STATISTICS: Hungarian insurers' Q1 GWP up by more than 7% y-o-y

17 June 2021 —
STATISTICS: Hungarian insurers' Q1 GWP up by more than 7% y-o-y
Hungarian insurers' GWP rose 7% year-on-year to HUF 360.30 billion (EUR 990 million) in the first quarter of 2021, according to the quarterly statistics published by by the National Bank of Hungary (MNB).

Revenue from premiums on life insurance policies climbed 10% to HUF 149.97 billion (EUR 412 million), while non-life GWP rose 5% to HUF 210.33 billion (EUR 578 million). About 42% of premium income originated from the life insurance business and 58% from the non-life insurance business.

At the end of 2021 Q1, the total contract portfolio of insurance companies remained broadly unchanged, rising by 0.2% from its level a year earlier, reflecting more than 32,800 increase in new contracts. This mainly resulted from a 0.5% rise in the number of non-life insurance contracts, accompanied by a somewhat declining number of life insurance contracts (a decline of 0.9%). As a result, the total number of insurance contracts exceeded 14.4 million at the end of 2021 Q1.

In terms of claims, overall, total incurred claims (payments and change of reserves summed-up) decreased by 6.8% y-o-y to HUF 159.5 billion. Life incurred claims decreased by 0.7% y-o-y, while the same indicator in non-life totaled HUF 50.83 billion, 17.62% less y-o-y.

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