HUNGARY: The insurance market exceeds EUR 1.6 billion. See the top of the companies

9 September 2011 — Vlad BOLDIJAR
The total underwritings volume correspondent to the Hungarian insurance market stood, after the first six months of this year, at the value of EUR 1.61 billion, 4.4% more than in 1H/2010 - show data published by the Financial Markets Supervisory Authority in Budapest. Calculated in local currency, the insurance market experienced a recoil of 3.2% (underwritings of HUF 429.5 billion), due to large differences in EUR/HUF exchange rate. Also, for the analyzed period, the total claims approved and paid by Hungarian insurers were about EUR 1.1 billion.

The consolidated market portfolio consisted of 53% life insurance, respectively 47% general insurance. Meanwhile, property insurance generated 19% (EUR 303 million) of total sales, while motor policies (Motor Hull and MTPL) represented 20.5% in the consolidated portfolio of the market - of which 12% - mandatory MTPL insurance.

According to data submitted by the Association of Hungarian Insurers, the first three positions in the life insurers top, by the underwritings volume, are held by the companies ING, ALLIANZ and GROUPAMA, while on the general insurance segment, Top 3 companies consists of ALLIANZ, GENERALI-PROVIDENCIA and GROUPAMA GARANCIA.

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