In terms of claims, overall, total incurred claims (payments and change of reserves summed-up) increased by 1.81% y-o-y to HUF 193.81 billion. Life incurred claims totaled HUF 112.33 billion, while the same indicator in non-life totaled HUF 81.48 billion.
At the end of March 2023, on the Hungarian insurance market were active 22 insurers: 4 specialized life insurers, 9 non-life, and 9 composite insurers.
According to the Q1 statistics, at the end of March 2023 the aggregate market gross profit of Hungarian insurers decreased by 60.79% y-o-y to HUF 8.56 billion the equivalent of EUR 22.5 million (vs. HUF 21.83 billion). The value of net profit decreased by 65.10% y-o-y to HUF 7.09 billion (EUR 18.6 million) vs. HUF 20.32 billion in March 2022.
At the same time, the technical result (life and non-life, summed-up) was down by 44.25% y-o-y to HUF 9.77 billion (EUR 47.40 million) vs. HUF 17.52 billion a year before. Of HUF 9.77 billion, HUF 4.40 billion was generated by the life insurance segment, the remaining HUF 5.37 billion being accounted by non-life insurers.
Access xprimm.com and download the latest Hungarian insurance market statistics.