STATISTICS: HUNGARY 1H2014: Increased car sales pushed up the motor insurance segment

Hungarian insurers recorded a slight increase, of 1.5%, in premium production in the first half of 2014, to HUF 435 billion. However, converted in European currency the result looks less encouraging, as the total GWP figure for 1H2014 was of EUR 1.4 billion, by 3.37% below the 1H2013 level. Once again the 5% depreciation of the local currency put an additional pressure on the foreign insurers operating on the Hungarian market.

Life insurance saw a negative change in GWP regardless of the currency used for calculations. Both unit-linked and endowment insurance products, the main life insurance lines in terms of portfolio share, recorded a consistent fall in GWP, by almost 10.8% and 15% respectively. Yet, one should notice a positive trend in the traditional life insurance segment (assurance on death), a business line which recorded an 87% growth in GWP, almost doubling its share in the market portfolio.

On the non-life side, GWP grew by 3.4% in local currency (-1.6% in EUR). Motor insurance lines saw the best evolution in GWP growth terms (+4.5%), almost exclusively driven by the MTPL line. According to the insurers' association statements, the positive trend in motor insurance is primarily owed to the increasing car sales figures recorded in the first half of the year. According to recent statistics, in 1H2014 a total of 32,992 passenger cars and 7,022 light commercial vehicles were registered in Hungary, up by 21.4% and 50.8% respectively compared to the first half of last year.

According to the interim statistical data published by the Hungarian National Bank, the aggregated gross profit recorded in 1H2014 amounted to HUF 18.06 billion, 46% up y-o-y. Yet, after paying corporate taxes of over HUF 2 billion , after tax profit amounted to HUF 15.8 billion (~ EUR 50.95 million).

The Hungarian subsidiaries of ALLIANZ, GENERALI and GROUPAMA are the Top 3 market leaders in terms of GWP, with a total market share of 40.6%, slighly inferior to the 1H21013 value of 41.07%.

Access and download the 1H2014 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
Market rankings (GWP/ Market shares/Growth rates - in EUR and HUF) according to Association of Hungarian Insurance Companies (MABISZ):
  • Overall market ranking
  • Overall life insurance ranking
  • Non-life insurance ranking
  • Compulsory MTPL

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

Hungary: less than 20% of Hungarians have an accident insurance policy

Only 10-20% have an accident insurance, while in many countries of the Western Europe accident insurance coverage among their population is of more than 80%, The Budapest Business Journal reports. The low penetration leaves about 8 million Hungarians uninsured for the accident risk.



Lloyd's of London announced new members to the Council

Lloyd's of London announced that Albert BENCHIMOL and Victoria CARTER have been appointed respectively External member and Working member of the Lloyd's Council with effect from 1 February 2019. Michael WATSON, currently on the council, has been re-elected as External member.



Inclusive insurance on the agenda of the second CEE & SEE - Regional Actuarial Insurance Conference in Skopje, Macedonia

Insurance should be accessible to all social classes, regardless of their wealth and income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. The low insurance penetration rates across the region show the need for another approach.


Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.


IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.


See all