According to the YE 2023 MNB (the National Bank of Hungary) statistics, the local insurance market totaled at the end of last year about HUF 1,508 billion (EUR 3.94 billion), up by 5.65% y-o-y.

Life GWP decreased by 6.28% y-o-y to HUF 571 billion / EUR 1.49 billion while non-life portfolio expanded by 14.53% y-o-y to HUF 938 billion / EUR 2.45billion.

Thus, during the analyzed period, the life insurance business accounted for 37.84% and the non-life insurance business accounted for 62.16% of total GWP.

In terms of claims, total incurred claims decreased by 2.36% y-o-y to HUF 786 billion (EUR 2.05 billion): life incurred claims decreased by 11.50% y-o-y to HUF 410 billion, while the same indicator in non-life totaled HUF 375 billion, 10% more y-o-y.

Insurance companies' after-tax profit decreased from HUF 35.56 billion in 2022 (~EUR 88.985 million) to HUF 21.22 billion in 2023 Q1-Q4 (EUR 55.44 million), which indicates a 40% decline year on year.

The 2023 aggregate technical result (life and non-life, summed-up) totaled HUF 48.70 billion (~EUR 127 million), vs. HUF 54.75 billion (~EUR 137 million) in 2022.

Of this total, HUF 24.89 billion was related to life insurance segment, the remaining HUF 23.80 billion being related to non-life subclasses.

At the end of 2023 Q4, the total contract portfolio of insurance companies rose by 1.1% from its level a year earlier, reflecting a growth of nearly 162,000 in the number of new contracts. This mainly resulted from a 1.3% rise in the number of non-life insurance contracts, accompanied by a declining number of life insurance contracts (a decrease of 0.1%). As a result, the total number of insurance contracts exceeded 14.97 million at the end of 2023 Q4.

At the end of 2023 Q4, the number of insurance companies subject to the Solvency II remained unchanged relative to the previous period, the number of supervised institutions was 22 (4 life insurers, 9 non-life insurers and 9 composite insurers).

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