For the first time in the last five years, the Hungarian insurance market ended the year with a positive change in the GWP volume, regardless of the currency in which it was calculated. Thus, in 2013 GWP amounted to EUR 2.7 billion, 3.35% up y-o-y or HUF 801.2 billion (5.34% up y-o-y). Paid claims dropped by 3.3% (1.5% in local currency), to EUR 1.89 billion.The life insurance segment recorded the best dynamics, of 6.25% y-o-y (in EUR), thus increasing its weight in the market portfolio by about 1pp, to 54.5%. The fastest-growing life insurance line was the "Assurance on death" one, but the main source of the GWP increase for the life market segment, in absolute terms, was the Unit-Linked line for which a 7.8% growth rate was recorded.
On the non-life segment, motor insurance lines continued to underperform, recording negative y-o-y changes in the GWP volume, both in local and European currency. However, the positive evolution of the other lines, especially the property insurance classes, drove the overall non-life results into the positive range. Thus, the non-life segment ended 2013 with a positive change in GWP of 2% in local currency (0.08% in euro).
The Top 3 market rankings remained unchanged as compared with the end of 2012: ALLIANZ, GENERALI-PROVIDENCIA and GROUPAMA, although the first two competitors have each lost about 1pp of their market share. ING, MPE Hungarian Post Life and ALLIANZ make the Top 3 Life insurance companies, while ALLIANZ, GENERALI-PROVIDENCIA and AEGON lead the non-life segment.
Access www.xprimm.com and download the FY2013 Hungarian insurance market statistics.
Market portfolio (in EUR and HUF) according to the National Bank of Hungary (MNB):
- Gross written premiums
- Paid claims
- Growth rates
- Overall market ranking
- Overall life insurance ranking
- Non-life insurance ranking
- Compulsory MTPL
18791 views
