STATISTICS: Hungary FY2017 UPDATE: Top 5 insurers accounted for almost 60% of the market GWP

Top 5 Hungarian insurers accounted together for 58.6% of the market GWP in 2017, according to the market data published by MABISZ, the local insurers' association. On the non-life side, the Top 5 market weight is even bigger, of 69.7%.

Allianz remained both the overall market leader and the top non-life insurer, holding a market share of 14.7% of the total market GWP and 21.5% of the non-life premiums production. In both cases the German group's subsidiary recorded a higher than average GWP growth thus slightly increasing its market weight.

Similarly, GENERALI and AEGON are holding the second and third positions in both the overall and the non-life rankings.

On the life insurance side, NN is the top insurers, accounting for 19.2% of the market GWP, followed by Magyar Posta Elet (12.6%) and Groupama (10.5%). Top 5 life insurers account together for about 60% of the GWP.

In 2017 Hungarian 25 insurers reported FY2017 aggregate GWP up by 7% y-o-y to HUF 948.1 billion (EUR 3 billion), according to the market data published by the National Bank of Hungary (MNB). The FY2017/16 dynamic of the insurance industry was similar with the GDP growth-rate (+7.8%), thus the calculated insurance density evolved to EUR 312 per capita, while the penetration degree remained at about the FY2016 level (2.48%).

Access www.xprimm.com and download the FY2017 Hungarian insurance market statistics.

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

Share |

Related articles

Hungary: less than 20% of Hungarians have an accident insurance policy

Only 10-20% have an accident insurance, while in many countries of the Western Europe accident insurance coverage among their population is of more than 80%, The Budapest Business Journal reports. The low penetration leaves about 8 million Hungarians uninsured for the accident risk.

2018-07-18

VIENNA Insurance Group completes mergers in Hungary and Slovakia

VIENNA Insurance Group announced Hungary's central bank approved the merger of the three VIG Group companies. Thus, starting 1 April 2018, VIG will be represented in Hungary solely by the insurance company UNION Biztosito, while in Slovakia, bancassurer Poistovna Slovenskej sporitelne (PSLSP) will merge with Kooperativa Poistovna.

2018-04-04

ON THE MOVE

IGI appoints its first Chief Technology Officer

International General Insurance Holdings Limited (IGI), the international specialist commercial insurer and reinsurer, has announced the appointment of Nasser ZAGHA to the newly-created role of Chief Technology Officer.

15.11.2018

TOP EVENT

Reducing the risks in agriculture by using insurance means, discussed in Skopje

On November 1st, an Agricultural insurance conference took place in Skopje, Macedonia, organized by the Insurance Supervision Agency in cooperation with the Ministry of Agriculture, Forestry and Water Economy. Drawing attention to the necessity of reducing the risks in agriculture by using insurance was the event's main purpose.

06.11.2018

IIF 2018 - Insurance in a DIGITAL WORLD

Emmanuel DJENGUE, Innovation Director, Europe - RGAX, Spain is the Keynote Speaker at IIF 2018 - Insurance in a DIGITAL WORLD Conference in Bucharest, on November 27.

05.11.2018

See all