Life insurance GWP went down y-o-y by 1.6%, to EUR 1.05 billion, mostly as a result of the 16.5% 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. Health and accident insurance lines saw a massive decrease in GWP, practically losing about three quarters of their premium volume as compared with the previous year.
Property insurance GWP upward trend accelerated, GWP increasing by 6.5%, reaching to EUR 425.4 million. Motor insurance classes also recorded a strong positive trend, with GWP increasing overall by 27%, to EUR 502.5 million. The MTPL line, however, saw the most impressive growth, of almost 39%, supported by the increasing car sales and especially by the raising MTPL tariffs.
However, also claims paid went up significantly, both in property and motor insurance. Thus, paid claims reached a total of EUR 1.32 billion, 3.77% up y-o-y, but on the two main non-life insurance lines claims expenses increased by 13% and over 20% respectively.
*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
Access www.xprimm.com and download the 3Q2016 Hungarian insurance market statistics.
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