The result of the first ethical concept was, among other things, that the retention of life insurance policies and complaints trend improved, the average period rose from the previous 6 years to nearly 11 years.
According to Gergo Szeniczey, the premium income of the insurance market will increase by 4.1% by the end of the year. At the same time, there is a drop in penetration. In the mid-2010s, the insurance penetration was around 2.5%, lower than the MNB's 3% target, this year it could be 2.29%.
The Executive Director of the MNB added that the capital adequacy of insurance companies stood at 199% at the end of 3Q2023 (vs 172% at the end of last year). On the other hand, profitability of insurance companies deteriorated, the return on equity was around 3.5% in 3Q (vs 9.5% in 2022 and 21.3% a year earlier), he explained, speaking about the market results after the first three quarters.
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