According to market data provided by the National Bank of Hungary, the insurance portfolio didn't saw significant changes. Yet, increasing by a lower than average rate, GWP for life insurance have lost about 1.5 percentage point market share, currently accounting for 45.46% of the total GWP. Unit-Linked products, accounting for about half of the life insurance business, have seen a negative trend, with GWP decreasing by 4.9% (in HUF).
On the non-life side, the overall property insurance business (Fire and damage to property of individuals, institutions, undertakings (excluding Small and Medium Sized Undertakings), Small and Medium Sized Undertakings & Other fire and damage to property - summed) saw a 4.16% increase in GWP, to HUF 98.55 billion, while paid claims decreased by about 18% in a "calmer" first half of the year during which the number claims files decreased by about 7,000.
Motor insurance lines recorded both a positive premiums dynamic: 16% growth in GWP for Motor Hull, to HUF 45.11 billion and 14.23% growth in the MTPL GWP, to HUF 138.8 billion. Paid claims for motor insurance went up by over 12%, mostly driven by the MTPL segment. The total number of policies sold increased for both motor insurance lines: by about 50.000 units for Motor Hull and some 250.000 units for MTPL.
The total number of insurers active on the Hungarian market decreased by 4, to 23 following a number of M&S operations among which the merger of the three companies owned by VIENNA Insurance Group into one - UNION Biztosito -, is the most important.
Overall, Hungarian insurers ended 1H2018 with a consolidated profit after tax of HUG 40 billion, 25% up y-o-y.
Access www.xprimm.com and download the 1H2018 Hungarian insurance market statistics.