STATISTICS: HUNGARY, 3Q2019: Insurers' 9 months GWP climbed 11% y-o-y

12 December 2019 — Andrei Victor
Hungarian insurance market totaled HUF 862.20 billion (EUR 2.66 billion) at the end of Q3 2019, 10.97% more y-o-y, official statistics showed. In terms of damages, the value of incurred claims (paid claims and reserves, summed-up) amounted to HUF 312.95 billion for life insurance contracts (+10.72% y-o-y) and HUF 198.45 billion for non-life policies, +13.96 more y-o-y.

GWP reported on general insurance policies jumped 17.14% y-o-y to HUF 490.60 billion, lifted by the application of the insurance tax to compulsory third-party liability insurance for vehicles from the start of the year (at a tax rate of 23%), while life insurance policies generated premiums of HUF 371.60 billion during the period, up by 3.77%, according to the data released by the National Bank of Hungary (MNB).

At the end of 2019 Q3, the total contract portfolio of insurance companies rose 3.5% to 14,279,792 in the twelve months to the end of September. The number of general insurance policies climbed 4.3% to 11,900,699, but the number of life insurance policies edged down 0.4% to 2,379,093.

Access and download the 3Q2019 Hungarian insurance market statistics.

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