This reflected a 16.9% growth in life insurance premium (to HUF 445 billion / EUR 1.2 billion) and a 7.6% increase in non-life (to HUF 556.3 billion / EUR 1.5 billion), according to the most recent statistics published by the National Bank of Hungary (MNB). Thus, during the analyzed period, the life insurance business accounted for 44% and the non-life insurance business for 56% of total GWP.
At the end of 2021 Q3, the total contract portfolio of insurance companies rose by 1.2% from its level a year earlier, reflecting over 175,300 increases in the number of new contracts. This mainly resulted from a 1.73% rise in the number of non-life insurance contracts (to 12,277,158), accompanied by a declining number of life insurance contracts (a decline of 1.43% to 2,309,823). As a result, the total number of insurance contracts approached 14.6 million at the end of 2021 Q3.
In terms of claims, overall, total incurred claims by 13.23% y-o-y to HUF 538.7 billion (EUR 1.5 billion): life incurred claims increased by 12.3% y-o-y to HUF 322 billion, while the same indicator in non-life totaled HUF 216.7 billion, 14.5% more y-o-y.
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