STATISTICS: HUNGARY 1H2014: Increased car sales pushed up the motor insurance segment
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 www.xprimm.com 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
- Overall market ranking
- Overall life insurance ranking
- Non-life insurance ranking
- Compulsory MTPL