However, the market portfolio's structure changed, life insurance segment loosing some 2pp of share mostly on behalf the motor insurance lines which saw the best evolution among the main business lines.
"The life insurance business decreased mainly due to the single premium segment's shrinking," as stated by Daniel MOLNOS, Secretary General of the MABISZ. Overall, the main life insurance business line, unit-linked, lost about 1pp of its portfolio weight because of the 1% decrease in GWP, while the "assurance on death" line recorded an almost 2% increase in GWP and preserved its 6% slice of the market premium volume.
Non-life insurance saw a positive evolution in 1H2015, due chiefly to the reinvigorated motor insurance business. The Motor Hull class saw a 6.3% y-o-y increase in GWP, to HUF 33.9 billion (EUR 107.6 million), while on the MTPL segment, premiums went up by 11.6%, to HUF 54.66 billion (EUR 173.5 million). Both lines benefitted from the cars sales market resurgence, as well as from the raising average premiums. However, motor insurance prices in Hungary, especially for MTPL, remain very low as compared with the other EU countries.
Property insurance lines saw a steady growth, with the GWP volume increasing by only 1.2% in local currency, while claims paid decreased by some 5.8% y-o-y. Still, the storm that hit the Hungarian territory on July 8th caused insured losses of about EUR 15.5 million, as estimated by MABISZ (the Association of Insurance Companies in Hungary) after taking into consideration some 35,000 insurance claims filed during the first week after the event, a figure which may significantly raise the paid claims figures until the year end.
Access www.xprimm.com and download the 1H2015 Hungarian insurance market statistics.
|More about the Hungarian insurance market evolution in 1H2015 will be available in the forthcoming issue of XPRIMM Insurance Report 1H2015, to be released on October, 18th, on the occasion of the Baden-Baden XPRIMM Reception (Kurhaus Casino, Runder Saal, 18:30 - 20:30 hours).|