STATISTICS: HUNGARY, FY2016: the MTPL tariffs increase sustained the market GWP volume evolution

Hungarian insurance market ended 2016 with GWP of HUF 886 billion (EUR 2.85 billion), about 6% up y-o-y, benefitting especially from the positive effect exerted by the MTPL premium increase on the underwriting volume.

Growing at a lower pace than the market average, life insurance has lost almost 2pp of its market weight, accounting at the end of 2016 for about 49.5% of the total premium production. U-L products saw the strongest downward trend, of 12.4%, loosing almost 6pp of the line's share in the total GWP.

On the non-life side, the MTPL line has recorded the most impressive positive trend, with GWP increasing by 37.42%, to HUF 131.48 billion (EUR 422 million), supported by the strong increase in tariffs, but also by a revitalized the car market.

Yet, three non-life insurance classes have recorded a real collapse in the GWP volume: accident insurance (GWP down by 61%), health insurance (down by 71.6%) and GTPL (down by almost 47%).

Access www.xprimm.com and download the FY2016 Hungarian insurance market statistics.

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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