline in the volume of non-life insurance, the premiums written decreasing to EUR 1.19 billion, by almost 16% compared to December 2010. Premiums of property insurance (fire, allied perils and other damages to property, summed), which accounts for almost 19% of total market, declined by more than 6%. At the same time, the largest negative change was recorded in the motor insurance line (motor hull and MTPL, added-up), where the value of GWP lowered by 27.5% than in 2010. This was determined by the huge decline registered in the volume of MTPL (-31.4%).
The life insurance segment suffered "only" an 11% drop. Here, the largest decrease was registered in endowment life insurance class, where premiums were 15.5% lower than a year before. At the same time, the premiums written according to the unit-linked insurance contracts decreased by 9.7% to EUR 958 million and represented 36.7% of the total insurance market.
Access www.xprimm.com and download the FY2011 Hungarian insurance market statistics.
Market portfolio (in EUR and HUF) according to Hungarian Financial Supervision Authority (PSZAF):
- Gross written premiums
- Paid claims
- Growth rates
- Overall market ranking
- Life insurance ranking
- Unit-linked insurance ranking
- Non-life insurance ranking
- MTPL insurance ranking
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