Life insurance GWP went down y-o-y by 2.8%, to EUR 699.13 million, mostly as a result of the almost 17% fall in underwritings recorded for the Unit-Linked insurance products line, the business segment with largest share in the market portfolio. Yet, one should take into consideration that 2015 and 2016 data are not entirely comparable due to the new reporting standards*. For example, the UL products issued as pension savings products, with a different taxation regime, are currently considered under a separate chapter.
Non-life insurance saw a positive trend both on the property and motor insurance lines, but witnessed mixed results on the other insurance lines.
Property insurance GWP increased by 4.1%, reaching to EUR 284.4 million. Motor insurance classes also recorded a positive trend, with GWP increasing overall by 23%, to EUR 342.7 million. The MTPL line, however, saw the most impressive growth, of almost 33%, supported by the increasing car sales and especially by the raising MTPL tariffs. According to local sources, the MTPL prices went up by 20-30% in 1H2016.
*NOTE: comparisons with the previous year should be carefully considered as in 2016 the Hungarian National Bank has changed the reporting standard according to the Solvency II requirements, reconsidering some of the insurance policies' classifications, thus the figures may be not entirely comparable
|Read more about the Hungarian insurance market evolution in 1H2016 in the forthcoming issue of XPRIMM Insurance Report 1H2016, to be released on October, 23rd, on the occasion of the Baden-Baden XPRIMM Reception (Kurhaus Casino, Runder Saal).|
Access www.xprimm.com and download the 1H2016 Hungarian insurance market statistics.